City Centre Long Let Public House and Student Accommodation Investment
Ground Floor Public House Let to Intertain (Bars) Ltd t/a Slug & Lettuce Until 2041 (No Breaks)
Self Contained 17 Unit Student Accommodation Let to The Future Lets Ltd (Coventry University) Until 2038 (subject to option)
Popular and Busy City Centre Location
Key Tourist Destination
UK’s City of Culture 2021
200 Yards from Coventry University and Opposite Coventry Cathedral
Coventry Hosts over 62,000 Students
Lot 10
Auction 18th May 2022
Rent £203,316 per Annum Exclusive
Status Withdrawn Post
Price
Sector Public House
Auction Venue Live Streamed Auction
Property Information
Situation
Coventry is a popular West Midlands city with a population of approximately 370,000 and enjoys excellent communications, being 4 miles south of the M6, 12 miles north of the M40 and 12 miles east of Birmingham Airport. Coventry is home to Coventry University, situated within 200 yards of the property and University of Warwick with over 62,000 students combined.
The property is prominently situated in the heart of Coventry City centre opposite Coventry Cathedral. Neighbouring occupiers include Herbert Gallery & Museum, Coventry Cathedral Ruins, JD Wetherspoon, Five Guys, Halifax Bank and many further bars and restaurants.
Tenure
Long Leasehold. Held from the Council of the City of Coventry for a term of 125 years from 12/02/2009 at a peppercorn rent.
Situation
Coventry is a popular West Midlands city with a population of approximately 370,000 and enjoys excellent communications, being 4 miles south of the M6, 12 miles north of the M40 and 12 miles east of Birmingham Airport. Coventry is home to Coventry University, situated within 200 yards of the property and University of Warwick with over 62,000 students combined.
The property is prominently situated in the heart of Coventry City centre opposite Coventry Cathedral. Neighbouring occupiers include Herbert Gallery & Museum, Coventry Cathedral Ruins, JD Wetherspoon, Five Guys, Halifax Bank and many further bars and restaurants.
Tenure
Long Leasehold. Held from the Council of the City of Coventry for a term of 125 years from 12/02/2009 at a peppercorn rent.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
Band B.
Description
The property comprises an attractive Grade II listed ground floor public house and beer garden with 17 self contained residential student accommodation units on the first and second floors.
(1) For the year ending 27/09/2020 INTERTAIN (BARS) LTD reported a Turnover of £16,231,000, a Pre-Tax Profit of negative £6,876,000 and a Net Worth of negative £44,247,000. (2) THE FUTURELETS LTD (CRN 09136328) provide good quality private accommodation exclusively to students of Coventry University. (www.futurelets.co.uk) The Future Lets Ltd is wholly owned by Coventry University. (3) The lease provides the tenant the option to determine the lease on 27/07/2027.
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.
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