210-238 Frobisher Road, Rugby, CV22 7JF

Description



Retail investment with 3 lock up shops on the ground floor, 1 income producing and 2 will be vacant and 10 one-bedroom apartments on first and second floors.




Location



Frobisher Road is set in a predominantly residential district of the south west of Rugby, the site being identified on the attached street map. As well as being in a predominantly residential district, the subject property sits directly opposite the Henry Hinde Infant School, close to Busy Bees Nursery, the local play park and a short walk from Bilton School.



Services



All mains services are connected to the site



Tenure



The building is to be sold freehold subject to current occupation arrangements. These are set out below.

Nos. 210- 216 plus Garages 8 and 9
The lease commenced 24th June 2018 and expired 23rd June 2021. Current tenant due to give notice and vacate 31st December 2022. Passing rent £10,750 per annum.

No. 222
The lease commenced 29th September 2008, and expired 28th September 2018. Tenant holding over but recently served a Section 27 Notice terminating the lease on 28th September 2022. Current rent £4,500 per annum.

Nos. 228-234
Let to Dhillons Newsagents Ltd subject to a reversionary lease to commence on the 23rd September 2022 and expiring on 22nd September 2032. Current rent £15,500 per annum.

8 one-bedroom apartments subject to ground leases due to expire in September 2071, and subject to each paying a ground rent of £30 per annum.

2 one-bedroom apartments now subject to ground leases due to expire in 2178 and 2181, subject to paying a peppercorn ground rent.

Service Charge
All tenants, both residential and commercial contribute towards the buildings service charge arrangements to cover the maintenance, upkeep and decoration of the exterior of the structure and the estate.

Income
Current total rental income £30,990 per annum exclusive.

Projected total income when fully relet £39,200 per annum exclusive.

Potential capital payments due from ground lease extensions.



Planning



C3 and E



Rent



Freehold Price
Offers based on £550,000.



Rates



The rateable values for the three shops is as follows:-

210-216: £4,404
222: £1,839
228-234: £4,840

Council Tax
The Council Tax assessments for each of the flats is A.




Service Charge



Each tenant within the complex is responsible for contributing a fair proportion of costs relating to site maintenance, repairs, health and safety, sinking fund and management fees. Expenditure for the year March 2021 to March 2022 was £15,895. Service charge accounts will be made available.



Legal Costs



Each party will be responsible for their own legal costs incurred in the transaction.



EPC



(shops only)
210-216: TBA
220: C 72
228-234: D 79



Offers Based On £550,000



Current Income Stream £30,990 with Potential Income of £39,220



Vibrant One Stop Convenience Store On 10 Year Lease



Extension Potential To Shops and Further Garage Development



Potential Vacant Possession of 2 Shops For Owner Occupier or Reletting



Potential Capital Value in 8 Ground Lease Extensions



48 Yrs Remaining on 8 Flat Ground Leases



Situated In Busy Residential Location Adjacent To Schools




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