Substantial Freehold Retail Parade Investment with Consent for Residential Conversion
Seven ground floor retail units with two self-contained office suites on first floor
Permitted Development prior approval granted for conversion of unit 8A to five residential flats
Close proximity to the pedestrianised prime retail pitch and The Crescent Shopping Centre
Nearby occupiers include HSBC, Thomas Cook, Boots Opticians and Clarks
Lot 44
Auction 24th May 2018
Rent £93,200 per Annum Exclusive
Status Sold
Price £900,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of a Major Fund Manager
Property Information
Location
Miles
13 miles south-west of Leicester
4 miles north-east of Nuneaton
Roads
A47, M69, A50
Rail
Hinckley Rail
Air
Birmingham International Airport
Situation
The property is located on the busy thoroughfare of Station Road, occupying a prominent position between the traditional prime retailing pitch and the new Crescent Shopping Centre and Hinckley Station. Market Place, located just to the north, is home to Hinckley’s historic market occurring three times a week. The Crescent Shopping Centre to the south is home to occupiers including Cineworld, Sainsbury’s Superstore, Wildwood and TK Maxx. Other nearby occupiers include HSBC, Thomas Cook, Boots Opticians and Clarks.
Tenure
Freehold.
Location
Miles
13 miles south-west of Leicester
4 miles north-east of Nuneaton
Roads
A47, M69, A50
Rail
Hinckley Rail
Air
Birmingham International Airport
Situation
The property is located on the busy thoroughfare of Station Road, occupying a prominent position between the traditional prime retailing pitch and the new Crescent Shopping Centre and Hinckley Station. Market Place, located just to the north, is home to Hinckley’s historic market occurring three times a week. The Crescent Shopping Centre to the south is home to occupiers including Cineworld, Sainsbury’s Superstore, Wildwood and TK Maxx. Other nearby occupiers include HSBC, Thomas Cook, Boots Opticians and Clarks.
Tenure
Freehold.
Description
The property is a substantial corner property comprising seven ground floor retail units and two self-contained office suites on first floor accessed via dedicated entrances on Station Road.
VAT
VAT is applicable to this lot.
Planning
8A Station Road, Hinckley- 17/00651/COGDO - Prior notification for change of use of first floor from offices (B1a) to five apartments (C3) - Granted with Conditions on 24th August 2017. For further information please visit hinckley-bosworth.gov.uk.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property is a substantial corner property comprising seven ground floor retail units and two self-contained office suites on first floor accessed via dedicated entrances on Station Road.
VAT
VAT is applicable to this lot.
Planning
8A Station Road, Hinckley- 17/00651/COGDO - Prior notification for change of use of first floor from offices (B1a) to five apartments (C3) - Granted with Conditions on 24th August 2017. For further information please visit hinckley-bosworth.gov.uk.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
1 Horsefair
Ground
Retail
52.58 sq m
(566 sq ft)
HOLIDAY LOUNGE LIMITED (1)
4 years from 04/12/2015
£8,000
(03/06/2019)
3 Horsefair
Ground
Retail
88.53 sq m
(953 sq ft)
INDIVIDUAL t/a Tai Chi Qigong & Holistic Health
5 years from 15/01/2018
£5,500
(14/01/2023)
5 Horsefair
Ground
Office
109.43 sq m
(1,178 sq ft)
VACANT POSSESSION
8 Station Road
Ground
Retail
59.08 sq m
(636 sq ft)
HOLIDAY LOUNGE LIMITED (1)
15 years from 04/06/2004
£18,000
(03/06/2019)
8a Station Road
First
Office
251.40 sq m
(2,706 sq ft)
VACANT POSSESSION - see planning section
8b Station Road
Ground
Estate Agency
83.89 sq m
(903 sq ft)
REGAL ESTATE AGENTS LIMITED t/a RHD Direct
15 years from 01/12/2006
£16,200
01/12/2012 and five yearly (30/11/2021)
10 Station Road
Ground
Retail
97.26 sq m
(1,047 sq ft)
THE BRITISH RED CROSS SOCIETY (2)
9 years from 16/09/2009 (3)
£17,000
(15/09/2018)
12 Station Road
Ground
Office
74.22 sq m
(799 sq ft)
INDIVIDUAL t/a American Nails
15 years from 13/10/2017
£12,000
12/10/2022 and five yearly (12/10/2032)
14 Station Road
Ground
Retail
74.22 sq m
(799 sq ft)
INDIVIDUAL t/a Lifestyle Express
20 years from 22/08/2012
£16,500
22/08/2017 and five yearly (21/08/2032)
Total
890.61 sq m
(9,587 sq ft)
£93,200
(1) Holiday Lounge is a privately owned independent travel agent and a member of the Co-op Consortium which is part of The Midcounties Co-operative Ltd (Source: www.holidaylounge.co.uk 24/04/2018). (2) The British Red Cross is a registered charity and has around 340 shops across the country (Source: www.redcross.org.uk 24/04/2018). (3) The landlord is currently in discussions with The British Red Cross Society with regards to a lease renewal.
