freehold investment/development opportunity for...
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Warwick House, Long Street, Atherstone, Warwickshire CV9 1JP
Freehold Investment/Development opportunity For Sale
Warwick House, Long Street, Atherstone, Warwickshire CV9 1JP
www.vailwilliams.com
INVESTMENT SUMMARY
• Located20milesnorth-east ofBirmingham
• Towncentrelocation
• Three-storeyofficebuildingwith groundfloorretail
• 17carparkingspaces
• Freehold
• Totalarea603.50sqm(6,494sqft)NIA
• PartlettoLloydsChemist,theremainderoftheaccommodationvacant
• Opportunitytoincreasetheofficearea
• Changeofusepotentialtoresidential
• Price:£300,000subjecttocontract
• £48.32psfCapitalValue
Warwick House, Long Street, Atherstone, Warwickshire CV9 1JP
www.vailwilliams.com
LOCATIONAtherstoneisamarkettowninthedistrictofNorthWarwickshire located108milesnorth-westofLondon,20milesnorth-eastofBirminghamand16milesnorthofCoventry.
Thetownbenefits fromexcellent roadcommunicationssituatedadjacenttotheA5andA444whichprovidesdirectaccesstotheM6,M42andM69motorways.ItistheadministrativeheadquartersoftheNorthWarwickshireDistrictCouncil.Ithasapopulationof8,000andactsastheadministrativecentreforthedistrictwhichhasapopulationof60,000.
Rail services to London Euston are provided from Atherstone mainlinerailwaystationwiththefastestjourneytimeofapproximatelyonehourand18minutes.
SITUATIONThe property is situated inAtherstone Town Centre, on thecornerofLongStreetandRatcliffeStreet.LongStreetistheprincipalretailing street in Atherstone.A public car park is situateddiagonally opposite theproperty,ontheothersideofLongStreet.
LongStreet
Warwick House, Long Street, Atherstone, Warwickshire CV9 1JP
www.vailwilliams.com
ACCOMMODATIONWehavemeasuredthepropertyinaccordancewiththeRoyalInstitutionofCharteredSurveyorsCodeofMeasuringPractice(6thEdition).
AREA SQ FT (ITZA) SQ M (ITZA)Ground Floor
Unit1–Sales 1,015(832) 94.3(77.29) Unit2–Office 618 57.41
Unit3–Sales 726(618) 67.45(57.13)First Floor*Offices/kitchenarea 2,060 191.75Second Floor*Offices/kitchens/server room
2,075 192.59
TOTAL 6,494 603.50
DESCRIPTIONThepropertycomprisesa3-storeybuildingwith2retailunitsatgroundfloorlevel andoffice accommodation at ground, first and second floor levels.Thepropertyisofbrickconstructionunderapitchedroofconstructedinthe1980s.Lloydsthechemistoccupythecornerunit(Unit1)whichhasareturnfrontagetoRatcliffeStreet.Units2and3frontRatcliffeStreet.
Themainentrancetotheoffices isfromRatcliffeStreetwithanentrancehallatgroundfloorlevelleadingtoastaircaseandan8personpassengerlift. Internally theofficescompriseperimeter trunking,gasfired radiators,suspendedceilings,recessedlightingandsingleglazedcasementwindows.
Acorridorrunsdownthecentreoftheofficeaccommodationatfirstandsecondfloorlevelswithofficesuitesleadingoffthecorridorsoneachside.MaleandfemaleWCsareprovidedwithintheofficeaccommodationatfirstand secondfloor level.Adisabled toilet isprovidedwithin theofficesatgroundfloorlevel.Eachfloorhasitsownkitchen.
*Acorridorrunsdownthecentreoftheofficeaccommodationonthefirstandsecondfloors.Itwouldbepossibletoremove this in order to increasethelettableareatoapproximately292sqm(3,150sqft)forthefirstandsecondfloors.
