1 High Street Rugby Warwickshire CV21 3BG

1 High Street
Rugby
Warwickshire
CV21 3BG

  • 1 High Street<br>Rugby<br>Warwickshire<br>CV21 3BG

Freehold Restaurant Investment with Residential Development Consent Granted

  • Ground Floor Restaurant with Vacant Self Contained Upper Parts.
  • Restaurant let to The Artizzan Limited on a new lease annual fixed rental increases
  • Residential Planning Consent Granted on upper parts for 2 x Flats
  • Pedestrianised High Street location
  • Close to The Swan Shopping Centre
  • Nearby occupiers include Monsoon, Savers, McDonald’s and Boots Opticians
  • Lot
    33
  • Auction
    12/Jul/2022
  • Rent
    £24,000 per Annum Exclusive
    (1)
  • Status
    Available
  • Price*
    £300,000 - £340,000
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction
  • Expand
  • Photos
  • Map

* More information on the term "price" can be found here

Property Information

Location
Miles
12 miles east of Coventry, 23 miles north-west of Northampton, 35 miles south-east of Birmingham
Roads
M1, M6, A5, A14
Rail
Rugby Railway Station
Air
Coventry Airport, Birmingham International Airport
Situation

The property is prominently situated on the east side of the pedestrianised High Street with nearby occupiers including McDonald’s, Savers, Monsoon and Boots Opticians. The Swan Shopping Centre is within close proximity and houses occupiers such as Tesco, Boots, New Look, Next and TK Maxx, along with 700 car parking spaces.

Tenure

Freehold.

Location
Miles
12 miles east of Coventry, 23 miles north-west of Northampton, 35 miles south-east of Birmingham
Roads
M1, M6, A5, A14
Rail
Rugby Railway Station
Air
Coventry Airport, Birmingham International Airport
Situation

The property is prominently situated on the east side of the pedestrianised High Street with nearby occupiers including McDonald’s, Savers, Monsoon and Boots Opticians. The Swan Shopping Centre is within close proximity and houses occupiers such as Tesco, Boots, New Look, Next and TK Maxx, along with 700 car parking spaces.

Tenure

Freehold.

Description

The property is a mid terrace retail building comprising a ground floor restaurant unit and self contained vacant ancillary accommodation on first and second floors. The upper parts are separately accessed from the rear of the property via Little Church Street

Planning permission for change of use of the first and second floors to 2 flats has been obtained under planning reference (R20/1101).

VAT

VAT is applicable to this lot.

Planning

The property is within Rugby Town Centre Conservation Area but does not appear as a Listed Building on www.historicengland.org.uk . Planning permission has been granted by Rugby Borough Council under ref R20.1101 for the change of use of the upper first and second floor to 1 x bedroom flat and 1 x 2 bedroom flat.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property is a mid terrace retail building comprising a ground floor restaurant unit and self contained vacant ancillary accommodation on first and second floors. The upper parts are separately accessed from the rear of the property via Little Church Street

Planning permission for change of use of the first and second floors to 2 flats has been obtained under planning reference (R20/1101).

VAT

VAT is applicable to this lot.

Planning

The property is within Rugby Town Centre Conservation Area but does not appear as a Listed Building on www.historicengland.org.uk . Planning permission has been granted by Rugby Borough Council under ref R20.1101 for the change of use of the upper first and second floor to 1 x bedroom flat and 1 x 2 bedroom flat.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor Use Floor Areas
Approx sq m
Floor Areas
Approx sq ft
Tenant Term Rent p.a.x. Reviews/(Reversion)
Ground Retail
172.54
(1,857)
ARTIZZAN LIMITED
(CRN 12875655)
(3)
5 years from
04/05/2022
(2)
£24,000
(1)
Annual Fixed
Rental Increases
(1)
(03/05/2027)
First
Second
Ancillary
Ancillary
84.15
42.11
(906)
(453)
VACANT POSSESSION      
Total Approximate
Floor Area
 
298.80
(3,216)
   
£24,000
Rising to £26,000
in 2025
 

(1) The current rent reserved under the terms of the lease is £19,500 per annum exclusive. The lease provides for the rent to be increased to £21,500 p.a.x. on 04/05/2023, £24,000 p.a.x. on 04/05/2024 and £25,000 p.a.x. on 04/05/2025 and £26,000 p.a.x. on 04/05/2026. The Seller will pay to the Buyer the difference between the current rent reserved of £19,500 p.a.x. and £21,500 p.a.x. from completion of the sale until 04/05/2023 and the difference between £21,500 p.a.x. and £24,000 p.a.x. from 04/05/2023 until 04/05/2024. Therefore the property will produce £24,000 p.a.x. from completion of the sale.
(2) The lease provides for a tenant option to determine the lease on 04/05/2025.
(3) The tenant has commenced the refurbishment programme and fit out of the shop unit, but we understand the tenant intends to be operating by the end of summer.
(4) A rent deposit of £9,750 + VAT is held by the Seller.

If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    28.06.22
    File Size
    8 MB
    Login to View
  • Brochure
    Updated Date
    22.06.22
    File Size
    2 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060 519john.mehtab@acuitus.co.uk
Alexander AuteracAlexander Auterac +44 (0)20 7034 4859 +44 (0)7713 135 034alexander.auterac@acuitus.co.uk
Seller's Solicitors
Adam Solicitors First Floor, 1-7 Bent Street, Cheetham Hill
Manchester
M8 8NF
Daood Rashid 01617956119daood@adamsolicitors.co.uk

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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