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
    24/Sep/2021
  • Rent
    £160,000 per Annum Exclusive
  • Status
    Sold Prior
  • Price*
     
  • Sector
    High Street Retail
  • Auction Venue
    Live Streamed Auction
Important Update
  • 82-92 Lower Precinct, Coventry, Warwickshire, CV1 1DX
  • Expand
  • Photos
  • Map

* More information on the term "price" can be found here

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.

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

FloorUseFloor Areas
(Approx)
TenantTermRent p.a.xReviews
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 £1,000 inclusive of VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Due to the current restrictions in movement throughout the UK, the property may not have been inspected by Acuitus. Some photographs may not be current and these will be dated where this is the case. Plans showing nearby occupiers and mention of nearby occupiers may reflect a dated situation as some tenants are not currently in occupation. Floor areas and accommodation details are likely to have been obtained from VOA.Gov.UK and the Vendor.

Property Documents

  • Catalogue Page
    Updated Date
    03.09.21
    File Size
    537 KB
    View PDF
  • Site Plan
    Updated Date
    03.09.21
    File Size
    829 KB
    View PDF
  • Common Auction conditions
    Updated Date
    10.06.21
    File Size
    168 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
George GoucherGeorge Goucher +44 (0)20 7034 4860 +44 (0)7513 610 710george.goucher@acuitus.co.uk
Peter MayoPeter Mayo +44 (0)20 7034 4864 +44 (0)7833 459318Peter.mayo@acuitus.co.uk
Seller's Solicitors
Eversheds Sutherland LLP 115 Colmore Row
Birmingham
B3 3AL
Daniel Jones DanielJones@eversheds-sutherland.com

Useful Links

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