Sun Alliance & Kirby House, Little Park Street Coventry West Midlands CV1 2JZ

Sun Alliance & Kirby House, Little Park Street
Coventry
West Midlands
CV1 2JZ

Substantial Office Investment in City Centre Location

Tenants include Royal Bank of Scotland, Coventry Citizens' Advice Bureau and MIB International
Prominent city centre location some 100 metres from Council House
Nearby occupiers include Whitefriars Housing Group, The Coventry Building Society and Varsity Bar
On-site car parking
Six Week Completion Period Available

Lot
23
Auction
7th July 2011
Rent
Gross: £190,098 per Annum Exclusive
Status
Sold
Price
£1,030,000
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP
On Instructions from Sarah Rayment & Shay Bannon of BDO LLP as Joint LPA Receivers

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Substantial Office Investment in City Centre Location

Tenants include Royal Bank of Scotland, Coventry Citizens' Advice Bureau and MIB International
Prominent city centre location some 100 metres from Council House
Nearby occupiers include Whitefriars Housing Group, The Coventry Building Society and Varsity Bar
On-site car parking
Six Week Completion Period Available

Lot 23
Auction 7th July 2011
Rent Gross: £190,098 per Annum Exclusive
Status Sold
Price £1,030,000
Sector
Office
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP
On Instructions from Sarah Rayment & Shay Bannon of BDO LLP as Joint LPA Receivers

Property Information

Location

Miles: 14 miles west of Rugby, 12 miles north-east of Warwick, 23 miles east of Birmingham
Roads: A444, A45, A46, M6 (Junction 3)
Rail: Coventry Rail Station
Air: Birmingham International Airport

Situation

The property is situated in a prominent corner position in Coventry city centre on the western side of Little Park Street at its junction with Salt Lane. The property benefits from its proximity to the Council House, The Herbert Art Gallery & Museum, Coventry Cathedral and Cathedral Lanes Shopping Centre. Other nearby occupiers include Whitefriars Housing Group, The Coventry Building Society and Varsity Bar.

Tenure

Leasehold. Held from The Council of the City of Coventry for a term of 99 years from 12th May 1982 until 11th May 2081 at a peppercorn rent

Location

Miles: 14 miles west of Rugby, 12 miles north-east of Warwick, 23 miles east of Birmingham
Roads: A444, A45, A46, M6 (Junction 3)
Rail: Coventry Rail Station
Air: Birmingham International Airport

Situation

Tenure

Leasehold. Held from The Council of the City of Coventry for a term of 99 years from 12th May 1982 until 11th May 2081 at a peppercorn rent

Description

The property comprises two separate self-contained buildings. Kirby House comprises office accommodation over basement, ground and three upper floors while Sun Alliance House comprises office accommodation over first to fourth floors. The properties benefit from passenger lifts and a total of seven car parking spaces to the rear.

Note: This property is being marketed on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect can be given. The LPA Receivers are not bound to accept the highest or any offer and are acting without personal liability.

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

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews (Reversions)
Kirby House	Basement Ground First Second Third	Office Office Office Office Office	7.09 sq m 173.99 sq m 169.12 sq m 186.13 sq m 43.22 sq m 579.55 sq m	(76 sq ft) (1,873 sq ft) (1,820 sq ft) (2,004 sq ft) (465 sq ft) (6,238 sq ft)	COVENTRY CITIZENS’ ADVICE BUREAU (1)	5 years from and including 23/01/2009	£58,000 (2) £58,000	(22/01/2014)
Sun Alliance House	Ground	Office	408.73 sq m	(4,400 sq ft)	ROYAL BANK OF SCOTLAND (3)	35 years from 25/03/1982	£47,500	25/03/2012 (24/03/2017)
	Part First	Office	199.06 sq m	(2,143 sq ft)	ROYAL BANK OF SCOTLAND (3)	25 years from 25/03/1992	£22,500	25/03/2012 (24/03/2017)
	Part First	Office	215.47 sq m	(2,319 sq ft)	VACANT POSSESSION (4)
	Second	Office	415.42 sq m	(4,472 sq ft)	MIB INTERNATIONAL LTD (5)	10 years from and including 24/01/2007 (6)	£48,300	24/01/2012 (23/01/2017)
	Third	Office	245.09 sq m	(2,638 sq ft)	VACANT POSSESSION
	Fourth	Office	245.09 sq m	(2,638 sq ft)	VACANT POSSESSION
	Roof	Mast			T-MOBILE (7)	20 years from and including 06/05/2004 (8)	£13,798	06/05/2014 (05/05/2024)
			1,728.86 sq m	(18,610 sq ft)			£132,098
	Totals		2,308.41 sq m	(24,848 sq ft)			£190,098

(1) Coventry Citizens' Advice Bureau, set up in 1940, helps advise around 8,000 people a year on their rights which include employment, consumer, housing, relationship and debt and benefits-related enquiries.
(2) Please note that there is a fixed rental uplift to £62,000 p.a.x. on 23/01/2012 and to £67,000 p.a.x. on 23/01/2013.
(3) The Royal Bank of Scotland plc is part of The Royal Bank of Scotland Group plc which has 40 million customers in over 50 countries. (Source: www.rbs.com 06/06/2011)
(4) MIB International Ltd have expressed interest in occupying.
(5) From its inception in 1966, MIB International Ltd has rapidly evolved as the leading supplier of customized connections and safety solutions for the International Oil and Gas Sector. (Source: www.mibitaliana.it 06/06/2011)
(6) Please note that the tenant has served notice to activate their option to determine the lease on the 24/01/2012.
(7) On 1st July 2010, T-Mobile UK became part of Everything Everywhere Limited - the company formed through the merger of T-Mobile UK and Orange UK. Owned jointly by Deutsche Telekom and France Telecom, Everything Everywhere Limited is the UK's biggest communications company, with a combined customer base of almost 28 million people and more than 720 retail stores across the country. (Source: www.t-mobile.co.uk 06/06/2011)
(8) The lease provides for a tenant option to determine the lease on the 10th and 15th anniversary of the term