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    Key features

    • To be offered on Wednesday 22 April
    • High Yielding Retail Investment
    • A freehold property
    • Approx. 19,111 sq ft (0.438 acres)
    • Prominent corner position on busy arterial road
    • Comprising office buildings and yard for parking vehicles
    • Let to Enterprise on a 20 year FRI lease from 2024
    • Rent reviews every 5 years
    • The lease is outside the Landlord and Tenant Act 1954
    • The tenant has committed over £400,000 of works to redevelop the site
    • Further development potential (subject to requisite consents)
    • Investment let at £70,000 per annum (7.36% on guide price)

    Additional information

    Tenure

    Freehold

    Tenancy

    The property is let to Enterprise for £70,000 per annum on a fully repairing and insuring lease for a term of 20 years commencing November 2024, with rent reviews every 5 years.


    Please note the lease is outside the Landlord and Tenant Act 1954.

    Planning

    On 31/07/2024 Coventry City council granted planning for replacement rental vehicle wash bay, demolition of existing modular office building and site reconfiguration and associated works.

    Planning Ref: PL/2024/0001087/FUL

    Click here for planning portal

    Rent

    £70,000 per annum.

    Notes

    We understand the property is elected for VAT. It is anticipated the sale will be treated as a Transfer of a Going Concern (TOGC).


    According to the tenant Enterprise Rent a Car UK have spent over £400,000 to date improving and updating the site to provide a flagship store for their busy regional operations. There are some ongoing works including taking down of the existing modular office and finishing off the new wash bay unit, then retarmacking the area. Please note the small portacabin has since bene removed. Please refer to the planning section above for more information.


    Please note the areas provided are approximate. The photos and any drawings are for illustrative purposes only and may not reflect the exact boundary of the property. The property has not been internally inspected by Savills. Prospective purchasers must rely upon their own enquiries in this regard. Please refer to the legal pack. 

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      All viewings at this property have now taken place prior to the auction. For further information on the property please download the legal pack or email the property contact.

      Savills are not holding any viewings for this property. For further information please download the legal pack or email the relevant Savills Contact directly.

      Viewings are in the process of being finalised and will be online shortly, please click here for a notification when they go online.

      No set viewings will be available on this property prior to auction due to the tenants in situ. Please refer to the legal pack for further information.

      No set viewings will be available on this property prior to auction due to safety concerns within the property. Please refer to the legal pack for further information.

      There are no formal viewings for this property. You can visit during commercial trading hours as a customer.

      Local information

      The property is situated on the northern fringe of Coventry and occupies a prominent main road position fronting directly onto the busy B4118 Lockhurst Lane at its junction with Kingfield Road in a busy, built up and densely populated commercial area alongside a large trading estate and surrounded by residential development.

      Lockhurst Lane is a busy arterial route into the City Centre with the A444 Phoenix Way North - South Road easily accessible along with the M6 Motorway at Junction 3, which is approximately 2½ miles to the north.

      Nearby occupiers include HiQ Autocentre, BP/Morrison, HSS Hire Shops. The Coventry City Centre itself is approximately 1½ miles distant.

      Transport

      Coventry Station - Avanti West Coast, CrossCountry, West Midlands Railway.

      Legal documents

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      EPC rating

      If no EPC rating appears please refer to the legal pack.

      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

      Addendums