Freehold For Sale
The Knibbs Smith Street Warwick CV34 4HU
CONTACT
Freehold For Sale Mixed Use Investment Opportunity
Two Income Producing Retail Shops Well Regarded Restaurant Investment Residential Ground Leases Offers Based On £280,000 (STC) Additional Residential Investment (available by separate negotiation)
P•1
ehB Commercial Somerset House Clarendon Place Royal Leamington Spa CV32 5QN t: 01926 888181 f: 01926 888018 e: [email protected] www.ehbcommercial.com Chartered Surveyors Commercial Property Advisors Commercial Property Agents Property Managers
The Knibbs Smith Street Warwick CV34 4HU
Location The Knibbs is located on Smith Street in the heart of Warwick town centre and is noted for its restaurants and independent retailers. The property also forms part of a walkway through from a local authority pay and display car park to the rear off Chapel Street and Priory Road
Description & Accommodation The Knibbs comprises a mixture of retail shops and an interesting cellar restaurant plus residential houses and flats all within a series of period buildings. The various properties are all income producing and the freehold investment offers an excellent opportunity for active management in the future. To the Smith Street frontage are two small retail units either side of a covered walkway. Above are two flats which have been sold off long leasehold. To the rear are three further residential properties again occupied long leasehold. An additional two bedroom house, which was refurbished to 2014, and is leased on an Assured Shorthold Tenancy is available by separate negotiation. Finally, within a vaulted cellar and part ground floor there is a wellregarded vegetarian restaurant trading as Fusca To the rear is a private car park, accessed from Priory Road, with five spaces, all demised with the residential properties. The accommodation in greater detail comprises: Shop 1 Shop 12
360 sq.ft. net (33.2 sq.m.) 321 sq.ft. net (29.8 sq.m.)
Cellar Restaurant 1,023 sq.ft. net (95.0 sq.m.)
Planning The property is Grade II Listed and also within the Warwick Conservation Area
P •22 ehB Commercial for themselves and for the seller/lessor of this property who agents they are give notice that 1. These particulars do not constitute any part of an offer or a contract. 2. All statements contained in these particulars are made without responsibility on the part of the agent(s) or the seller/lessor. 3. None of the statements contained in these particulars are to be relied upon as a statement or representation of fact. 4. Any intending buyer or tenant must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 5. ehB Commercial does not make or give nor any person in their employment has any authority to make or give any representation or warranty whatsoever in relation to this property.
The Knibbs Smith Street Warwick CV34 4HU Tenure Freehold, subject to a number of occupational and ground leases. Shop unit 1 is leased to Larissa Smith trading as Smithery on a term expiring 31st August 2018 and paying a rent of £5,500 per annum. Shop unit 12 is occupied by Michael Belson trading as Ashbury Blinds. paying a rent of £3,000 per annum.
The tenant is holding over under an expired lease and is
The Cellar Restaurant (units 5 and 6) is leased to Fusca Limited, a well-regarded vegetarian restaurant on a lease expiring in January 2019. The tenant is paying a rent of £11,000 per annum. Two residential flats (units 2 and 3), above the retail shops were sold by way of 99 year leases from 24th June 1983. They therefore have 65 years unexpired and each pays a ground rent of £100.00 per annum. Three houses (units 7,9 and 11) were sold by way of 999 years leases from September 2000 at a peppercorn ground rent. Refurbished house (unit 4) is currently let on an Assured Shorthold Tenancy. This property is available to purchase by way of separate negotiation. The freeholder runs a service charge covering insurance and communal repairs. In turn the freeholder recovers a proportion of such costs from the individual tenants.
Price The freehold interest in The Knibbs is for sale at a figure of £280,000 (subject to contract). The recently refurbished residential house (unit 4) is available for an additional figure of £250,000. The purchase will not be subject to VAT.
Legal Costs Each party will be responsible for their own legal costs associated with this transaction
Viewing Strictly by arrangement with the sole selling agents ehB Commercial Limited 01926 888181
P •33 ehB Commercial for themselves and for the seller/lessor of this property who agents they are give notice that 1. These particulars do not constitute any part of an offer or a contract. 2. All statements contained in these particulars are made without responsibility on the part of the agent(s) or the seller/lessor. 3. None of the statements contained in these particulars are to be relied upon as a statement or representation of fact. 4. Any intending buyer or tenant must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 5. ehB Commercial does not make or give nor any person in their employment has any authority to make or give any representation or warranty whatsoever in relation to this property.
The Knibbs Smith Street Warwick CV34 4HU
Location Map
P•4 ehB Commercial for themselves and for the seller/lessor of this property who agents they are give notice that 1. These particulars do not constitute any part of an offer or a contract. 2. All statements contained in these particulars are made without responsibility on the part of the agent(s) or the seller/lessor. 3. None of the statements contained in these particulars are to be relied upon as a statement or representation of fact. 4. Any intending buyer or tenant must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 5. ehB Commercial does not make or give nor any person in their employment has any authority to make or give any representation or warranty whatsoever in relation to this property.
