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 12th July 2022
Rent £24,000 per Annum Exclusive (1)
Status Sold Post
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
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.
