61/62 Hertford Street, Coventry, CV1 1LB

Guide Price* : £590,000 - £600,000

Upon Instructions of

Liquidators

  • Freehold retail investment
  • City centre arcade location
  • Let until 2024 (no breaks)
  • Producing £62,000 per annum

Description

The property comprises a three storey mid terraced (plus basement) building of traditional construction forming part of a covered shopping arcade. The property is arranged as a ground floor split level retail unit with ancillary accommodation at basement, first and second floor levels. Nearby Barracks car park provides parking for about 460 cars.

Location

Coventry lies about 19 miles south east of Birmingham and 24 miles south west of Leicester with a population of about 337,500 (2011 estimate). It lies to the south of the M6 motorway, which can be accessed at junctions 2 and 3 via the A4600 and A444 respectively. Hertford Street lies in the city centre and is one of the main shopping thoroughfares running south from Broadgate. The property forms part of a covered, pedestrianised shopping centre and is situated on the west side of the street. Nearby occupiers include Poundland, Ryman, Superdrug, Yorkshire Building Society and The Money Shop.

Tenure

Freehold.

Planning Authority

Coventry City Council (02476 831212) www.coventry.gov.uk.

VAT

Please refer to the legal documentation.

Energy Performance Certificate

EPC Rating 76 Band D.

Tenancy & Accommodation

Floor Use SqM SqFt Tenant Lease Current Rent
TOTAL 716.70 7,715 £62,000
Ground floor
First floor
Second floor
Retail
Ancillary
Ancillary
WCs
349.90
320.20
46.60
3,766
3,447
502
CEX Limited (1) 10 years from 10/12/2014 (1)(2)(3)(4) £62,000
The floor areas have been taken from the VOA website.
(1) The tenant trades in the purchase, sale & exchange of a range of technology & entertainment products. For the year ending 30/06/2015 the tenant reported a turnover of £135.79 million, a pre-tax profit of £833,000 & shareholders' funds of £142,000 (source: Graydon).
(2) FRI lease
(3) Rent review on 10/12/2019
(4) The lease is subject to an underlease of an electricity substation registered to Western Power Distribution (East Midlands) Plc.

Contact

Vendor's solicitor

Dentons UKMEA LLP
(Thomas Sheldon)
020 7320 6894
thomas.sheldon@dentons.com

* Generally speaking Guide Prices are provided as an indication of each seller's minimum expectation. They are not necessarily figures which a property will sell for and may change at any time prior to the auction. Virtually every property will be offered subject to a Reserve (a figure below which the Auctioneer cannot sell the property during the auction) which we expect will be set within the Guide Range or no more than 10% above a single figure Guide.

Administration Fee The successful purchaser will be required to pay the auctioneers administration fee of £990 inclusive of VAT on purchases of £20,000 and above and £240 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.

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Sold for £633,000

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Auction Ended

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The successful purchaser will be required to pay the auctioneers administration fee of £990 inclusive of VAT on purchases of £20,000 and above and £240 inclusive of VAT for purchases below £20,000. Other additional costs/fees may apply - Click here.


Office Contact

Contact
020 7198 2284

Vendor

Liquidators

Vendors Solicitor

(Thomas Sheldon)
020 7320 6894

Related Documents

Agreement Documents


Subject to Contract and Exclusive of VAT © Lambert Smith Hampton December 2019

Disclaimer: Lambert Smith Hampton Group Limited and its subsidiaries, including 574, and their joint agents if any ("LSH") for themselves and for the seller or landlord of the property whose agents they are give notice that: (i) These particulars are given and any statement about the property is made without responsibility on the part of LSH or the seller or landlord and do not constitute the whole or any part of an offer or contract. (ii) Any description, dimension, distance or area given or any reference made to condition, working order or availability of services or facilities, fixtures or fittings, any guarantee or warrantee or statutory or any other permission, approval or reference to suitability for use or occupation, photograph, plan, drawing, aspect or financial or investment information or tenancy and title details or any other information set out in these particulars or otherwise provided shall not be relied on as statements or representations of fact or at all and any prospective buyer or tenant must satisfy themselves by inspection or otherwise as to the accuracy of all information or suitability of the property. (iii) No employee of LSH has any authority to make or give any representation or warranty arising from these particulars or otherwise or enter into any contract whatsoever in relation to the property in respect of any prospective purchase or letting including in respect of any re-sale potential or value or at all. (iv) Price or rent may be subject to VAT and any prospective buyer or tenant must satisfy themselves concerning the correct VAT position. (v) Except in respect of death or personal injury caused by the negligence of LSH or its employees or agents, LSH will not be liable, whether in negligence or otherwise howsoever, for any loss arising from the use of these particulars or any information provided in respect of the property save to the extent that any statement or information has been made or given fraudulently by LSH. (vi) In the case of new development or refurbishment prospective buyers or tenants should not rely on any artists’ impressions or architects’ drawings or specification or scope of works or amenities, infrastructure or services or information concerning views, character or appearance and timing concerning availability or occupation and prospective buyers or tenants must take legal advice to ensure that any expectations they may have are provided for direct with the seller or landlord and LSH shall have no liability whatsoever concerning any variation or discrepancy in connection with such matters.