77-79 Warwick Street

At a glance

Key Points

• Comprising restaurant at ground floor and basement, 3 x 1 bed apartments and 3 x 2 bed apartments
• Current net income £123,290 per annum
• Ground floor and basement restaurant premises let to 2034
• Good secure rental income from 6 self contained upper floor apartments.
• Proposal Sale Price: £1.4M excl. showing a net initial yield of 8.33% following usual purchaser’s costs of 5.75%.

Description

The property itself comprises:

A Grade II Listed, 4 storey, mid terraced, Regency building.
Traditional Brick Built construction with rendered front elevation, surmounted with pitched Welsh Slate roof and incorporating Sash Windows and timber shop front.
Ground Floor & Basement let to 12th Street Burger franchisee.
First, Second & Third floor comprise 3 x 1 bed and 3 x 2 bed self-contained apartments which are accessed off a separate doorway fronting Warwick Street. These are let on Assured Shorthold Tenancies or by way of Airbnb short term lettings.
Current total gross rental is £123,290 excusive of VAT. A breakdown of rental income is attached.

The Location

The property is situated on the popular retailing pitch of Warwick Street, right in the heart of Leamington Spa town centre and a short distance from The Parade (the town’s primary retailing pitch).

Royal Leamington Spa is an attractive and affluent Spa town located in the heart of Warwickshire, approximately 2 miles east of Warwick, 8 miles South of Coventry and 18 miles southeast of Birmingham.

The town provides an attractive retail environment, comprising Regency and Victorian architecture set along wide, boulevard style streets. The town boasts a wide range of major national retailers as well as high end boutique style retailers and strong independent provision for both fashion and specialty shopping..

Retailers close by include Sofa’s & Stuff who commenced trading in 2022, Mountain Warehouse, Waterstones, William Hill as well as Shoe Express, Boots and Coffee#1.