ATTENTION INVESTORS! Being Sold via Secure Sale online bidding. Terms & Conditions apply. Starting Bid £1,650,000

A superb investment opportunity to purchase a fully refurbished fully let block of 21 studio apartments set in the heart of Coventry city centre within the A4053 Ring Road Coventry. The property is walking distance to Coventry University and Coventry City Centre. The owners have advised us the property currently has a rental income of £160,000 Per Annum offering a superb investment.

*There has also been past planning permission approved to build a double storey A2 premises, this would be a huge opportunity for an established business to be located within a stone throw away from Coventry University's main hub. (Planning has lapsed)

This would block off the car access enabling a developer to further enhance the current footprint to the existing block of apartments.

Other Information:

Bills inclusive

Students currently in occupation, all on a one year tenancy until Sep/Oct/Nov 2024

Council own the freehold

Lease = 125 Years from now

Ground rent - £10,000 PA

Service Charge - £0

Shortland Horne strongly advise an internal viewing to appreciate what this superb investment has to offer.

For sale through Pattinson Auction under Conditional Terms.

Rooms

Location
A superb investment opportunity to purchase a fully refurbished fully let block of 21 studio apartments set in the heart of Coventry city centre within the A4053 Ring Road Coventry. The property is walking distance to Coventry University and Coventry City Centre.

Tenure
The owners have advised us the property currently has a rental income of £160,000 Per Annum offering a superb investment.

Ground Rent
£10,000 PA

Planning Link

Auctioneers Additional Comments
Pattinson Auction are working in Partnership with the marketing agent on this online auction sale and are referred to below as 'The Auctioneer'. Please be aware that any inquiry, bid or viewing of the subject property will require your details to be shared between both the marketing agent and The Auctioneer in order that all matters can be dealt with effectively. This auction lot is being sold either by, conditional (Modern) or unconditional (Traditional) auction terms and overseen by the auctioneer in partnership with the marketing agent. The property is available to be viewed strictly by appointment only via the Marketing Agent or The Auctioneer. Bids can be made via The Auctioneers or the Marketing Agents website.

Auctioneers Additional Comments
Your details may be shared with additional service providers via the marketing agent and/or The Auctioneer. A Legal Pack associated with this particular property is available to view upon request and contains details relevant to the legal documentation enabling all interested parties to make an informed decision prior to bidding. The Legal Pack will also outline the buyers' obligations and sellers' commitments. It is strongly advised that you seek the counsel of a solicitor prior to proceeding with any property and/or Land Title purchase. In order to submit a bid upon any property being marketed by The Auctioneer, all bidders/buyers will be required to adhere to a verification and identity process in accordance with Anti Money Laundering procedures.

Auctioneers Additional Comments
In order to secure the property and ensure commitment from the seller, upon exchange of contracts the successful bidder will be expected to pay a non-refundable deposit of 5% of the purchase price of the lot subject to any special conditions detailed in the legal pack. The deposit will be a contribution to the purchase price. A non-refundable reservation fee may also be payable upon agreement of sale (Details of which can be obtained from the auctioneers website). The Reservation Fee is in addition to the agreed purchase price and consideration should be made by the purchaser in relation to any Stamp Duty Land Tax liability associated with overall purchase costs. Both the Marketing Agent and The Auctioneer may believe it necessary or beneficial to the customer to pass your details to third party service suppliers, from which a referral fee may be obtained. There is no requirement or indeed obligation to use these recommended suppliers or services.

Pattinson Estate Agency is an award-winning family-run business that was Launched in 1977 on Independence Day. This is no coincidence, as independence is central to our company ethos. We are the most recognised estate agency in the North East, and in that time we have grown from 1 office to 28, with 300 members of staff, and we officially sell more properties in the North East, than any other estate agency. However, we don’t just sell houses! Our many property services include sales, lettings (property management), auction, commercial, financial services, conveyance and surveys, and we have it all under one roof! We can be contacted 6 days a week at extended hours, as we have a dedicated Regional Team who take the overspill calls from our 28 branches, so all client relationships are built and maintained. At Pattinsons, we are innovative leaders in the property industry, with pro-active selling, a reliable reputation, and substantial repeat business. Our national secure sale department, ‘Pattinson Auction’, was launched 33 years ago, and is going from strength to strength. As serious players in the field of digital marketing, we successfully utilise the social media platforms TikTok, Facebook and Instagram as part of our extensive marketing process. We have a wealth of knowledge and an expansive network to help find the best solution for you and your property requirements. You can trust Pattinsons, the North East’s leading estate agency.

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