The Old County Hall Bayley Lane Coventry West Midlands CV1 5RN

The Old County Hall
Bayley Lane
Coventry
West Midlands
CV1 5RN

  • The Old County Hall<br>Bayley Lane<br>Coventry<br>West Midlands<br>CV1 5RN

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
    18/May/2022
  • Rent
    £203,316 per Annum Exclusive
  • Status
    Available
  • Price*
    £2,950,000 - £3,000,000
  • Sector
    Public House
  • Auction Venue
    Live Streamed Auction
  • Expand
  • Photos
  • Map

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

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.

VAT

VAT is applicable to this lot.

Completion Period

Six week completion

EPC

Band B.

Tenancy & Accommodation

Floor Use Floor Areas
Approx sq m
Floor Areas
Approx sq ft
Tenant Term Rent p.a.x. Reviews/(Reversion)
Ground
Mezzanine
Public House
511.00 sq m
(5,500 sq ft)
INTERTAIN (BARS) LTD
t/a Slug & Lettuce
(1)
25 years from 18/05/2016
until 2041
£90,000
18/05/2026
and 5 yearly
(17/05/2041)
Outdoor Terrace Beer Garden     INTERTAIN (BARS) LTD
t/a Slug & Lettuce
25 years from 18/05/2016
until 2041
£6,668.88
18/05/2022
Annual RPI linked rent increases
(17/05/2041)
First
Second
8 Student Flats
9 Student Flats
Not Measured
  THE FUTURELETS LTD
(2)
21 years from 27/07/2017
until 2038
(3) (4)
£106,648
Annual Rental Increases
of 1.5%
(27/07/2038)
Total Approximate
Commercial
Floor Area
 
511.00 sq m
(5,500 sq ft)
   
£203,316.88
 

(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 £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    06.05.22
    File Size
    65 MB
    Login to View
  • Brochure
    Updated Date
    29.04.22
    File Size
    7 MB
    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
John MehtabJohn Mehtab +44 (0)20 7034 4855 +44 (0)7899 060 519john.mehtab@acuitus.co.uk
Alexander AuteracAlexander Auterac +44 (0)20 7034 4859 +44 (0)7713 135 034alexander.auterac@acuitus.co.uk
Seller's Solicitors
Teacher Stern LLP 37-41 Bedford Row
London
WC1R 4JH
David Irwin 0207 424 3191d.irwin@teacherstern.com

Useful Links

Acuitus Finance
Stuart BuchananStuart Buchanan +44 (0)20 7034 4850 +44 (0)7879 432868stuart.buchanan@acuitus.co.uk

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