Property Information
Address:
Riley Square Shopping Precinct, Coventry, West Midlands
, CV2 1LY
, West Midlands
, United Kingdom
Price: Property no longer available.
Size: 8115 sq ft87350 sqm
Primary Category: Investment
All Categories:
Investment,
Property Ref/Movehut: MH687960
Property Ref/Agent: 3014569
*Please use the agent ref when calling the agent directly.
Property description
The Centre was built in the early 1960's and provides for a courtyard arrangement with four access/egress points onto Henley Road, Roseberry Avenue and into the two main car parking areas.
The long leasehold interest is for a 150 year term starting in November 2019 from Coventry City Council who retain the freehold.
The extent of the area is shown on the attached Ordnance Survey plan.
The residential property within the ownership is let on a long leasehold basis to Citizen Housing.
Three of the retail units are also held on a long leasehold basis where ground rents are collected. The remaining units are all either let or available to be let (following refurbishment) on direct leases.
The scheme is anchored by Farmfoods.
All the long leaseholders (including Citizen Housing), have their own repairing responsibilities.
The site has a number of vacant units waiting to be refurbished.
There appears to be good demand from local covenants for a number of these properties.
Well located District Centre.
Long leasehold interest for sale (150- years from 28/11/2019).
Free car parking within the curtilage.
Ground rent payable equivalent to 20% of the net rents collected subject to a minimum of £20,000 per annum exclusive rent (payable quarterly in advance).
Current rental income circa £160,000 with a number of vacant shops ready for refurbishment and subsequent letting.
Planning permission obtained for new shop fronts, new lighting scheme and enhanced entrances to the scheme.
FURTHER DETAILS ON APPLICATION
Full details on individual EPCs are available.
The lease provides for the collection of the occupational and ground rents (subject to payment of a ground rent to Coventry City Council).
There are obligations under the terms of the long lease relating to
the refurbishment of units and areas that require investment, enabling them to be let.
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