Commercial property for sale in Bray House, 13-15 Jury Street, Warwick, Warwickshire CV34

Description

Town centre retail investment comprising an interesting early 1960s brick and concrete structure with eight ground lease flats to upper floors and rear yard.

Location

Bray House is situated in the heart of the county town of Warwick, Jury Street being the principal arterial road running through the town centre, becoming High Street. The location is identified on the attached street map.

The town centre of Warwick is an impressive collection of fine period buildings dating back to the 15th Century. However in 1068 Warwick Castle was founded and from that date has been embellished and extended to the current impressive market town. It is now one of the favoured locations in the country for culture, business and residing.

Services

Mains electricity and water are connected to Bray House.

Tenure

13 Jury Street, Warwick

Tenant - Lavelle Bridal Couture
Lease Term - 5 years from 19th August 2022
Current Passing Rent - £13,000 per annum, exclusive, from 19th August 2024 (currently £12,500 per annum)
Repairing Liabilities - Internal Repairing and Insuring
Landlord & Tenant Act 1954 - Held within the Act

15 Jury Street, Warwick

Tenant - ehB Residential Lettings (Warwick)
Lease Term - 5 Years from 9th September 2022
Current Passing Rent - £15,450 per annum, exclusive
Repairing Liabilities - Internal Repairing and Insuring, contributing up to £500 per annum to the building service charge
Tenant Break - At the third anniversary
Landlord & Tenant Act 1954 - Held within the Act

Flats to Upper Floors
Flats 2,5,6,7 and 8 are held subject to 99 year reversionary leases from 1st Jan 1980 at £50 pa (increases to £100 pa from 1st Jan 2046)
Flats 1,3 and 4 have had lease extensions

Planning

User Class E at ground floor with C3 on the 1st and 2nd floors.

Rent

Price
offers based on £390,000 - Subject to Contract with the benefit of the leases in place.

VAT is not applicable.

Rates

13 Jury Street - The rateable value for the current year is £15,500.

15 Jury Street - The rateable value for the current year is £18,250.

Service Charge

A service charge is levied by the landlord which is administered to all eight residential flat owners. The service charge is collected to cover a fair percentage of the repair, maintenance and decoration of the structure of the building and also has established a reserve fund for the repair and replacement of the flat roof. The current fund for the roof stands in excess of £25,000. The landlord does contribute 34% of the external repairing costs and reserve roof fund.

Legal Costs

Each party will be responsible for their own legal costs.

EPC

EPC - 13 Jury Street E 102

EPC - 15 Jury Street E 123

Retail Investment For Sale

Total Rental Income £28,700 Per Annum from August 2024

5 Ground Lease Extension Negotiation Opportunities

Excellent Town Centre Location

Growth Potential

Rear Garden & Flat Access