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Uni City Lodge, 161 Corporation Street, Coventry, CV1 1GU

For sale: £2,450,000.00|18553 Sq Ft|Residential, Land, Commercial Land

PROPERTY DETAILS

FOR SALE£2,450,000.00
SIZE18553 Sq Ft
ADDRESSUni City Lodge, 161 Corporation Street, Coventry, CV1 1GU
TYPEResidential, Land, Commercial Land
TENUREDevelopment Opportunity, Investment Opportunity, For Sale Freehold
POSTED ON23rd September 2020

DESCRIPTION

The property is in two sections, the front section being mid-terrace and street-fronting, the rear being an annexe. Each section is a 4-storey block, of brick construction with flat roofing, the accommodation being over the upper three stories, with ground floor access to front and rear and there is lift access to all floors.

Rooms are generously sized with good ceiling height. Each room is carpeted, having bed, desk with chair, heater, bed-side table and wardrobe. All windows are either double-glazed, or have secondary glazing. All rooms have en-suite shower rooms with WC and wash-hand basin. Within the property are a laundry room, reception/waiting room and management office, which could provide further accommodation.

Each storey has a total gross internal area of 574.61 sq m (6,206 sq ft) giving a total of 1,723.83 sq m (18,553 sq ft).

Room sizes are generous, the average being 13.62 sq m (147 sq ft).

The total income from student accommodation for the financial year ending 31st March 2017 was £439,492.

New Oxford House is in a busy City Centre location, highly popular for student accommodation with the City Centre's retail and leisure facilities surrounding the position. The building is adjacent to the existing Study Inn building and the former Coventry Telegraph buildings, which are being developed into a major mix-use development including 1,300 student beds and a 88 bedroom hotel, with ground floor restaurant and bar. Also close by are the renowned Belgrade Theatre and the major Belgrade Plaza mixed use development of restaurants, hotel, gym, apartments and approximately 1,000 student rooms in the Downing Students, City Village residence. Immediately opposite the premises are further student accommodation buildings, beyond which is the West Orchards Shopping Centre off Smithford Way. The premises are therefore also close to the Coventry Transport Museum, Broadgate, Coventry Cathedral and Coventry University's main campus buildings.

The freehold interest is held by Coventry City Council.

A long lease of the whole building at 159-163 Corporation Street was granted for a term of 99 years from 25th March 1960.

An under-lease of the upper parts, now comprising the student accommodation, was granted by way of a lease dated 27th April 2001, the term expiring on the 23rd March 2059 (over 39 years remaining). The rent is a peppercorn if demanded. The tenant is to pay a fair proportion of the landlords costs in keeping the structure and service media of the building in good and substantial repair. The tenant is to keep the under-leasehold parts in good and substantial repair and condition.

Apartments are accessed individually for energy performance. Further information available on request.

Strictly by appointment with the agent Bromwich Hardy.

Each party is to bear their own legal and surveyors costs incurred in this transaction.

Former student accommodation property in the centre of the City of Coventry

Converted former hostel buildings, the accommodation arranged over first. second and third floors

A total of 46 studios, one bedroom and two bedroom apartments (60 bedrooms). All studios and apartments are en-suite.

Gross income to year ending 31st May 2017 - £439,492

Under-leasehold interest with 39 years remaining at peppercorn ground rent

Suitable for ongoing student lets, hotel use, emergency housing, Airbnb, subject to licenses and consents

Asset management opportunities to renegotiate lease terms and redevelop, potentially increasing the number of storeys creating higher bedroom numbers

Total gross internal area 18,553 sq ft (1,723.83 sq m)

The freehold interest is held by Coventry City Council.

A long lease of the whole building at 159-163 Corporation Street was granted for a term of 99 years from 25th March 1960.

An under-lease of the upper parts, now comprising the student accommodation, was granted by way of a lease dated 27th April 2001, the term expiring on the 23rd March 2059 (over 39 years remaining). The rent is a peppercorn if demanded. The tenant is to pay a fair proportion of the landlords costs in keeping the structure and service media of the building in good and substantial repair. The tenant is to keep the under-leasehold parts in good and substantial repair and condition.
( Agency Pilot Software Ref: 1725 )

LOCATION

Location: Uni City Lodge, 161 Corporation Street, Coventry, CV1 1GU

Coventry (0.6 miles)

Canley (1.5 miles)

Tile Hill (3.8 miles)

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