Summary - 3-5, CASTLE STREET CV21 2TP
1 bed 1 bath Retail Property (high street)
Freehold end‑terrace building on pedestrianised Castle Street, Rugby
An end-of-terrace, three-storey period building on Rugby’s pedestrianised Castle Street, offered as a freehold investment with immediate rental income. Ground and part-first floors operate as a fitted restaurant (air conditioning, commercial kitchen and bar) with a one‑bed flat above and a partly unfinished second‑floor area that could create additional lettable space.
The asset is let producing a combined rent roll of £26,100 per annum (restaurant: £18,000 p.a. on a recently renewed FRI lease from 01/08/2023; residential flat: £675 pcm). The property sits in a busy town‑centre retail pitch with good footfall and ample nearby parking and benefits from an E use class, which allows a range of commercial and community uses subject to planning.
Income potential is the headline attraction: the sizeable 330 sq.m (3,552 sq.ft) internal area, high ceilings and multiple floors give scope to reconfigure, refurbish the unfinished second‑floor area or increase rents on refurbishment. EPCs are in band D (Commercial D88; Residential D68).
Buyers should note material negatives: the area records very high crime and relative deprivation and is described as a constrained renters’ neighbourhood, which may limit rental growth. The building is older with solid brick walls (likely uninsulated) and part‑unfinished accommodation—refurbishment and ongoing maintenance will be needed to unlock full value. Interested parties should verify services and planning with local authorities.
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