82/92 Lower Precinct, Coventry, CV1 1DX
Long Leasehold City Centre Retail Investment in Coventry
Guide price*
£999,000+
Plus fees
Unsold, please refer to Auctioneer
Lot information
Commercial Investment
Auction details:
Thursday 27th February 2020 @ 10:00AM
A Prime, High Yielding City Centre Retail Investment, Let to the British Heart Foundation. Current Rental Income: £160,000 pa. (Rent Incentives until August 2022). The Property is exempt from a service charge liability
Property Description
The property comprises a prime three storey retail unit, extending to approximately 20,565 sq.ft. (1,910 sq.m.) or thereabouts. Ground and first floor space can be accessed directly from the mall, whilst the second floor is accessed internally. The property has recently undergone a comprehensive fit-out by the tenant and provides a modern retail environment, in keeping with the neighbouring units in this prime shopping precinct. There is direct access to a 524 space car park a short walk from the unit.Location
The property is located in the heart of the City Centre, within the popular Lower Precinct Shopping Centre, one of Coventry's leading shopping destinations, comprising over 25% of the City Centre's retail stores. Welcoming approximately 200,000 shoppers each week, Lower Precinct is home to brands including Next, H&M, New Look, Pandora, Lush, The Entertainer, F Hinds, Caffe Nero and Pizza Hut.Coventry has been named as the UK City of Culture 2021 and a host City of the Commonwealth Games 2022. Internationally renowned businesses located in Coventry include Barclays, E.ON, Ericsson, Jaguar Land Rover and Sainsburys. Both Coventry University and The Unverisity of Warwick are located in the City.
Energy Performance Rating
B.Tenure
The property is Long Leasehold for a term of 95 years with effect from 25th December 1961, expiring on 14th June 2056, having 36 years unexpired. The ground rent payable is £4,250 per annum and there is the benefit that no service charge is payable.The property is let to The British Heart Foundation for a term of 12 years with effect from 16th August 2019, expiring on 15th August 2031. The current rent is £160,000 per annum. There is a rent free period which runs until 16th August 2020 and then half rent is payable until 16th August 2022. There is provision for a rent review on 16th August 2024 and 2029. There is a tenant break option on 16th August 2026.
Full documentation relating to tenure and copies of the Leases will be available for inspection within the legal pack.
Tenant Information
In 2018/2019 The British Heart Foundation generated a total income of £168 million inclusive of the profit from retail activities (£22.9m).
The British Heart Foundation Retail remains the largest charity retailer in the UK, generating a profit of £22.9m in 2019.
Gross Retail Income, including donations received in BHF shops increased by 4% to £192.9m (2019). This reflected a 2.9% growth in like for like sales (on 2018), supported by very strong performances in their traditional charity shops as well as continued growth in their specialist furniture and electrical stores. Source - British Heart Foundation Financial Review 2019.
Value Added Tax
VAT is chargeable on this transaction. For those who are VAT registered, the intention would be to treat as a TOGC. Full details will be available within the legal pack.Auctioneers Note
Please note offers may be considered prior to the Auction Sale.Viewings
The property is a large trading retail unit and can be viewed during normal opening hours.DISCLAIMER
Bond Wolfe or their Agents for the seller of these Lots give notification that any particulars contained within the catalogue/website are prepared to the best of their knowledge and include information that has been provided to them. Plans, photographs and room measurements (provided via a 3rd party) are provided as guidance only and should not be relied upon. All potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars or to obtain further information that is not provided which they deem to be important prior to bidding. Any amendments to the particulars that Bond Wolfe are aware of will be published on the addendum, which is available within the lot information.
LIVE-STREAMED AUCTION
Please note that the Auction will be livestreamed via our website. You can take part remotely via Proxy, Telephone or Online, if you wish to bid you must pre-register via our website no later than 3pm the day prior to the auction. Please click here for further details.
*DEFINITION OF GUIDE & RESERVE PRICE
All properties are sold subject to a reserve price, which is the minimum price the seller is willing to accept and is confidential between the seller and Auctioneer. The guide price is only an indication as to where the reserve is currently set and not necessarily the Auctioneers expectation of what it will sell for. If the guide price is a bracket figure, then the reserve price cannot be higher than the top end of the guide price, if the guide price is a fixed figure, then the reserve cannot be more than 10% above the guide price. The guide price and reserve price can be subject to change at any time up to and including the auction day and, properties can often sell for substantially more than the quoted guide price.
COSTS AT AUCTION
When buying at auction you will unconditionally exchange contracts on the fall of the auctioneer’s gavel, please therefore ensure you have read the legal pack for each property prior to bidding. They are all individual and include the terms and conditions of your purchase as well as any costs in addition to the purchase price.
The sale of each lot is subject to an administration fee of £2,160 inc VAT (£1,800.00 + VAT) (unless otherwise stated in the important information), payable on the fall of the gavel/at the end of the online auction. Please note that the administration fee for the Local Authority lots may differ and all interested parties should enquire directly with the Auctioneers as to the fee applicable.
Any additional costs excluding the administration fee will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack has been prepared by the seller’s solicitor(s), who are responsible for its contents and disclosing all know information. It is available to download free of charge under the ‘lot information’, and you take responsibility for reading and understanding the legal pack and are bound by all the contents. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.
