Bromwich Hardy Buck the Brexit Trend

25/03/2019

Bromwich Hardy celebrated winning the Estates Gazette Investment Agents of the year for the West Midlands, by breaking another benchmark in completing Coventry City centre’s first investment sale with a Net Initial Yield below 5%.

After a short marketing campaign, the sale of The Old County Hall completed last week for £3.7 million to a London based property investor.  The Old County Hall is a Grade II listed building which acted as the City’s Court House until 1988, administering capital punishment until 1849.  The building was purchased and converted by entrepreneurs Simon and Marie O’Neill, with the ground floor, part first floor and external beer garden being operated as a restaurant by the Slug and Lettuce brand and the upper floors having been converted into 18 studio style accommodation pods, let in their entirety to Coventry University.  The various elements of the building brought forward a total rent of £191,585 pa, all of which were on long term leases to financially secure tenants, helping to achieve the game changing yield of 4.86%.

James Brookes Partner at Bromwich Hardy commented: –

“We are all very proud of being named West Midlands Investment Agents of the year by the Estates Gazette, but it is deals like Old County Hall that continue to showcase our success. As far as we are aware this is the lowest investment yield ever to have been achieved in Coventry City Centre and it just shows the positivity in the City currently.”

“The city has seen a renaissance in all sectors, coupled with the award of the City of Culture for 2021 it is becoming one of the hottest markets in the country for investment and we can only see this continuing. The combination of two extremely strong covenants and long leases for all elements, made this an attractive prize and we have been pleased to be involved in such an important sale.”