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Lot 13 Click here for addendum

GROUND RENT INVESTMENT
6 Week completion

SITUATION

In the heart of the city centre, occupying a prominent position on the corner of New Buildings, by the pedestrian entrance to the Cathedral Quarter which contains many of Coventry's most popular tourist attractions including Coventry Cathedral, St. Mary's Guildhall and Holy Trinity Church. Also ideally located for the city's central Shopping Quarter, the property is directly opposite Primark and West Orchards Shopping Centre and amongst many multiples including Nando's, McDonald's, KFC, Wilko, Greggs, Ladbrokes and Sainsbury's whilst being within a ¼ of a mile of Coventry University.
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

An attractive medieval style building comprising a Large Public House planned on ground and first floors with internal access to 2 Self-Contained Flats plus Ancillary Accommodation on the second floor. In addition the property benefits from a Roof Terrace on the first floor.

ACCOMMODATION

Ground Floor Public House
Gross Frontage 149'2"
Internal Width 128'5"
Pub Depth 56'2"
Built Depth 70'1"

GIA Approx. 5,220 sq ft

First Floor Public House
Seating/Bar/Beer Store
Ladies & Gents WCs

GIA Approx. 3,730 sq ft

Second Floor
2 Flats:
Each 2 Bedrooms, Living Room,
Kitchen, Bathroom/WC

Ancillary Accommodation incl.
Staff changing room and
dining room plus storage

GIA Approx. 3,220 sq ft

Total GIA Approx. 12,170 sq ft

Plus 685 sq ft Roof Terrace

VAT is NOT applicable to this Lot

FREEHOLD

TENANCY

The entire property is let on a full repairing and insuring lease to K/S Coventry, England (a company incorporated in Denmark) (Sublet to J.D. Wetherspoon - having over 900 branches) for a term of 125 years from 8th January 1999 at a current rent of £16,000 per annum exclusive.

Rent Reviews in January 2019 and 5 yearly, geared to 9% of Rack Rental Value (upward only).

*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.

The Flying Standard, 2–10 Trinity Street, Coventry, West Midlands CV1 1FL