LONGSTREET
Warwick House, Long Street, Atherstone, Warwickshire CV9 1JP
www.vailwilliams.com
TENUREFreehold.
TENANCY
FLOOR/AREA TENANT RENT LEASE
TERMS COMMENTS
Unit 1LloydsChemistRetailLtd
£12,25025yearsfrom 10/4/1989
Tenantholdingover.New10 yearleaseagreedatrentof£15,000pa.Rentreviewandbreakinyear5.Threemonths’penaltyrent.Insolicitor’shands.
Unit 2 Vacant ERV £8psf
FormerlyoccupiedbyWarwickshireCountyCouncilatarentof£5,600pa.
Unit 3 Vacant ERV £8psf
FormerlyoccupiedbyTCSEstatesatarentof£7,600pa.
First & Second Floor Office
Vacant ERV £7psf
FormerlyoccupiedbyWarwickshreCountyCouncilatarentof£36,000pa.
TENANT’S COVENANTLloyds Chemist Retail Limited areasubstantialpharmaceuticalcompany.
CAR PARKINGThepropertyhasthebenefitof17markedcarparkingspaceslocatedinthecarparktotherearoftheproperty.
Thesiteareaextendstoapproximately0.117hectares(2.89acres).
Warwick House, Long Street, Atherstone, Warwickshire CV9 1JP
www.vailwilliams.com
www.vailwilliams.com
VIEWINGStrictlybyappointmentthrough
thesoleagents.
Foraccesstothedataroompleaseemail LizDixon:[email protected]
CONTACT
Julian Walker [email protected]
023 8082 0905 07836 774 406
Matthew [email protected]
023 8082 0958 07919 591 495
VailWilliamsLLPMeridiansHouse
7OceanWay,OceanVillageSouthamptonSO143TJ
MISREPRESENTATION ACT 1967
VailWilliamsforthemselvesandforthevendorsorlessorsofthisproperty,whoseagentstheyare,givenoticethat:1.Theparticularsaresetoutasageneraloutlineonlyfortheguidanceofintendedpurchasersorlesseesanddonotconstitutenorconstitutepartofanofferorcontract.2.Alldescriptions,dimensions,referencetoconditionandnecessarypermissionsforuseandoccupation,andotherdetailsaregivenwithoutresponsibilityandanyintendingpurchasersortenantsshouldnotrelyonthemasstatementsorrepresentationsoffactbutmustsatisfythemselvesbyinspectionorotherwiseastothecorrectnessofeachofthem.3.NopersonintheemploymentofVailWilliamshasanyauthoritytomakeanyrepresentationorwarrantywhatsoeverinrelationtothisproperty.FinanceAct1989–Unlessotherwisestated,allpricesandrentsarequotedexclusiveofValueAddedTax(V.A.T.).AnyintendingpurchasersorlesseesmustsatisfythemselvesindependentlyastotheincidenceofV.A.T.inrespectofanytransaction.September2014.MapsreproducedfromanOrdnanceSurveymapwiththepermissionofthecontrollerofHerMajesty’sStationeryOffice,CrownCopyrightreserved.ExperianGoadDigitalPlansincludemappingdatalicensedfromOrdnanceSurveywiththepermissionoftheControllerofHerMajesty’sStationeryOffice.©CrowncopyrightandExperiancopyright.Allrightsreserved.LicensenumberPU100017316.
CONVERSION POTENTIALThereisapotentialtocovertthefirstandsecondfloorstoresidentialaccommodationunderpermitteddevelopmentrights.
PRICE£300,000, subject to contract, to show an initial yield of 4.78%and areversionary yield of 17.2% based on the ERV of £53,960 pa afterpurchaser’scostsof4.5%.
VATThepropertyisVATregistered.WewouldenvisageanysalebeingundertakenbywayofaTransferofaGoingConcern.
EPCThepropertyhasEPCratingsasfollows:
1stfloor C-71Unit1 C-62Unit2 C-63Unit3 B-49
Thereportsareavailableinourdataroom.