Lot 26 details
SECURE COMMERCIAL GROUND RENT INVESTMENT
6 Week completion
Occupying a prominent corner location within the City Centre, at the busy intersection with Greyfriars Road and Warwick Road, and surrounded by a mixture of period and modern office buildings. Warwick Row is a pedestrianised street immediately to the west of the B4544 (a continuation of the A429 and one of the main roads into Coventry City Centre), north of the Inner Ring Road A4053. Within close proximity is the City's prime retail shopping areas.
Coventry is a major commercial city located some 18 miles east of Birmingham, 9 miles north of Warwick and enjoying easy access to the M6 (Junctions 2 and 3).
Located within the Greyfriars Green Conservation Area comprising 2 intercommunicating Period Office Buildings arranged on ground and two upper floors together with a 2 Storey Extension with Inner Courtyard constructed circa 1985 to the rear.
No.16 is Grade II Listed and No. 17, which is on the corner of Greyfriars Road, is on Coventry City's Local List of Buildings of Special Architectural or Historic Interest.
The following floor areas were adopted at the 2015 Rent Review:
Gross Frontage 41'1"
Built Depth 96'3"
Front Office 775 sq ft
Side Office 451 sq ft
Rear Office 819 sq ft
Front/Side Office 1,466 sq ft
Rear Office 849 sq ft
Stores 47 sq ft
Offices 788 sq ft
Stores 40 sq ft
Courtyard (Approx.) 745 sq ft
Total 5,235 sq ft plus 745 sq ft Courtyard
VAT is NOT applicable to this Lot
The entire property is let on a full repairing and insuring lease to D. A. Holt, B. C. Holt, P. J. Holt & B. R. Holt as Surveyors & Estate Agents for a term of 125 years from 23rd September 1985 at a current rent of £10,250 per annum exclusive.
Rent Reviews September 2020 and 5 yearly thereafter, based on 15% of the Open Market Rent.
Note 1: Part of the property has been sub-let on various short term tenancies.
Note 2: The tenant occupies and owns the freehold of the neighbouring No. 15.