Cable Yard, Electric Wharf, Sandy Lane, Coventry, CV1 4JA
Three storey office building in Coventry
Guide price*
£330,000+
Plus fees
Unsold
Lot information
Commercial Investment
Auction details:
Thursday 14th December 2023 @ 09:00AM
A Freehold Fully Let Office Investment Property Located Within An Award Winning Regeneration Project Close To Coventry City Centre. Current Rental Income £32,000 PA
Property Description
The property comprises a stand alone three storey office building towards the rear of the development. We understand the building was constructed in 2006 as a High Eco value building, with security and fire alarms. The units are fully double glazed, with electric heating systems, Category 5 cabling throughout, a kitchen unit within each suite and shared WC's on each floor. Each unit also benefits from two parking spaces and there is a generous additional visitor parking within the development. Suites unit 5 & 6 have been sold off on a long leasehold for 150 years.Location
Electric Wharf is a thriving creative Canalside scheme which is located immediately to the north of Coventry City Centre. Cable Yard is located at the heart of the scheme which itself is at the centre of continuing rejuvenation and regeneration in this established mixed use development. The property is easily accessible from junction 9 of Coventry City ring road and is within easy walking distance of Coventry city centre via the feature footbridge over the canal.Energy Performance Rating
Unit 1- E (111)Unit 2- E (107)
Unit 3- E (105)
Unit 4- E (102)
Tenure
Freehold- subject to the following tenancies.Value Added Tax
We understand VAT is applicable on this transaction. For those who are VAT registered, the intention would be to treat as a TOGC.Full details will be available within the legal pack.
Auctioneer's Note
Please note offers may be considered prior to the Auction Sale.Viewings
Strictly by appointment with the Auctioneers.Accommodation
| Unit | Sq.m. | Sq.ft. |
|---|---|---|
| Unit | Sq. m | Sq. ft |
| Unit 1- (Ground Floor) | 53.61 | 577 |
| Unit 2- (Ground Floor) | 52.03 | 560 |
| Unit 3- (First Floor) | 53.61 | 577 |
| Unit 4- (First Floor) | 52.03 | 560 |
| Units 5 & 6 (Second Floor) | 105.63 | 1,137 |
| Total Approximately (NIA) | 316.8sq. m | 3,411 sq. ft |
Tenancy Details
| Unit | Term | Rent | Tenant | Comments |
|---|---|---|---|---|
| Unit | Tenant | Rent Per Annum | Lease Length | Lease Date |
| Unit 1 | Esteemed Life Care Limited | £8,000 | 2 years | 01/09/2022 |
| Unit 2 | Protect the Planet Limited | £8,000 | 2 years | 17/03/2022 |
| Unit 3 | ODE Creative Ltd | £8,000 | 2 years | 20/05/2022 |
| Unit 4 | Daram Care Ltd | £8,000 | 3 years | 01/08/2022 |
| Unit 5 & 6 | Sold on a long leasehold basis | £0 | 150 years | |
| Total | £32,000 per annum | |||
DISCLAIMER
Bond Wolfe or their Agents for the seller of these Lots give notification that any particulars contained within the catalogue/website are prepared to the best of their knowledge and include information that has been provided to them. Plans, photographs and room measurements (provided via a 3rd party) are provided as guidance only and should not be relied upon. All potential buyers should make their own enquiries and investigations to the accuracy of the information contained in these particulars or to obtain further information that is not provided which they deem to be important prior to bidding. Any amendments to the particulars that Bond Wolfe are aware of will be published on the addendum, which is available within the lot information.
LIVE-STREAMED AUCTION
Please note that the Auction will be livestreamed via our website. You can take part remotely via Proxy, Telephone or Online, if you wish to bid you must pre-register via our website no later than 3pm the day prior to the auction. Please click here for further details.
*DEFINITION OF GUIDE & RESERVE PRICE
All properties are sold subject to a reserve price, which is the minimum price the seller is willing to accept and is confidential between the seller and Auctioneer. The guide price is only an indication as to where the reserve is currently set and not necessarily the Auctioneers expectation of what it will sell for. If the guide price is a bracket figure, then the reserve price cannot be higher than the top end of the guide price, if the guide price is a fixed figure, then the reserve cannot be more than 10% above the guide price. The guide price and reserve price can be subject to change at any time up to and including the auction day and, properties can often sell for substantially more than the quoted guide price.
COSTS AT AUCTION
When buying at auction you will unconditionally exchange contracts on the fall of the auctioneer’s gavel, please therefore ensure you have read the legal pack for each property prior to bidding. They are all individual and include the terms and conditions of your purchase as well as any costs in addition to the purchase price.
The sale of each lot is subject to an administration fee of £2,340 inc VAT (£1,950.00 + VAT) (unless otherwise stated in the important information), payable on the fall of the gavel/at the end of the online auction. Please note that the administration fee for the Local Authority lots may differ and all interested parties should enquire directly with the Auctioneers as to the fee applicable.
Any additional costs excluding the administration fee will be listed in the Special Conditions within the legal pack and these costs will be payable on completion. The legal pack has been prepared by the seller’s solicitor(s), who are responsible for its contents and disclosing all know information. It is available to download free of charge under the ‘lot information’, and you take responsibility for reading and understanding the legal pack and are bound by all the contents. Any stamp duty and/or government taxes are not included within the Special Conditions within the legal pack and all potential buyers must make their own investigations.
