The property is prominently located in Prologis Park, 3 miles north of Coventry city centre and immediately south of the M6 motorway (Junction 3). Neighbouring occupiers include Halfords, Terex, Gefco, British Gas, and Co-op.
Tenure
Virtual Freehold. Held for a term of 999 years from 2005 at a peppercorn rent.
Location
Miles
3 miles north of Coventry city centre, 22 miles east of Birmingham
The property is prominently located in Prologis Park, 3 miles north of Coventry city centre and immediately south of the M6 motorway (Junction 3). Neighbouring occupiers include Halfords, Terex, Gefco, British Gas, and Co-op.
Tenure
Virtual Freehold. Held for a term of 999 years from 2005 at a peppercorn rent.
Description
The property comprises office accommodation on the ground and first floor and also includes right to 12 car parking spaces. The offices are well specified with raised floors, suspended ceilings and comfort cooling. The tenant also occupies the adjoining building.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises office accommodation on the ground and first floor and also includes right to 12 car parking spaces. The offices are well specified with raised floors, suspended ceilings and comfort cooling. The tenant also occupies the adjoining building.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
Ground First
Office Office
149.20 sq m 151.60 sq m
(1,606 sq ft) (1,632 sq ft)
REGENT OFFICE CARE LIMITED (1)
5 years from 29/09/2018 on a full repairing and insuring lease (2) (3)
£42,000
28/09/2021 (29/09/2023)
Total
300.8 sq m
(3,238 sq ft)
£42,000
(1) Regent Office Care Limited was incorporated in 1986 and for the year ending 31st December 2017, reported a turnover of £40,125,037, pre-tax profits of £570,999 and a total net worth of negative -£3,534,155 and is rated by Experian as “Very low risk” (Source: Experian Group 12/06/2018). (2) The tenant has been in occupation of the property by virtue of a lease from 12th July 2010 until 29th September 2018. The parties have agreed a reversionary lease by reference to the existing lease for a term of 5 years from 29th September 2018 until 2023 at a rent reserved of £42,000 per annum exclusive (p.a.x.), which is increased from £38,000 p.a.x. The seller will pay the buyer the difference between £38,000 p.a.x. and £42,000 p.a.x. from completion of the sale until 30th September 2018. Therefore, the property will produce £42,000 p.a.x. from completion of the sale. (3) The lease is subject to a schedule of condition.
