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A Residential Investment Opportunity<br />
Flats 1– 22 (exc.13) <strong>Waterside</strong>, St Nicholas Street, <strong>Coventry</strong>,<br />
West Midlands, CV1 4LZ<br />
Investment Considerations<br />
Head Leasehold<br />
21 apartments (3 x 1 bed and 18 x 2 bed)<br />
Subject to 20 Assured Shorthold Tenancies<br />
Total current rent reserved £122,760 per annum<br />
Total Gross Initial Yield - 9.8%<br />
Estimated Rental Value when fully let - £129,060 per annum<br />
Over 95% let on average for the past three years<br />
Allocated parking<br />
Property Summary<br />
The property comprises a purpose built block of 21 apartments<br />
with the benefit of allocated parking close by. The property was<br />
built by Barteak Developments Ltd in 2005 and we understand<br />
that there is a 10 year structural defects warranty in place. There<br />
is vacant commercial space on the ground floor of the property<br />
with A1, A2 and/or A3 permitted uses; this is subject to a 125<br />
year lease to the Canal and River Trust with a ground rent<br />
payable to the Head Leaseholder of £1,000 per annum.<br />
Location<br />
<strong>Coventry</strong> is the twelfth largest UK city outside of London and is<br />
the second largest behind Birmingham in the West Midlands.<br />
Neighbouring Cities include Birmingham (north west) and<br />
Leicester (north east). <strong>Coventry</strong> has excellent transport links<br />
benefitting from the close proximity of both the M6 and M69<br />
trunk roads. Journey time to London is approximately 1hr 45<br />
minutes.<br />
The property is located centrally in <strong>Coventry</strong> City Centre;<br />
plentiful amenities are therefore in walking distance from the<br />
property including the City’s University which is approximately 15<br />
minutes by foot to City Central University buildings. The train<br />
station is located 1.5 miles south of the property. A frequent<br />
service runs between here and Birmingham New Street with<br />
journey times as short as 21 minutes.<br />
Accommodation<br />
We have inspected a selection of apartments and can comment<br />
that the properties are finished to a modern standard with fully<br />
built in kitchens. Services are powered by electric only; there is<br />
no gas on site.<br />
Tenure<br />
The opportunity offered is a Head Leasehold interest. There is a<br />
Ground Rent payable to the Freeholder equivalent to one<br />
peppercorn. We understand that the Freehold is held by <strong>Coventry</strong><br />
City Council.<br />
Method of Sale<br />
The property is to be offered for sale as a whole by way of Private<br />
Treaty. However, we reserve the right to conclude the marketing<br />
period by way of an Informal Tender process.<br />
Viewing information<br />
We will be undertaking block viewings over the course of the next<br />
few weeks. If you wish to internally inspect the property, please<br />
register your interest with our office and we will contact you in<br />
due course. Under no circumstances are the tenants to be<br />
approached directly.<br />
Asking Price<br />
Offers in excess of £1,250,000 are sought for the Head Leasehold<br />
interest, subject to contract and existing tenancies.<br />
Additional Information<br />
A detailed information pack is available upon request from our<br />
office or alternatively it can be viewed on-line at<br />
www.watersidecoventry.com<br />
Tenancies<br />
20 of the apartments are currently let on Assured Shorthold<br />
Tenancies (AST’s) and are let unfurnished but with the benefit of<br />
white goods. 18 of the deposits are held with the TDS. The<br />
commercial space on the ground floor is subject to an underlease<br />
to The Canal and River Trust for 125 years from January 2005<br />
Rental Income<br />
The current rental income is £122,760. This figure is subject to<br />
change throughout the marketing period.<br />
Contacts: Leeds: Michael Gorman – 0113 236 6683<br />
michael.gorman@allsop.co.uk<br />
Anthony Hart – 0113 243 7950<br />
anthony.hart@allsop.co.uk<br />
London: William Shoebotham – 020 7344 2659<br />
william.shoebotham@allsop.co.uk<br />
Misrepresentation 1. <strong>Allsop</strong> LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent <strong>Allsop</strong> LLP is, give notice that: (a) these particulars do not constitute in whole or in part an offer or<br />
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<br />
<strong>Allsop</strong> 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,<br />
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<br />
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<br />
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<br />
searches and enquiries. <strong>Allsop</strong> is the trading name of <strong>Allsop</strong> LLP.