LEAMINGTON SPA
is a thriving Spa town offering excellent shopping, sporting, cultural, social and recreational facilities. It is within easy reach of many of the industrial and commercial centres of the Midlands, as well as the M40 motorway and surrounding train stations providing good access to London. Stratford upon Avon and the Cotswolds are close at hand.
14-20 The Parade is situated at the northern end of The Parade, which is one of the prime retail locations in Leamington Spa. Nearby occupiers include McDonalds, Tesco and Caffe Nero.
DESCRIPTION
An impressive Grade II Regency building with accommodation arranged over five floors including basement. A fully let investment comprising well-regarded La Coppola Restaurant and Tom Howley regional showroom, together with self-contained offices above both 14 and 16. The offices do have the potential for future conversion to residential, as with the adjoining property, No. 20, subject to planning permission. There is a rear loading/parking area with a total of ten parking spaces.
ACCOMMODATION
14 Ground Floor & Basement
Restaurant - 945 sq.ft. (87.82 sq.m.)
Kitchens - 789 sq.ft. (73.31 sq.m.)
Basement Store (not measured)
14A First Floor (part), Second & Third Floor
Offices - 2357 sq.ft. (219.65 sq.m.)
16 Ground Floor & Basement
Retail & Showroom - 1878 sq.ft. (174.5 sq.m.)
16A First, Second & Third Floor
Offices - 2372 sq.ft. (220.45 sq.m.)
TENURE
The property is to be sold Freehold, subject to the various occupational tenancies currently producing £161,500 per annum.
No. 20 may also be purchased in addition. This comprises a vacant retail unit with basement storage totalling 1873 sq.ft. (173.99 sq.m.).
TENANCY SCHEDULE
An accommodation and tenancy schedule forms part of these details.
SERVICE CHARGE
A service charge is collected from the tenants in addition to the rents payable, in respect of external redecoration, repairs, contribution to any communal services such as alarm system.
PURCHASE PRICE
£2,150,000 equating to a gross initial yield of 7.5%
VAT
All prices are quoted exclusive of VAT. The vendors have elected to charge VAT although the sale can be treated as a going concern for VAT registered purchasers.
EPC
The property is Grade II Listed.