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Lot 26 Click here for addendum

SECURE COMMERCIAL GROUND RENT INVESTMENT
6 Week completion

SITUATION

Occupying a prominent corner location within the City Centre, at the busy intersection with Greyfriars Road and Warwick Road, and surrounded by a mixture of period and modern office buildings. Warwick Row is a pedestrianised street immediately to the west of the B4544 (a continuation of the A429 and one of the main roads into Coventry City Centre), north of the Inner Ring Road A4053. Within close proximity is the City's prime retail shopping areas.
Coventry is a major commercial city located some 18 miles east of Birmingham, 9 miles north of Warwick and enjoying easy access to the M6 (Junctions 2 and 3).

PROPERTY

Located within the Greyfriars Green Conservation Area comprising 2 intercommunicating Period Office Buildings arranged on ground and two upper floors together with a 2 Storey Extension with Inner Courtyard constructed circa 1985 to the rear.
No.16 is Grade II Listed and No. 17, which is on the corner of Greyfriars Road, is on Coventry City's Local List of Buildings of Special Architectural or Historic Interest.

ACCOMMODATION

The following floor areas were adopted at the 2015 Rent Review:
Ground Floor
Gross Frontage 41'1"
Built Depth 96'3"
Front Office 775 sq ft
Side Office 451 sq ft
Rear Office 819 sq ft

First Floor
Front/Side Office 1,466 sq ft
Rear Office 849 sq ft
Stores 47 sq ft

Second Floor
Offices 788 sq ft
Stores 40 sq ft

Courtyard (Approx.) 745 sq ft

Total 5,235 sq ft plus 745 sq ft Courtyard

VAT is NOT applicable to this Lot

FREEHOLD

TENANCY

The entire property is let on a full repairing and insuring lease to D. A. Holt, B. C. Holt, P. J. Holt & B. R. Holt as Surveyors & Estate Agents for a term of 125 years from 23rd September 1985 at a current rent of £10,250 per annum exclusive.

Rent Reviews September 2020 and 5 yearly thereafter, based on 15% of the Open Market Rent.

Note 1: Part of the property has been sub-let on various short term tenancies.

Note 2: The tenant occupies and owns the freehold of the neighbouring No. 15.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

16 and 17 Warwick Row, Coventry, West Midlands CV1 1EX