The property is held on a single long lease for a term of 125 years from the 29th September 1989 at a current ground rent of £18,801.50 per annum subject to a 10 yearly upward only rent review pattern, the next rent review being in September 2020. The rent is reviewed to 12.5% of the rack rental value of the whole of the estate or the aggregate of the parts.
The Estate is prominently located on Deedmore Road in the Potters
Green/Wood End area of Coventry, approximately 3 miles north-east
of the city centre and 1 ½ miles from Junction 2 of the M6/M69
interchange and 2.5 miles from Junction 3 of the M6. The Aldermans
Green Industrial Estate is located nearby and creates a critical mass
of industrial occupancy. The property comprises 7 industrial units predominantly of steel portal frame construction with park brick part profile clad elevations under profile clad roofs. The height to eaves heights range from 3.6m to 6m. All workshops and warehouse areas are single storey. There is a an electricity sub station on site together with a telecommunications mast. Access is from Deedmore Road over the estate road which is maintained through the service charge and loading is via roller shutter doors to the front of each unit. There are car spaces to the front and side of the units with an additional central car parking area.
Planning permission has been secured for for an additional 3,725 sq ft
adjoining unit 9.
We are instructed to seek Offers based on £975,000 subject
to contract. The purchase at this price would represent an
initial yield of 7.4% after 6% purchasers costs.
Coventry is at the centre of the Midland's conurbation, 24 miles east of
Birmingham, 25 miles south west of Leicester and some 95 miles north
of London. The city is well located for motorway communications with the
A45, linking the M42 to the M45 and M1 (Junction 17), the A46 leading
south to the M40 (Junction 15) and the A444 north to the M6 (Junction 2)
at its intersection with the M69 to Leicester.
Coventry is situated on the main London West Coast Line with a fastest
journey time to London (Euston) of 65 minutes. Regular services connect to Birmingham International Airport and the National Exhibition Centre (11 minutes) and to Birmingham New Street (30 minutes).
Coventry Airport is approximately 3.5 miles to the south. Coventry has always been heavily linked to the automotive industry. The resurgence of Jaguar Land Rover in particular has led to a substantial increase in demand for industrial and distribution space from suppliers and manufacturers.
Strictly by appointment with the agent Bromwich Hardy.
Each party is to bear their own legal and surveyors costs incurred in this transaction.