Retail Property (high street) to rent
Middleton Road, Banbury, OX16
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The property is situated in a prominent position on Middleton Road, adjacent to Tesco Express. Middleton Road is one route from Junction 11 of the M40 motorway to Banbury town centre, passing Banbury Railway Station closer to the town centre. A Location Plan is attached.
The property comprises part of a converted public house with a large ground floor sales area that is available in shell condition.
Overall the unit comprises approximately 2,122 sq ft (197.3 sq m).
Alternatively the property can be divided into two units:
Unit A1: Approximately 1,011 sq ft (93.9 sq m)
Unit A2: Approximately 1,036 sq ft ( 96.3 sq m) LET
(These areas are dependant on space lost in dividing the property)
Outside, three parking spaces will be included for exclusive use by Unit A1.
Mains electricity, water and drainage are connected. Gas is not connected but can be re-connected if required.
The property is available on a new, effectively Full Repairing and Insuring Lease for a term to be agreed, subject to upward only rent reviews every 5 years if appropriate. A service charge will be levied in respect of repairs to common areas and the main structure. Rental offers are invited based on £15,000 pa plus VAT for Unit A1.
The ingoing tenant will be responsible for both parties’ legal costs in the preparation of the Lease and Counterpart, together with any Stamp Duty and VAT payable thereon.
The previous use as a Public House falls under Use Class A4. As such change of use ought to be available to A1 Retail, A2 Financial and Professional Services or A3 Restaurants & Cafes. Other uses may be possible, subject to planning consent. Applicants should make enquiries to Cherwell District Council, Tel: 01295 221883 in order to confirm whether any proposed use is acceptable.
According to the Valuation Office Agency website the Rateable Value has not yet been assessed. It is recommended that applicants take independent advice on the potential liability.
FOR FURTHER INFORMATION PLEASE CONTACT TIM CARSBERG AT OUR COVENTRY OFFICE ON 024 76 226684