57 - 61 Corporation Street, Coventry
, CV1 1GX
Price: Sale Price: £2,250,000
Size: 47 sq ft4 sqm Primary Category: Land All Categories:
Investment, Land, Property Ref/Movehut: MH653751 Property Ref/Agent: 1960
*Please use the agent ref when calling the agent directly.
The property comprises two ground floor lock-up shops, each with basement area. There is a separate access to the front providing access to three storeys above, which have been compartmentalised to provide living clusters, each with en-suite facilities. Currently used by Coventry City Council for emergency housing.
The property was originally constructed as offices, having been converted for use for student accommodation. Currently the property is utilised on a room-by-room/cluster, short term contract basis by Coventry City Council, producing the following income figures:-
Single Rooms: £30.00 per night
Two Bed Clusters: £35.00 per night
Three Bed Clusters: £40.00 per night
Four Bed Clusters: £45.00 per night
Prior to the Covid-19 pandemic, occupancy was typically at 85%. Occupation is currently typically at 75%.
Ground floor retail income of £34,000 per annum (ERV £40,000 per annum).
47 letting bedrooms in 24 en-suite clusters.
Current weekly income assuming rooms fully let, £5,880 per week.
Leasehold interest with 39 years remaining at ground rent of £670.00.
Suitable for a variety of uses including student lets, emergency housing, hotel use, Airbnb, subject to licenses and consents.
Asset management opportunities including lease extension and development potential to increase the number of storeys.
Ground floor retail: 3,229 sq ft
EPC for 57 - 61 Corporation Street, Coventry
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