Property Auctions 24/Sep/2021 | 82-92 Lower Precinct, Coventry, Warwickshire, CV1 1DX

Prominent City Centre Retail Investment

Let to British Heart Foundation
12 year lease from August 2019 expiring August 2031 (subject to option)
Primary retailing location within Lower Precinct Shopping Centre
No Service Charge payable at the property (See footnote 4)
Nearby retailers include Pandora, Boots the Chemist, Lush, Marks & Spencer, Home Bargains, F Hinds Jewelry, Next and H&M.
Attractive Initial Yield on Guide Price

Lot 16
Auction 24th September 2021
Rent £160,000 per Annum Exclusive
Status Sold Prior
Price
Sector
High Street Retail
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 24 miles east of Birmingham
Roads: A45, A444, M6
Rail: Coventry
Air: Coventry, Birmingham International

Situation

Coventry is the second largest city in the Midlands & 11th largest city in the UK, it is also the UK 2021 City Of Culture, located approximately 24 miles east of Birmingham. Coventry is an expanding University City with more than 27,000 residential students. The property is located in a prominent position in the City Centre, within Lower Precinct Shopping Centre, accessed from The Precinct. The property is close to Coventry Covered Market together with over 500 car parking spaces. Other retailers within the centre and nearby include Pandora, Boots the Chemist, Lush, Marks & Spencer, Home Bargains,
F Hinds Jewellery, Next and H&M.

Tenure

Long Leasehold. Held for a term of 95 years from 25th December 1961 and expiring on 14th June 2056 at a fixed ground rent of £4,250 p.a.

Location

Miles: 24 miles east of Birmingham
Roads: A45, A444, M6
Rail: Coventry
Air: Coventry, Birmingham International

Situation

Coventry is the second largest city in the Midlands & 11th largest city in the UK, it is also the UK 2021 City Of Culture, located approximately 24 miles east of Birmingham. Coventry is an expanding University City with more than 27,000 residential students. The property is located in a prominent position in the City Centre, within Lower Precinct Shopping Centre, accessed from The Precinct. The property is close to Coventry Covered Market together with over 500 car parking spaces. Other retailers within the centre and nearby include Pandora, Boots the Chemist, Lush, Marks & Spencer, Home Bargains,
F Hinds Jewellery, Next and H&M.

Tenure

Long Leasehold. Held for a term of 95 years from 25th December 1961 and expiring on 14th June 2056 at a fixed ground rent of £4,250 p.a.

Description

The property comprises a prominent three storey shop within Lower Precinct Shopping Centre. The ground and first floors benefit from public access from the mall whilst the second floor is accessed internally. The interest to be offered in this property, whilst being part of the Lower Precinct Shopping Centre, is excluded from the service charge arrangements of the shopping centre and as a result, no service charge is payable. Full information is available in the legal pack.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

Available from the legal pack at www.acuitus.co.uk.

Description

The property comprises a prominent three storey shop within Lower Precinct Shopping Centre. The ground and first floors benefit from public access from the mall whilst the second floor is accessed internally. The interest to be offered in this property, whilst being part of the Lower Precinct Shopping Centre, is excluded from the service charge arrangements of the shopping centre and as a result, no service charge is payable. Full information is available in the legal pack.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

Available from the legal pack at www.acuitus.co.uk.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Ground First Second	Retail/Ancillary Retail/Ancillary Retail/Ancillary	477.34 sq m 629.42 sq m 607.40 sq m	(5,138 sq ft) (6,775 sq ft) (6,538 sq ft)	BRITISH HEART FOUNDATION (1) (4)	12 years from 16/08/2019 until 15/08/2031 (2)	£160,000 (3)	16/08/2024 16/08/2029
Total		1,714.16 sq m	(18,451 sq ft)			£160,000

(1) For the year ending 31/03/2020, British Heart Foundation reported a total income (net of retail costs) of £150,900,000 and total cash, deposits and investments of £258,100,000 (Companies House 24/08/2021). British Heart Foundation was established in 1961 and now operates from over 750 shops across the UK (www.bhf.org.uk).
(2) The lease is subject to a tenant option to determine on 16/10/2026.
(3) Under the terms of the lease, the tenant is currently paying half rent until 1st August 2022. The Vendor has agreed to top up the rent to the headline rental figure of £160,000 pa from completion of the sale until the concessionary period has passed. Please see Special Conditions of Sale.
(4) Neither the tenant, nor the immediate landlord are liable to pay service charge in relation to the running of the larger shopping centre.

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.