New Look, 91/101 Lower Precinct Coventry Warwickshire CV1 1DS

New Look, 91/101 Lower Precinct
Coventry
Warwickshire
CV1 1DS

Prime Retail Investment

Let to New Look Retailers Ltd until September 2026
Forms part of The Lower Precinct Shopping Centre
Highly sought after city centre location
One of New Look’s best performing stores
Approximately 4,383 sq m (47,196 sq ft) of well configured retail accommodation
Nearby occupiers include H & M, Next, Boots the Chemist, TJ Hughes and M&S
£430,000 p.a.x (gross) £389,791 p.a.x (net)
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot
26
Auction
26th March 2015
Rent
£430,000 per Annum Exclusive
Status
Sold Prior
Price
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of a Major Fund

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Prime Retail Investment

Let to New Look Retailers Ltd until September 2026
Forms part of The Lower Precinct Shopping Centre
Highly sought after city centre location
One of New Look’s best performing stores
Approximately 4,383 sq m (47,196 sq ft) of well configured retail accommodation
Nearby occupiers include H & M, Next, Boots the Chemist, TJ Hughes and M&S
£430,000 p.a.x (gross) £389,791 p.a.x (net)
Buyer's Legal Report available <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>

Lot 26
Auction 26th March 2015
Rent £430,000 per Annum Exclusive
Status Sold Prior
Price
Sector
High Street Retail
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On behalf of a Major Fund

Property Information

Location

Miles: 19 miles east of Birmingham, 24 miles south-west of Leicester, 95 miles north-west of London
Roads: M6 (Junctions 2 & 3), M42, M69
Rail: Coventry Railway Station
Air: Birmingham International Airport

Situation

The property anchors the western end of The Lower Precinct Shopping Centre with H & M, Next, Boots the Chemist and TJ Hughes all within the immediate vicinity. Access can be gained directly onto Queen Victoria Road from The Lower Precinct which is home to the principal city centre car parks, Ikea and the Skydome.

Tenure

Long Leasehold. Held for a term of 99 years (less 3 days) from 31st October 2000, expiring 27th October 2099. The current rent under the head lease is £40,209 p.a.x. The rent is reviewed upwards only on a 5 yearly basis to 10% of open market rental value. The next rent review is due on 24th June 2016. (See Note 3).

Location

Miles: 19 miles east of Birmingham, 24 miles south-west of Leicester, 95 miles north-west of London
Roads: M6 (Junctions 2 & 3), M42, M69
Rail: Coventry Railway Station
Air: Birmingham International Airport

Situation

Tenure

Description

The property comprises sales accommodation on ground and first floors with ancillary and storage accommodation on the second floor. The third floor is used for plant and the basement is used for storage and loading.

6 Week Completion (subject to landlord's consent to assign)

Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Ground First Second Third Basement	Sales/Storage Sales/Storage Ancillary/Storage Plant Storage/Loading	1,303 sq m 1,920 sq m 908 sq m 198 sq m 54 sq m	(14,032 sq ft) (20,674 sq ft) (9,782 sq ft) (2,132 sq ft) (576 sq ft)	NEW LOOK RETAILERS LTD (1)	Approx. 22 years & 9 months from 17/12/2003 until 28/09/2026 on a full repairing and insuring lease	£430,000	24/06/2016 24/06/2021 24/06/2026
Totals		4,383 sq m	(47,196 sq ft) (2)			£430,000

(1) New Look is the UK’s number one footwear retailer by volume and has been ranked the 2nd largest womanswear retailer in the UK by value by Kantar Worldpanel. New Look currently trades from over 1,160 stores globally, as well as running a very successful e-commerce site with revenue increasing by 36.4% since September 2013. In total, the company employs approximately 30,000 people, 17,000 of which are based in the UK within its 576 stores. (Source: New Look 2014 Annual Report). For the year ending 29/03/2014, New Look Retailers Ltd reported a turnover of £1,273,813,000, pre-tax profits of £116,956,000 and a total net worth of £68,354,000. (Source: www.riskdisk.com 20/02/2015).
(2)The areas stated are Gross Internal.
(3)There is a landlord’s pre-emption right in the lease. The landlord has 20 working days to accept the contract sale price. For further information, please refer to the legal pack.