Download Waterside, Coventry - Allsop

Head Leasehold Residential
Investment Opportunity
Flats 1– 22 (exc.13) Waterside, St Nicholas Street, Coventry,
West Midlands, CV1 4LZ
A Head Leasehold Residential Investment Opportunity comprising 21 apartments within a
detached block
Offers in excess of £1,250,000, subject to contract
+44 (0)113 236 6677
www.allsop.co.uk
33 Park Place
Leeds
LS1 2RY

A Residential Investment Opportunity
Flats 1– 22 (exc.13) Waterside, St Nicholas Street, Coventry,
West Midlands, CV1 4LZ
Investment Considerations
Head Leasehold
21 apartments (3 x 1 bed and 18 x 2 bed)
Subject to 20 Assured Shorthold Tenancies
Total current rent reserved £122,760 per annum
Total Gross Initial Yield - 9.8%
Estimated Rental Value when fully let - £129,060 per annum
Over 95% let on average for the past three years
Allocated parking
Property Summary
The property comprises a purpose built block of 21 apartments
with the benefit of allocated parking close by. The property was
built by Barteak Developments Ltd in 2005 and we understand
that there is a 10 year structural defects warranty in place. There
is vacant commercial space on the ground floor of the property
with A1, A2 and/or A3 permitted uses; this is subject to a 125
year lease to the Canal and River Trust with a ground rent
payable to the Head Leaseholder of £1,000 per annum.
Location
Coventry is the twelfth largest UK city outside of London and is
the second largest behind Birmingham in the West Midlands.
Neighbouring Cities include Birmingham (north west) and
Leicester (north east). Coventry has excellent transport links
benefitting from the close proximity of both the M6 and M69
trunk roads. Journey time to London is approximately 1hr 45
minutes.
The property is located centrally in Coventry City Centre;
plentiful amenities are therefore in walking distance from the
property including the City’s University which is approximately 15
minutes by foot to City Central University buildings. The train
station is located 1.5 miles south of the property. A frequent
service runs between here and Birmingham New Street with
journey times as short as 21 minutes.
Accommodation
We have inspected a selection of apartments and can comment
that the properties are finished to a modern standard with fully
built in kitchens. Services are powered by electric only; there is
no gas on site.
Tenure
The opportunity offered is a Head Leasehold interest. There is a
Ground Rent payable to the Freeholder equivalent to one
peppercorn. We understand that the Freehold is held by Coventry
City Council.
Method of Sale
The property is to be offered for sale as a whole by way of Private
Treaty. However, we reserve the right to conclude the marketing
period by way of an Informal Tender process.
Viewing information
We will be undertaking block viewings over the course of the next
few weeks. If you wish to internally inspect the property, please
register your interest with our office and we will contact you in
due course. Under no circumstances are the tenants to be
approached directly.
Asking Price
Offers in excess of £1,250,000 are sought for the Head Leasehold
interest, subject to contract and existing tenancies.
Additional Information
A detailed information pack is available upon request from our
office or alternatively it can be viewed on-line at
www.watersidecoventry.com
Tenancies
20 of the apartments are currently let on Assured Shorthold
Tenancies (AST’s) and are let unfurnished but with the benefit of
white goods. 18 of the deposits are held with the TDS. The
commercial space on the ground floor is subject to an underlease
to The Canal and River Trust for 125 years from January 2005
Rental Income
The current rental income is £122,760. This figure is subject to
change throughout the marketing period.
Contacts: Leeds: Michael Gorman – 0113 236 6683
michael.gorman@allsop.co.uk
Anthony Hart – 0113 243 7950
anthony.hart@allsop.co.uk
London: William Shoebotham – 020 7344 2659
william.shoebotham@allsop.co.uk
Misrepresentation 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, give notice that: (a) these particulars do not constitute in whole or in part an offer or
contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representative of fact; and (c) the vendor/lessor does not make or give, and neither
Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties,
undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a
purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring
area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary
searches and enquiries. Allsop is the trading name of Allsop LLP.