Drake Howard Property has disposed of another commercial premises on the main road through Kenilworth Town Centre.
On this occasion, a self-contained office above the Cancer Research UK charity shop, adjacent to Sainsbury’s Supermarket.
The offices are cellular arranged over two floors, accessed from an external staircase and with electric heaters. The premises may have been considered to fall short of ideal, for modern occupation and standards but the owners followed recommendations and offered the premises to the market on a short lease and at a competitive rent.
The To Let board had hardly been in place for a week, before a prospective occupier responded to promotion of the letting. A deal was quickly structured and agreed, subject to change of use planning consent.
The premises has been taken by a Sports Therapy occupier and in recognition of capital input by the Landlord to improvements, including installation of air condition units, the Lease term was extended to 7 years at a rent of £8,000 per annum.
The return to the Landlord is equivalent to £7.70 per sq ft for the 1,038 sq ft demise and secured for a minimum of 5 years to a tenant break option.
The change of use has widened potential for the premises in the future and a reasonable capital input has improved the quality of the asset and improved the Energy Performance Rating above the minimum statutory level to come into force April 2018.