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
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
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
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.
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
(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
Contacts
Seller's Solicitors
CMS Cameron McKenna LLP Mitre House, 160 Aldersgate Street London EC1A 4DD +44 (0)20 7367 2000
