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.