67, 69 & 71 Parade
Royal Leamington Spa
Warwickshire
CV32 4BA

Freehold Prime Retail Parade Investment

  • Three prime shops
  • Tenants include Specsavers, Joules and Charnley Opticians
  • Located in attractive, affluent Spa Town
  • Prime retail pitch opposite House of Fraser and Marks & Spencer
  • Lot
    17
  • Auction
    19/Oct/2017
  • Rent
    £193,500 per Annum Exclusive
  • Status
    Contact Us
  • Price*
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On behalf of a Cambridge College
  • 67, 69 & 71 Parade<br>Royal Leamington Spa<br>Warwickshire<br>CV32 4BA
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Property Information

Location
Miles
18 miles south-east of Birmingham
Roads
M40, A46, A452, A445, A425
Rail
Leamington Spa Rail
Air
Birmingham International Airport
Situation

Royal Leamington Spa is an attractive and affluent town located in Warwickshire approximately 2 miles east of Warwick, 8 miles south of Coventry and 18 miles south-east of Birmingham. The property is situated in a prime retailing position on Parade, opposite House of Fraser and Marks & Spencer and close to the main entrance to the Royal Priors Shopping Centre. Other key occupiers situated nearby include H&M, WH Smith, River Island, Costa, Lloyds, Santander and NatWest .

Tenure

Freehold.

Description

The property comprises an attractive parade of three period buildings providing retail and ancillary
accommodation over ground, first and second floors. No 71 is Grade II listed and benefits from the use of two rear car parking spaces (see note 5) and a cellar and attic room.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

Buyer's Legal Report

For the ease and convenience of prospective buyers,to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is advisable. For more information, please click here.

Tenancy & Accomodation

UnitFloorUseFloor Areas (Approx)TenantTermRent p.a.xReview/
(Reversion)
67Ground
First
Second
Retail
Ancillary
Ancillary
78.41 sq m
48.96 sq m
14.12 sq m
(844 sq ft)
(527 sq ft)
(152 sq ft)
JOULES LIMITED
(1)
Approx 15
years
1 month from
27/02/2006 (2)
£57,500(24/03/2021)
69Ground
First
Second
Retail
Ancillary
Ancillary
100.33 sq m
87.05 sq m
27.73 sq m
(1,080 sq ft)
(937 sq ft)
(298 sq ft)
SPECSAVERS
OPTICAL
SUPERSTORES
LIMITED (3)
10 years from
15/10/2013 (4)
£56,00015/10/2018
71 and two
car parking
spaces (6)
Ground
First
Second
Retail
Ancillary
Ancillary
131.92 sq m
37.16 sq m
34.37 sq m
(1,420 sq ft)
(400 sq ft)
(370 sq ft)
CHARNLEY’S
OPTICIANS
LIMITED (5) (6) with
personal guarantee
Approx 20
years from
20/12/2000
£80,000(24/12/2020)
Total 
560.05 sq m
(6,028 sq ft)
  £193,500 

(1) For the year ending 29th May 2016, Joules Limited reported a turnover of £131,295,000, pre tax profits of £6,603,000 and a total net worth of £11,067,000 (Source: Experian Group 11/09/2017). Joules has 97 stores in the UK and Republic of Ireland and a customer database of two million customers (Source: www.joulesgroup.com 11/09/2017).
(2) Please refer to clause 7 within the lease.
(3) For the year ending 29th February 2016, Specsavers Optical Superstores Limited reported a turnover of £673,564,000, pre tax profits of £28,776,000 and a total net worth of £53,648,000 (Source: Experian Group 11/09/2017). Specsavers is a partnership of nearly 2,000 locally-run businesses, committed to delivering high quality, affordable optical and hearing care (Source: www.specsavers.co.uk 11/09/2017).
(4) The lease provides a tenant’s option to determine on 14th October 2018.
(5) Charnley's Opticians has over 100 years of service as an independent optician (Source: www.charnleys-opticians.co.uk 11/09/2017)
(6) The Vendor has a lease for two car parking spaces for a term expiring 5th October 2137 at a peppercorn rent which has been sublet to Charnley's Opticians on a term expiring 19th December 2020 at a peppercorn rent. The head lease will be assigned to the purchaser on completion.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    17.10.17
    File Size
    85 MB
    Login to View
  • Site Plan
    Updated Date
    26.09.17
    File Size
    5 MB
    View PDF
  • Catalogue Page
    Updated Date
    26.09.17
    File Size
    2 MB
    View PDF
  • Common Auction conditions
    Updated Date
    27.03.17
    File Size
    124 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
Gwen ThomasGwen Thomas +44 (0)20 7034 4857 +44 (0)7809 363549gwen.thomas@acuitus.co.uk
Georgina RobertsGeorgina Roberts +44 (0)20 7034 4863georgina.roberts@acuitus.co.uk
Associate Auctioneers
Bidwells LLP 25 Old Burlington Street
London
W1S 3AN
Darryl Stevenson 020 7297 6270darryl.stevenson@bidwells.co.uk
Seller's Solicitors
Mills & Reeve Botanic House, 100 Hills Road
Cambridge
Cambridgeshire
CB2 1PH
Vincenzo Maggio 01223 222 481vincenzo.maggio@mills-reeve.com

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