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Warwick House, Long Street, Atherstone, Warwickshire CV9 1JP Freehold Investment/Development opportunity For Sale

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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.