Units 3 - 9 Alpha Business Park Deedmore Road, Coventry, West Midlands, CV2 1EQ

Lot Image

Auction sale - Monday 17th July 2017

Result:

Unsold, the last bid was £960,000. Please refer to Auctioneer for Reserve

  • Long leasehold multi-let modern industrial estate with parking for circa 64 vehicles
  • Fully let with asset management/development opportunities
  • 7 units totalling 21,640 sq ft (2,010 sq m) on 1.93 acres
  • Producing net rent of £99,549 per annum

Details

Location

Summary: The estate is located in close proximity to good motorway network
Miles: Coventry 4 miles, Birmingham 25 miles
Roads: M6 (junction 2),M69 (junction 2), M1 (junction 19)
Rail: Coventry

Tenure

Leasehold for 125 years from 1989 at a ground rent of £18,801 pa. 10 yearly upward only reviews. Next review 2020 to 12.5% of the rack rent excl. mast.

Planning

Coventry City Council (02476 831109) www.coventry.gov.uk. The terms of the head lease allow for the development of a further 12,000 sq ft (1,114.83 sq m), subject to planning and freeholder consent (not to be unreasonably withheld).

VAT

Refer to the legal documentation

Energy Performance Certificate

See website

Description

A modern industrial estate of 7 units totalling about 21,640 sq ft (2,010 sq m) on a site of about 1.93 acres (0.78 hectares) with about 64 car parking spaces. The property has about 26% site coverage, which could allow for further development, subject to obtaining all necessary consents.

Address Tenant Lease Terms Rent £ pa
TOTAL £120,850 (1)
Unit 3 Expletus Garages Ltd 5 years from 24/06/2013 £15,000
Unit 4 Expletus Garages Ltd 5 years from 24/06/2013 £17,000
Unit 5 Greenacre Property Ltd (2) 3 years from 16/11/2016 £11,300
Unit 6 Fasternal Europe Ltd 1 year from 17/05/2017 £17,000
Unit 7 Gaffney and Guinan Contractors Ltd 3 years from 05/09/2015 £17,000
Unit 8 John Hughs t/a Wheels UK 5 years from 01/06/2015 £15,500
Unit 9 Sidian Engineering Ltd 6 years from 29/09/2014 £12,500
Aerial O2 UK Ltd 15 years from 24/12/2013 £5,000
Car park See legal pack Licences £10,550
The floor areas have been provided by the vendor. (1) This is the gross rent received minus head rent of £18,801 pa and 50% (pay away) of aerial equates to a net rent of £99,549 pa.
(2) Break clause 31/10/2017 subject to 3 months notice.

Contact

* Guide price

An indication of the seller’s current minimum acceptable price at auction. The guide price or range of guide prices is given to assist consumers in deciding whether or not to pursue a purchase. It is usual, but not always the case, that a provisional reserve range is agreed between the seller and the auctioneer at the start of marketing. As the reserve is not fixed at this stage and can be adjusted by the seller at any time up to the day of the auction in the light of interest shown during the marketing period, a guide price is issued. This guide price can be shown in the form of a minimum and maximum price range within which an acceptable sale price (reserve) would fall, or as a single price figure within 10% of which the minimum acceptable price (reserve) would fall. A guide price is different to a reserve price (see separate definition). Both the guide price and the reserve price can be subject to change up to and including the day of the auction.

* Reserve price

The seller’s minimum acceptable price at auction and the figure below which the auctioneer cannot sell. The reserve price is not disclosed and remains confidential between the seller and the auctioneer. Both the guide price and the reserve price can be subject to change up to and including the day of the auction.

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