City Centre location in the UK’s City of Culture 2021
Let to Coventry University Enterprises Limited on lease expiring 2027
2015 break option not exercised
Adjacent to Coventry University Technology Park
VAT-free investment
Lot 63
Auction 24th May 2018
Rent £60,000 per Annum Exclusive
Status Sold
Price £1,520,000
Sector Office
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of a Charity and first time on the market for over 20 years
Property Information
Location
Miles
18 miles south-east of Birmingham, 18 miles north of Stratford-upon-Avon, 23 miles south-west of Leicester
Roads
M1, M6, A46, A45, A4053
Rail
Coventry Railway Station (800 metres to the south-west)
Air
Birmingham International Airport (12 miles to the west)
Situation
The city of Coventry forms part of the West Midlands conurbation and is located 18 miles east of Birmingham, 23 miles south-west of Leicester and 17 miles west of the M1 motorway. Coventry enjoys excellent communications, being 4 miles south of the M6, 12 miles north of the M40 and 12 miles east of Birmingham Airport. The property is located in the City Centre, adjacent to Coventry University Technology Park and 800 metres north-east of Coventry Railway Station. There is a regular mainline train service to London Euston (59 minutes). The property is situated on Parkside, close to its junction with Short Street and overlooking Coventry University Technology Park.
Tenure
Freehold.
Location
Miles
18 miles south-east of Birmingham, 18 miles north of Stratford-upon-Avon, 23 miles south-west of Leicester
Roads
M1, M6, A46, A45, A4053
Rail
Coventry Railway Station (800 metres to the south-west)
Air
Birmingham International Airport (12 miles to the west)
Situation
The city of Coventry forms part of the West Midlands conurbation and is located 18 miles east of Birmingham, 23 miles south-west of Leicester and 17 miles west of the M1 motorway. Coventry enjoys excellent communications, being 4 miles south of the M6, 12 miles north of the M40 and 12 miles east of Birmingham Airport. The property is located in the City Centre, adjacent to Coventry University Technology Park and 800 metres north-east of Coventry Railway Station. There is a regular mainline train service to London Euston (59 minutes). The property is situated on Parkside, close to its junction with Short Street and overlooking Coventry University Technology Park.
Tenure
Freehold.
Description
The property comprises a two storey office building with on-site car parking. The office accommodation provides air conditioning, perimeter trunking and gas central heating.
VAT
VAT is not applicable to this lot.
Planning
The property may benefit from conversion to residential use, subject to the current occupation and the necessary consents/permissions. Interested parties are referred to Coventry City Council (www.coventry.gov.uk).
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a two storey office building with on-site car parking. The office accommodation provides air conditioning, perimeter trunking and gas central heating.
VAT
VAT is not applicable to this lot.
Planning
The property may benefit from conversion to residential use, subject to the current occupation and the necessary consents/permissions. Interested parties are referred to Coventry City Council (www.coventry.gov.uk).
Completion Period
Six Week Completion
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
Next Review
Ground First
Office Office
875.50 sq m 452.80 sq m
(9,424 sq ft) (4,874 sq ft)
COVENTRY UNIVERSITY ENTERPRISES LIMITED (1)
16 years from 24th June 2011 on a full repairing and insuring lease
£60,000 (2)
24/06/2019 and 4 yearly
Total
1,328.30 sq m
(14, 298 sq ft)
£60,000
(1) For the year ended 31st July 2017, Coventry University Enterprises Limited reported a turnover of £18,952,000, pre-tax profits of £5,274,000 and a net worth of £33,773,000 (Source: Experian 17/04/2018). Coventry University is ranked 12th in the UK in the Guardian University Guide 2018.
Contacts
Seller's Solicitors
Cripps LLP Number 22, Mount Ephraim tunbridge Wells Kent TN4 8AS
