- Ground floor retail unit and first and second floor self- contained maisonette
- Currently let and income producing an annual rent of Â£23,400 per annum
- Popular and sought after location
- Sought after neighbourhood parade
- Well appointed property
- Opportunity to create further accommodation and drive rental income
- Investment For Sale
- Asking price of Â£380,000
- Ground floor commercial premises and large maisonette
- Potential for creating further letable accommodation
The subject property is located on the popular Hillmorton Road along the main drag with other commercial and residential premises. The location is popular for retailers and occupiers alike and is in a densely populated part of Rugby. Hillmorton road is one of the main thoroughfares and provides easy access into Rugby Town Centre and the new Houlton development as well as the surrounding arterial road networks.
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. 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.
The property is split into a ground floor commercial retail premises and a large first and second floor self-contained maisonette. The property is of brick construction having timber framed glazed display windows with the upper floors having painted brickwork and uPVC double glazed windows to the first floor and dormer above. Adjacent to the ground floor is a pedestrian entrance which provides access to the first floor flat and rear.
The accommodation comprises the following:
Accommodation Sq. m. Sq. ft.
Ground floor commercial premises 86.9 935
Maisonette 115 1,237
Asking Price of £380,000
282 Hillmorton Road - Ground Floor
The ground floors premises is currently let to Apple Expert Ltd with the benefit of a personal guarantor. The lease is dated 3rd May 2017 and is for a term of 10 years which commenced 16th November 2015 and expires on 15th November 2025. The current passing rent is equal to £12,000 per annum. The property is held on an internal repairing lease with the tenant covenanted to keep the property clean and tidy and in good, substantial repair and condition. The tenant is subject to a contribution towards repairs and maintenance equal to 50%. The lease is also subject to a rent review effective 16th November 2020.
282A Hillmorton Road - Maisonette
The upper floor maisonette is held upon an assured shorthold tenancy for a term of 12 months which commenced on 15th June 2022. The accommodation is let at £950.00 per calendar month or £11,400 per annum.
The total rent roll is equal to £23,400 per annum
The property has potential for creating further letable accommodation and to drive income.
We understand that the property is connected to all mains services. 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 & Harrison LLP.
We understand that the rateable value for the ground floor commercial premises has a rateable value of £9,200 effective 1st April 2017. The first floor maisonette has a council tax banding of 'B'.
Ground Floor - Awaiting certification
First Floor Maisonette - Rating E54 valid until 14th April 2026
We understand that the property has planning consent for its existing uses under the Use Classes Order 1987 as amended. We recommend interested parties make their own enquiries to the Planning Department of Rugby Borough Council on 01788 533533.