The property comprises a detached building providing a fully let retail investment with 3 lock up shops on the ground floor and 10 one-bedroom apartments on the first and second floors, 7 of which are held subject to ground leases at a rent of £30 per annum.
At the rear of the building is a significant parcel of land which provides 9 garages, 7 of which are demised to the residential investments and two will be vacant. Two of the retail units benefit from enclosed yards.
( Agency Pilot Software ref: 585 )
Location
Frobisher Road is set in a predominantly residential district of the south west of Rugby, the site being identified on the attached street map. As well as being in a predominantly residential district, the subject property sits directly opposite the Henry Hinde Infant School, close to Busy Bees Nursery, the local play park and a short walk from Bilton School.
Accommodation
210-216 DP Realty Limited (Dominos) 1,148 sqft
222 Kate Webb Hair 566 sqft
228-234 One Stop Stores Limited 1,270 sqft + extension
Terms
Tenure The building is to be sold freehold subject to current occupation arrangements. These are set out below. Nos. 210-216 Let to DP Realty Limited ( Dominos) The lease commenced 22nd December 2023, expiring 21st October 2043, subject to a tenants break during the tenth year of the lease term and subject to upward only 5 yearly review pattern.
Passing rent £16,000 per annum. No. 222 Let to Kate Webb Hairdressing. The lease commenced 02 June 2023, for a term of ten years, subject to a tenant break at the fifth anniversary and rent reviews at the fourth and eighth anniversaries. The passing rent is £9,500 per annum.
Services All mains services are connected to the site – interested parties should rely on their own enquiries and inspection in this respect. 210-216: D 79 222: C 72 228-234: B 33
Planning Class E, Sui Generis and C3 Freehold Price Offers based on £595,000.
Rateable Values The rateable values for the three shops are as follows:- 210-216: £10,250 222: £4,350 228-234: £11,500 The Council Tax assessments for each of the flats is A. Legal Costs Each party will be responsible for their own legal costs incurred in the transaction.
Service Charge Each tenant within the complex is responsible for contributing a fair proportion of costs relating to site maintenance, repairs, health & safety, sinking fund and management fees. Service charge budget for the year March 2025 to March 2026 is £7,550.
Service charge accounts and information can be made available