A high-street property at the heart of Rugby’s town centre
is set to be a star attraction at the next Loveitts auction which takes place
this week.
With planning permission already in place to convert the use
of the first and second floor to 3 residential apartments, the town centre
property offers an excellent development opportunity for budding investments
and developers alike.
Situated on Rugby’s pedestrianised High Street, the 3-storey
retail property, which was formerly Satsku until its closing earlier this year,
boasts an idyllic town-centre location neighbouring several well-known
high-street household names.
Featuring a retail unit on the ground floor, the property
benefits from planning permission for residential accommodation on the first
and second floor to create an additional three apartments.
The property has a guide price of £250,000 to £300,000.
Experts at Loveitts believe the former boutique could
generate a high yield for investors looking to develop the 3-storey property
due to its sought-after location.
Loveitts Director and Auctioneer Sally Smith commented: “The
former Satsku retail store offers property hunters an exclusive opportunity to
purchase a unique spacious property that is situated in an ideal location at
the heart of Rugby and is already generating a buzz from prospective buyers.
With town centre office based business moving to out of town
business parks an increasing number of centrally located properties have been
emerging onto the market in recent years taking the opportunity with many
converting upper floors to residential use.
“In town living is becoming increasingly popular and
considering the potential this property has in terms of yield and resale value;
we believe the guide price to be very competitive – especially when you factor
in its central location.
“With the ground floor already readily available to rent as
a commercial unit, potential investors have the opportunity to receive a highly
profitable yield from both the retail area and the three apartments once they
are developed.
“With planning already in place, investors can begin work
almost immediately which makes this property somewhat of a rarity and we firmly
recommend both seasoned investors or first time buyers take up the
opportunity.”
A total of 26 (check) lots will be available comprising a
mix of residential homes, investment opportunities and land throughout Coventry
and Warwickshire.
The auction takes place at the
Urban Village Resort Hotel in Canley, Coventry at 6.30pm on Thursday 11th
July.
To view this and other lots
available log on to https://www.loveitts.co.uk/auctions/upcoming-auctions/19.
