Regent Street

Leamington Spa

£375,000

RETAIL & RESIDENTIAL INVESTMENT

129 Regent Street is prominently located near to the junction with Park Street and in close proximity to the Parade, the main retailing thoroughfare for the town.

The property is close to a number of high quality independent boutique shops and national retailers such as Fired Earth and Domino's Pizza.

Description
A freehold unit comprising a mixed use commercial and residential premises. The top two floors consist of a separately accessed two bedroom apartment requiring modernisation which is available with vacant possession. Once refurbished the ERV is £1000 pcm

The ground floor retail unit is subject to a new business lease with ten years unexpired (to 2029) within the Security of Tenure provisions of the Landlord and Tenant Act. Initial rent is £10,000pa with a rent review due October 2020.
The shop has an A1 planning use and operates as a sandwich bar/deli and caterers.

Pedestrian access to the rear is available from Park Street.

Accommodation
The property offers accommodation on basement, ground and two upper floors

Retail M2 Sq.Ft
Sales Area 25.72 277
Stock Room 5.21 56
Staff wc 2 22

Residential
Basement 19.9 214
First floor 37.3 401
Second floor 32 345

Total GIA 122.13 1,315


Investment Summary
Full ERV £22,000
Asking Price £395,000

Services
Mains water, electricity and drainage are connected to the property

Business Covenant
The Rustic Food Company business is available for purchase by separate negotiation with an asking price of £60,000 plus SAV

They bare an independent retailer who have been established for over 9 years. The business has been subject to continuing investment in new equipment

Key Features

1.   Retail and Investment Investment
2.   Freehold
3.   Central location
4.   Passing Retail Rent £10,000 pa
5.   Full ERV £22,000 pa
6.   Gross initial yield 5.57%