CONTACT
Freehold For Sale Mixed Use Investment Opportunity
Two Income Producing Retail Shops Well Regarded Restaurant Investment Residential Ground Leases Offers Based On £280,000 (STC) Additional Residential Investment (available by separate negotiation)
P•1
ehB Commercial Somerset House Clarendon Place Royal Leamington Spa CV32 5QN t: 01926 888181 f: 01926 888018 e: [email protected] www.ehbcommercial.com Chartered Surveyors Commercial Property Advisors Commercial Property Agents Property Managers
The Knibbs Smith Street Warwick CV34 4HU
Location The Knibbs is located on Smith Street in the heart of Warwick town centre and is noted for its restaurants and independent retailers. The property also forms part of a walkway through from a local authority pay and display car park to the rear off Chapel Street and Priory Road
Description & Accommodation The Knibbs comprises a mixture of retail shops and an interesting cellar restaurant plus residential houses and flats all within a series of period buildings. The various properties are all income producing and the freehold investment offers an excellent opportunity for active management in the future. To the Smith Street frontage are two small retail units either side of a covered walkway. Above are two flats which have been sold off long leasehold. To the rear are three further residential properties again occupied long leasehold. An additional two bedroom house, which was refurbished to 2014, and is leased on an Assured Shorthold Tenancy is available by separate negotiation. Finally, within a vaulted cellar and part ground floor there is a wellregarded vegetarian restaurant trading as Fusca To the rear is a private car park, accessed from Priory Road, with five spaces, all demised with the residential properties. The accommodation in greater detail comprises: Shop 1 Shop 12
360 sq.ft. net (33.2 sq.m.) 321 sq.ft. net (29.8 sq.m.)
Cellar Restaurant 1,023 sq.ft. net (95.0 sq.m.)
Planning The property is Grade II Listed and also within the Warwick Conservation Area
P •22 ehB Commercial for themselves and for the seller/lessor of this property who agents they are give notice that 1. These particulars do not constitute any part of an offer or a contract. 2. All statements contained in these particulars are made without responsibility on the part of the agent(s) or the seller/lessor. 3. None of the statements contained in these particulars are to be relied upon as a statement or representation of fact. 4. Any intending buyer or tenant must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 5. ehB Commercial does not make or give nor any person in their employment has any authority to make or give any representation or warranty whatsoever in relation to this property.
The Knibbs Smith Street Warwick CV34 4HU Tenure Freehold, subject to a number of occupational and ground leases. Shop unit 1 is leased to Larissa Smith trading as Smithery on a term expiring 31st August 2018 and paying a rent of £5,500 per annum. Shop unit 12 is occupied by Michael Belson trading as Ashbury Blinds. paying a rent of £3,000 per annum.
The tenant is holding over under an expired lease and is
The Cellar Restaurant (units 5 and 6) is leased to Fusca Limited, a well-regarded vegetarian restaurant on a lease expiring in January 2019. The tenant is paying a rent of £11,000 per annum. Two residential flats (units 2 and 3), above the retail shops were sold by way of 99 year leases from 24th June 1983. They therefore have 65 years unexpired and each pays a ground rent of £100.00 per annum. Three houses (units 7,9 and 11) were sold by way of 999 years leases from September 2000 at a peppercorn ground rent. Refurbished house (unit 4) is currently let on an Assured Shorthold Tenancy. This property is available to purchase by way of separate negotiation. The freeholder runs a service charge covering insurance and communal repairs. In turn the freeholder recovers a proportion of such costs from the individual tenants.
Price The freehold interest in The Knibbs is for sale at a figure of £280,000 (subject to contract). The recently refurbished residential house (unit 4) is available for an additional figure of £250,000. The purchase will not be subject to VAT.
Legal Costs Each party will be responsible for their own legal costs associated with this transaction
Viewing Strictly by arrangement with the sole selling agents ehB Commercial Limited 01926 888181
P •33 ehB Commercial for themselves and for the seller/lessor of this property who agents they are give notice that 1. These particulars do not constitute any part of an offer or a contract. 2. All statements contained in these particulars are made without responsibility on the part of the agent(s) or the seller/lessor. 3. None of the statements contained in these particulars are to be relied upon as a statement or representation of fact. 4. Any intending buyer or tenant must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 5. ehB Commercial does not make or give nor any person in their employment has any authority to make or give any representation or warranty whatsoever in relation to this property.
The Knibbs Smith Street Warwick CV34 4HU
Location Map
P•4 ehB Commercial for themselves and for the seller/lessor of this property who agents they are give notice that 1. These particulars do not constitute any part of an offer or a contract. 2. All statements contained in these particulars are made without responsibility on the part of the agent(s) or the seller/lessor. 3. None of the statements contained in these particulars are to be relied upon as a statement or representation of fact. 4. Any intending buyer or tenant must satisfy themselves by inspection or otherwise as to the correctness of each of the statements contained in these particulars. 5. ehB Commercial does not make or give nor any person in their employment has any authority to make or give any representation or warranty whatsoever in relation to this property.
