A financial services expert has bought a commercial property in Warwick as part of his private pension fund in a deal sealed by leading regional property agents Bromwich Hardy.
The retail investment unit with development potential is at 28 to 32 Swan Street, Warwick, which is currently rented to Savers UK, a health and beauty discount chain, for £46,500 a year.
David Penn, a partner at Bromwich Hardy, explained that the 6,746 sq ft property that was marketed with a guide price of £750,000 was sold on behalf of a private seller for an undisclosed sum.
David said: “This mid-terraced property is on Swan Street, the main retail thoroughfare in the heart of Warwick, with nearby occupiers including Specsavers, Caffè Nero and Lloyds Bank.
“This is a prime retail position within the popular Castle Town and provides a rare larger footplate for retail purposes, with plenty of spare space for future development, subject to planning permission.
“We were pleased to arrange the deal and wish the new owner every success as he plans future potential development via his pension fund.”
The new owner of 28 to 32 Swan Street is an unnamed financial services expert who also has an interest in commercial property within his SSAS pension fund.
He said: “I like developing commercial space and already have a unit in St Ives in Cornwall.
“The fact that this Warwick property has such a great tenant was the main attraction, as it might be that they will have an interest in expanding into the upper floors, which are mainly unused.
“If not, there are other possibilities, as there was once a gym on the first floor and so there are various options to fully use the space, subject to planning permission.”
28 to 32 Swan Street is fully let to Savers Health & Beauty Limited, trading at Savers UK, on a full repairing and insuring basis until December 2028, with a break clause in January 2027.