3-5, Castle Street, Rugby, Warwickshire, CV21

Description

The property is located in the busy pedestranised area of Castle Street close to Rugby town centre and supported by ample car parking locations.
The property comprises an end of terrace brick built building with pitched tiled roof, housing a ground floor restaurant premises, with first floor storeroom and toilets. There is currently a one bedroom residential flat to part first and second floor,and also currently another part refurbished residential area. The restaurant unit comprises of a fully fitted commercial kitchen, bar and storage areas, large dining area and air conditioning.

The property has been measured in accordance with the RICS Measuring Practice and provides the following approx NIA:

Accommodation SQ.M SQ. FT.
Grd Flr Restaurant 163.98 1765
First Flr store & WCs 76.87 827
1st/2nd Floor Residential Flat 61.18 658
2nd Floor Unfinished Area 28 301
Total Area 330.03 3551

Rugby is an expanding market town situated close to the East /West Midlands border and strategically located for a number of major routes including the M1 motorway at junction 18, the M6 motorway at junction 1 and the A5, and also quick and easy access to the A14. Rugby is a bustling town with an increasing population, currently in excess of 100,000 and sits within striking distance of Coventry to the west and Northamptonshire and Leicestershire to the east and north respectively. Rugby's main central shopping centre is surrounded by the retail areas of the town and there are a number of major outlying industrial estates and a retail park at Elliott Fields Park on the Leicester Road to the north of the town centre. Rugby town is also credited with being the birthplace of Rugby Football Union.

The property is being sold subject to the existing tenancies which are detailed as follows:

3-5 Castle Street - Commercial Restaurant
The ground and part first floors premises are currently let to Tamera's Kitchen. The lease was recently renewed from 1st August 2023 for a term of 7 on an FRI basis. The current passing rent is £18,000 per annum.

3-5 Castle Street - First/Second Floor Flat
The first/second floor one bedroom flat is let on an assured shorthold tenancy for a term of 6 months from 1st July 2023 at a rent roll of £550 per calendar month.

The total rent roll is equal to £24,600 per annum

The property has potential for creating further lettable accommodation and to drive rental income

Price

Offers in the region of £465,000 (Reduced Price)

All reference to price are deemed to be exclusive of VAT unless expressly stated otherwise. Any offer received by Howkins & Harrison LLP will be deemed exclusive of VAT.

Tenure

The property is available freehold with existing tenants in occupation.

Utilities

All mains services are connected to the property. We would advise interested parties to undertake their own enquiries as to the adequacy and availability of these services, which have not been tested or verified by Howkins and Harrison LLP.

Service Charge

N/A

Business Rates

We have established from the Valuation Office Agency website that the commercial unit has the following rateable value of £15,250
The current council tax rates for 2023/2024 for Band A residential is: £1,449.52 per annum.

For clarification on Business Rates we would advise that interested parties make their own enquiries of Rugby Borough Council on . For clarification on Business Rates we would advise that interested parties make their own enquiries of Rugby Borough Council on .

EPC

The current EPC for the property is
Commercial Unit - D88 expiry - 22/10/2027
Residential Flat - D68 expiry - 12/07/2033


Planning

We understand that the property has planning permission for an 'E' use class, but may suit alternative uses subject to planning.

We recommend interested parties make their own enquiries to the Planning Department of Rugby Borough Council.

Viewings

Strictly by prior appointment with sole agents Howkins & Harrison LLP on .
Please contact the Commercial Department.
Email:

Investment Opportunity

End of terrace three storey property

Ground & First Floor Commercial Restaurant premises

Approx: 330 sq.m / 3552 sq.ft

Currently let and income producing an annual rent of £24,600 per annum