Mixed Use for sale

Newdegate Street, Nuneaton, Warwickshire, CV11

Offers in Excess of £410,000
3,000 sq. ft.

Property Description

Commercial information

  • 3,000 sq ft (278 sq m)

Key features

  • Investment
  • Ground and part 1st floor retail unit with 1st floor offices
  • A further ground floor retail unit
  • 2nd and 3rd floors (converted into residential) have been sold on long leases.

Full description

Tenure: Freehold

Description

The subject premise is a prominently positioned three storey mixed retail, office and residential use property comprising a ground and part 1st floor retail unit and a 1st floor office both held on leases to long established tenants.

A further ground floor retail unit and 2nd and 3rd floor residential units have been sold on long leases but contribute to service charge. The property is of traditional brick construction with a flat felted roof.

The property is located opposite the Abbeygate Shopping centre and is in close proximity to a number of National retailers including Debenhams, Betfred, Savers, Hinckley and Rugby Building Society, Thompson Travel (TUI), Card Factory and Ryman's Stationery.

Accommodation

We have been advised the property provides the following net internal floor areas-

Ground and Part 1st Floor Retail (occupied by Salvation Army)- 1,800sq.ft (167.23sq.m)
1st Floor Offices (occupied by The Best Connection Group)- 1,200sq.ft (111.48sq.m)

Terms

We have been advised by our client of the following tenancies at the property-

Ground and Part 1st floor 21-25 Newdegate Street, Nuneaton-
Retail unit let to Salvation Army Trading Company Limited on an effectively full repairing and insuring lease from 14th December 2016, expiring on 24th March 2027. There is a tenant only break clause on the 24th March 2022. The tenant has been in occupation for almost 20 years and rent was rebased in 2016 lease renewal from 32,500 per annum to the current passing rent is 25,000 per annum.

1st Floor 21-25 Newdegate Street, Nuneaton- Offices let to The Best Connection Group Limited on an effectively full repairing and insuring lease for a term of 5 years from 27th June 2017, expiring on 27th August 2022. The tenant has been in occupation for over 15 years. The current passing rent is 10,800 per annum.

Ground Floor 21-25 Newdegate Street, Nuneaton- Sold on a 99 year long lease from January 2007 to Mr D Storer at a peppercorn ground rent with an apportioned contribution to the service charge based on the floor area.

2nd and 3rd Floor 21-25 Newdegate Street, Nuneaton- Both floors sold on a 125 year long lease from November 2014 to R M Property Developers at a ground rent of 800 per annum with an apportioned contribution to the service charge based on the floor area.

Gross Rental Income of 36,600 per annum exclusive.


More information from this agent

Energy Performance Certificates (EPCs)

Nearest stations

  • Nuneaton (0.3 mi)
  • Bedworth (3.0 mi)
  • Hinckley (4.1 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Cartwright Hands, Commercial

59 Coton Road, Nuneaton, CV11 5TS

02475 060148 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Map & Street View

Nearest stations

  • Nuneaton (0.3 mi)
  • Bedworth (3.0 mi)
  • Hinckley (4.1 mi)
Distances are straight line measurements from centre of postcode

To view this property or request more details, contact:

Cartwright Hands, Commercial

59 Coton Road, Nuneaton, CV11 5TS

02475 060148 Local call rate

How much will it cost me to call the number displayed on the site?

Standard geographic charges from landlines and mobiles apply and calls may be included in your telecom provider's call package.

Disclaimer - Property reference 21-25Newdegate. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Cartwright Hands, Commercial. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.

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