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Floorplan
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    Key features

    • Secure Children Care Investment
    • Rarely Available Asset
    • Lease Expires 05/08/2046
    • Producing £59,904 per annum
    • Index Linked Rent Reviews
    • 2,650 sq ft (246.19 sq m)
    • Site Area - 0.31 acres (0.13 hectares)
    • Circa £150,000 Refurbishment in 2021
    • Established Residential Location
    • Unclaimed Capital Allowances
    • SPV Purchase Available
    • Guide Price Reflects a Low £301 Capital Value per sq ft
    • No VAT

    Description

    The property comprises an assisted living childrens residential care home arranged across ground and first floors.

    Accessed from Broad Lane, the property features a large driveway to the front with parking for approximately six vehicles. Internally, the property features five bedrooms, kitchen, living room and associated bathrooms and other ancillary areas.

    To the rear the property features a large garden.

    The property is let on an internal repairing and insuring lease to Dimensions Care Limited for a term of 25 years expiring 05/08/2046 and paying a rent of £59,904 per annum (after Vendors top up).

    The property is situated in a principal commuter suburb of Coventry, therefore the surrounding area is predominantly laid to residential use, with some out-of-town retail amenity to the south.

    Additional information

    Tenure

    Freehold

    Tenancy

    The property is let to Dimensions Care Limited on a 25 year lease expiring 05/08/2046 and paying a rent of £57,600 per annum. The Vendor will top up the rent to £59,904 per annum to the next rent review (06/08/2024).


    The lease is on internal repairing and insuring terms and includes three yearly rent reviews linked to the Retail Price Index (RPI), the next review is 06/08/2024.


    The lease includes a tenants break option 06/08/2036 and every 5th year thereafter.

    Planning

    Whilst there are no extant planning consents, several other properties on the street have been split to provide two semi-detached residential units. There therefore may be long term potential to convert the property to residential use and provide multiple units (subject to the existing lease and any requisite consents).

    Rent

    £59,904 per annum
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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.

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      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

      • A45 Ring Road - 0.1 miles
      • Canley Rail Station - 0.9 miles
      • Central Coventry - 2.1 miles

      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