Ansty Rd | Coventry CV2 2TF
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Ansty Rd
Coventry CV2 2TF
Beech Building · Office Property For Sale
Investment Highlights
- Property is under extensive refurbishment
- Situated at the entrance of Ansty Technology Park, one of the most successful technology parks in the UK
- A 66,000 sq ft HQ style office investment strategically located at J2 of the M6 motorway
Executive Summary
Seeking offers in excess of £19,000,000 subject to contract and exclusive of VAT. A purchase at this level reflects a NIY of 8.25% and a capital value of £284 per sq ft, assuming purchasers costs of 6.74%.
The Property will be let in its entirety to Polestar Automotive UK Limited (with a guarantee from Polestar Performance AB) for a term of 15 years with a break at the end of the 10th year.
The lease will commence from practical completion of the refurbishment works, which is due 31st July 2024. There is a long stop date for any delays of 15th December 2024.
The total passing rent will be £1,674,190 p.a which is reflective of a rent of £25.50 psf (half rent on reception). The lease will have the benefit of 16 months rent free, with a further 6 months if the tenant does not operate their break.
The lease provides for 351 car parking spaces allocated to Polestar of which 73 are in the surface car park which is included in the sale.
The remainder (278) of the spaces are in the vendors retained multi-storey car park.
The lease benefits from upwards only open market rent reviews at the end of every 5th year of the term.
The Property will be let in its entirety to Polestar Automotive UK Limited (with a guarantee from Polestar Performance AB) for a term of 15 years with a break at the end of the 10th year.
The lease will commence from practical completion of the refurbishment works, which is due 31st July 2024. There is a long stop date for any delays of 15th December 2024.
The total passing rent will be £1,674,190 p.a which is reflective of a rent of £25.50 psf (half rent on reception). The lease will have the benefit of 16 months rent free, with a further 6 months if the tenant does not operate their break.
The lease provides for 351 car parking spaces allocated to Polestar of which 73 are in the surface car park which is included in the sale.
The remainder (278) of the spaces are in the vendors retained multi-storey car park.
The lease benefits from upwards only open market rent reviews at the end of every 5th year of the term.
PROPERTY FACTS Sale Pending
Sale Type
Investment
Property Type
Office
Tenure
Freehold
Building Size
66,843 SF
Building Class
B
LoopNet Rating
4 Star
Year Built/Renovated
2009/2024
Price
£19,000,000
Price Per SF
£284
Net Initial Yield
8.25%
NOI
£1,567,500
Tenancy
Single
Number of Floors
3
Typical Floor Size
22,281 SF
Building FAR
0.15
Lot Size
10.58 AC
Parking
216 Spaces (3.23 Spaces per 1,000 SF Leased)
Amenities
- Raised Floor
- EPC - A
- Central Heating
- Air Conditioning
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