PURCHASE AT AUCTION
LOT 177 - Rugby - 37 High Street, Rugby, Warwickshire, CV21 3BW
Freehold Grade II Listed Town Centre Vacant Shop
Key Features
- Comprises total accommodation of 276.6 sq m (2,977 sq ft)
- Pedestrianised town centre location
- Adjacent to Holland & Barrett and close to Nationwide
- Potential for future alternative use (subject to consent)(1)
- VAT is applicable
- Six Week Completion Available
Accommodation and Tenancy Schedule
| Present Lessee | Accommodation | Lease Details | ||
|---|---|---|---|---|
To be Vacant of Completion(1)
|
Ground Floor
|
59.20 sq m
|
637 sq ft
|
Vacant on Completion(1)
|
Basement
|
61.80 sq m
|
665 sq ft
|
||
First Floor
|
57.40 sq m
|
618 sq ft
|
||
Second Floor
|
49.20 sq m
|
530 sq ft
|
||
Third Floor
|
49.00 sq m
|
527 sq ft
|
||
Total
|
276.6 sq m
|
2,977 sq ft
|
||
Acquisition Cost
| Purchase Price | £90,000 |
| Stamp Duty | £0 |
| Agent's Fee (1.5%+vat ) | £1,620 |
| Legal & Misc (1% of PP) | £5,000 |
| Total Acquisition Cost | £97,000 |
VAT (Refundable)
| VAT Payable @ 20% of £90k | £18,000 |
Cash Investment Required
| Cash Acquisition Cost | £97,000 | |
| Stamp Duty | £0 | |
| Agent & Legal | £6,700 | |
| Professionals / B.R / Structural / QS / MS, etc. | £10,000 | |
| Misc | £5,000 | |
| Total | £120,000 |
Profit
| Profit (Estimated) | ||
| GDV (Sale Price) | £540,000 | |
| Interest on Purchase | £0 | |
| Sales Agent + Legal (2%) | £6,700 | |
| Acquisition costs | £97,000 | |
| Development Costs | £265,000 | |
| Total Costs: | £365,000 | |
| Profit | £175,000 | |
Return on Investment
| ROI (Estimated) | |
| Cash Invested | £120,000 |
| Profit Earned | £175,000 |
| Total ROI | 146% |
| Profit for JV Partner (50% share) | £87,500 |
| ROI for JV Partner | 73% |
GDV Appraisal
| Units Type (Flats) | Units |
| Retail Unit - Basement | 1 |
| Retail Unit - Ground Floor | 1 |
| First Floor - One Bed Flats | 1 |
| Second Floor - One Bed Flats | 1 |
| Third Floor - One Bed Flats |
1 |
| Total Units | 5 |
| Gross Development Value (Collective) | |||||
| Units | Level | Description | GIA m2 | NIA m2 | Value |
| 1 | Basement |
Retail Unit/Storage (£1,000/sqm) |
61.80 | 61.80 |
£61,800 |
| 1 | Ground |
Retail Unit (£1,500/sqm) |
59.20 | 59.20 | £88,800 |
| 1 | First |
One Bed Flat (£2,500/sqm) |
57.40 | 57.40 | £143,500 |
| 1 | Second |
One Bed Flat(£2,500/sqm) |
49.20 | 49.20 | £123,000 |
| 1 | Third |
One Bed Flat (£2,500/sqm) |
49.00 | 49.00 |
122,500 |
| Total: | Sale@£1,000-£2,500/m2 | 276.6 | 276.6 | £540,000 | |
| Gross Rental Value (Collective) | ||||
| Units | Level | Description | Sqm | Value (Rent) |
| 1 | Basement |
Retail Unit/Storage |
61.80 |
£6,000 |
| 1 | Ground |
Retail Unit (8% yield) |
59.20 | £9,000 |
| 3 | First | One Bed Flats | 57.40 | £12,000 |
| 1 | Second | One Bed Flat | 49.20 | £11,000 |
| 1 | Third | One Bed Flat | 49.00 |
£11,000 |
| Total: | @ 6.73% Yield |
276.6 | £49,000 | |
DEVELOPMENT Costs (Estimates)
| Item | Description | Amount £ |
| Legals | £6,000 | |
| Professionals / Architect | 3% of Construction Cost | £15,000 |
| Construction / Refurb | Ground + First + Second | £200,000 |
| Insurances | For building & Construction | £3,000 |
| Finance Cost | 15% @ for £200k for 12m | £30,000 |
| Section106 / CIL | Nil | £0 |
| Contingency | 5% of Construction Cost | £10,000 |
| Total | £265,000 |
LEGAL PACK
Disclaimer
Valuations & Appraisals by Sleek are strictly estimates only and you should use them on that basis. The valuation Model analyses prices for equivalent properties sold or sold in the area. These properties may differ in ways that we do not or cannot consider. Valuations are subjective and based on market forces, which may change. Valuations must not be used for property sale, purchase, mortgage or related purposes. You should seek a professional valuation from a qualified surveyor before deciding whether to buy or sell a property. We shall not be liable for any losses you or anyone else suffer due to relying on the valuations. This includes not being liable for any loss of property, loss of bargain, loss of capital through over-payment or under-sale or for any indirect, special or consequential loss.