July 2022: Tuesday 19 July 2022 - 9:00am
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    Key features

    • Investment let at £203,316 p.a. (7.26% on guide price)
    • Prime city centre investment opportunity
    • A key tourist destination and home to large student population (62,000 students)
    • Public House let on a long lease expiring in 2041 (No Breaks) let at £96,668.88 p.a.
    • 17 self contained Student units let on a long lease expiring in 2038 (subject to an option) let at £106,648 p.a.
    • The leases have 5 yearly, annual fixed and RPI linked rent increases/reviews (please refer to tenancy)
    • 6 week completion

    Description

    The property is an attractive grade II listed property comprising of Public House and Beer Garden on the Ground floor and mezzanine with 17 self contained student units located over the 1st and 2nd floors.

    The property is located in the heart of Coventry City and is located directly opposite the Cathedral and an approx. 0.2 miles from Coventry University. The City was nominated UK's city of culture in 2021.

    Nearby occupiers include Coventry Cathedral Ruins, Primark and a number of restaurant occupiers to include Turtle Bay, The Botanist, Five Guys, Wagamama and Zizzi

    Additional information

    Tenure

    Held on a long lease from Coventry City Council on 125 years from 12/02/2009 at a peppercorn rent


    Tenancy


    Future Let is owned by Coventry University and are the official accommodation provide for Coventry University www.futurelets.co.uk

    Futurelets Ltd has an Option to break in 2027 - please refer to lease.

    Rent

    £203,316 p.a.

    Notes

    VAT is applicable on this sale; However the sale of the property can be treated as TOGC (Please refer to the legal documents)


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

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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 located on the junction of Pepper lane and Cuckoo Lane and the terrace located on the junction of Trinity Churchyard and Cuckoo lane.

      The property can be found on the western side of Coventry Cathedral ruins.

      Coventry City is located in the west midlands and is home to Coventry University and and University of Warwick which is home to an approx. 62,000 students

      Coventry Station located an approx. 0.6 miles from the property

      Transport

      Coventry Station - Services to Birmingham New Street and London Euston

      Legal documents

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      EPC rating

      The EPC rating for this property is B

      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.

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