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Commercial Property for sale

Priory Place, Fairfax Street, Coventry, West Midlands, CV1

Under Offer £6,300,000
30,750 sq. ft.

Property Description

Commercial information

  • 30,750 sq ft (2,856 sq m)

Key features

  • A mixed use development completed in 2004, incorporating 10 restaurants, 2 retail units, an ATM and the BBC radio broadcasting studio with offices, totalling 30,750 sq.ft (2,856.74 sq.m).
  • Prime city centre leisure location, current occupiers include the BBC and Pizza Hut
  • Located in a high footfall area close to Coventry's main tourist attractions of the Medieval Cathedral Quarter, Coventry Cathedral, Lady Godiva's Priory of St Mary Visitor Centre and The Transport Mus
  • Next to Coventry University, with close proximity to main Shopping areas and opposite the city centre bus station
  • Net Initial Yield of 7.5% (after purchasers costs), rising to 7.58% within 2018 and 8.20% Reversionary Yield
  • Initial income of 503,600 per annum
  • Long leasehold with 134 years remaining at a peppercorn ground rent
  • WAULT (Weighted Average Unexpired Lease Term) is 10.40 years
  • We are instructed to seek offers based on 6,300,000 subject to contract and exclusive of VAT.

Full description

Tenure: Leasehold

Priory Place is one of the premier leisure destinations in Coventry city centre and is part of the award winning £60m Phoenix Initiative, lying next to Millennium Square and opposite the main city centre bus station, next to Coventry University, Coventry Cathedral and close to the city central retail core and Cathedral Lanes restaurant development.

The development already contains the BBC Coventry and Warwickshire radio station and headquarters, as well as a mixture of far eastern restaurants, pizza and grilled food offering and a crepe restaurant helping to create a 'World Food Court' destination.

The lower units front on to Fairfax Street facing the city central bus station and Millennium Square housing the British Transport Museum, but also next to Sainsburys supermarket and one of the country's most successful Nandos. The development lies next to Coventry University, which now has around 28,000 students, many of which are housed in a number of student housing developments currently being developed in the immediate vicinity.

Priory Place is a mixed use development completed in 2004, incorporating 10 restaurants, 2 retail units, an ATM and a radio station with offices, totalling 30,750 sq.ft (2,856.74 sq.m), together with 85 residential apartments above, sold off on long leasehold with ground rent at a peppercorn.

All of the units have current Energy Performance Certificates with a number of years to run and ratings all falling between bands B and E.

There is a service charge operated at Priory Place and split between the commercial tenants and residential underlease, with 70% of external repairs attributable to the residential element.

Strictly by appointment with the agent Bromwich Hardy.

Each party to bear their own legal and surveying costs.

A mixed use development completed in 2004, incorporating 10 restaurants, 2 retail units, an ATM and the BBC radio broadcasting studio with offices, totalling 30,750 sq.ft (2,856.74 sq.m).

Prime city centre leisure location, current occupiers include the BBC and Pizza Hut

Located in a high footfall area close to Coventry's main tourist attractions of the Medieval Cathedral Quarter, Coventry Cathedral, Lady Godiva's Priory of St Mary Visitor Centre and The Transport Museum.

Next to Coventry University, with close proximity to main Shopping areas and opposite the city centre bus station

Net Initial Yield of 7.5% (after purchasers costs), rising to 7.58% within 2018 and 8.20% Reversionary Yield

Initial income of £503,600 per annum

Long leasehold with 134 years remaining at a peppercorn ground rent

WAULT (Weighted Average Unexpired Lease Term) is 10.40 years

We are instructed to seek offers based on £6,300,000 subject to contract and exclusive of VAT.

long lease of 150 years from 31/1/2002 at a peppercorn rental


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