Online Auction

61/62 Hertford Street, Coventry, CV1 1LB

Upon Instructions of

Liquidators

  • Freehold retail investment
  • City centre arcade location
  • Let until 2024 (no breaks)
  • Producing £62,000 per annum

Details

Location

Coventry lies about 19 miles south east of Birmingham and 24 miles south west of Leicester with a population of about 337,500 (2011 estimate). It lies to the south of the M6 motorway, which can be accessed at junctions 2 and 3 via the A4600 and A444 respectively. Hertford Street lies in the city centre and is one of the main shopping thoroughfares running south from Broadgate. The property forms part of a covered, pedestrianised shopping centre and is situated on the west side of the street. Nearby occupiers include Poundland, Ryman, Superdrug, Yorkshire Building Society and The Money Shop.

Description

The property comprises a three storey mid terraced (plus basement) building of traditional construction forming part of a covered shopping arcade. The property is arranged as a ground floor split level retail unit with ancillary accommodation at basement, first and second floor levels. Nearby Barracks car park provides parking for about 460 cars.

Tenure

Freehold.

Planning Authority

Coventry City Council (02476 831212) www.coventry.gov.uk.

VAT

Please refer to the legal documentation.

Energy Performance Certificate

EPC Rating 76 Band D.

Floor Use SqM SqFt Tenant Lease Current Rent
TOTAL 716.70 7,715 £62,000
Ground floor First floor Second floor Retail Ancillary Ancillary WCs 349.90 320.20 46.60 3,766 3,447 502 CEX Limited (1) 10 years from 10/12/2014 (1)(2)(3)(4) £62,000
The floor areas have been taken from the VOA website.
(1) The tenant trades in the purchase, sale & exchange of a range of technology & entertainment products. For the year ending 30/06/2015 the tenant reported a turnover of £135.79 million, a pre-tax profit of £833,000 & shareholders' funds of £142,000 (source: Graydon).
(2) FRI lease
(3) Rent review on 10/12/2019
(4) The lease is subject to an underlease of an electricity substation registered to Western Power Distribution (East Midlands) Plc.

Contact

Seller's solicitor

Dentons UKMEA LLP (Thomas Sheldon)
020 7320 6894
thomas.sheldon@dentons.com

*Reserve Not to exceed

The reserve is the minimum amount the seller will currently accept. This figure does not represent a valuation nor does it reflect the likely sale price. It is subject to change, upwards or downwards.

Administration Fee

The successful purchaser will be required to pay the auctioneers administration fee of £990 inclusive of VAT. Other additional costs/fees may apply - Click here.

Sold for £633,000

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Reserve not to exceed*
£590,000 - £600,000

The successful purchaser will be required to pay the auctioneers administration fee of £990 inclusive of VAT. Other additional costs/fees may apply - Click here.


Related Documents

Agreement Documents