Bray House, 13-15 Jury Street, Warwick, CV34 4EH

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 and 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 and 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 and Flat Access
( Agency Pilot Software ref: 681 )