1-8 Wells Terrace, 87 Hearsall Lane, Coventry, West Midlands, CV5
- PROPERTY TYPE
House of Multiple Occupation
- SIZE
13,353 sq ft
1,241 sq m
- TENUREDescribes how you own a property. There are different types of tenure - freehold, leasehold, and commonhold.Read more about tenure in our glossary page.
Freehold
Description
Description
The property forms a terrace of 8 houses built in 2011 comprising, 7no. three storey units and 1no. two-storey flat over ground (FOG) unit with 63 lettable rooms in all, as well as with facilities and living areas. 58 of the rooms have shared bathrooms whilst 5 have ensuite bathrooms.
Vehicular access is direct from Hearsall Lane. At the rear of the site there are parking spaces for 13 cars and a covered cycle store for approximately 37 bicycles.
Location
The property is located in Coventry, to the west of the city centre, on the southeastern side of Hearsall Lane (B4101) in an area popular with students and young professionals. The city centre is around a mile to the east (20-25 minute walk). Coventry University has over 30,000 students whilst Warwick University has around 29,000. Coventry College, a further education college, has c. 12,000 students.
Distances to the main university campuses are:
Mile Lane, Coventry University: 1.4 miles
Priorty Street, Coventry University: 1.7 miles
Warwick University campus: 2.5 miles
A number of bus services are available to the university campuses and city centre from or near Hearsall Lane.
Tenancies
Letting of the property following partial refurbishment commenced in January 2024. 7 of the 8 houses are the subject of corporate lets, 1 of the houses being let room by room. At the time of going to press, all of the 63 rooms were let. The 6 corporate lets are for terms of between 3 and 5 years with landlord/tenant break options after the first year. The majority of bills are the tenants? responsibility. Repairing obligations remain with the landlord. Tenant/landlord resposibilities are summarised in a tenancy schedule which is available from Whozoo on request.
The passing rent is £247,680. Assuming landlord?s costs (for managing agent?s fees and bills) of £34,000 suggests an investor would receive a net operating income of approximately £214,000.
Brochures
Brochure 1- COUNCIL TAXA payment made to your local authority in order to pay for local services like schools, libraries, and refuse collection. The amount you pay depends on the value of the property.Read more about council Tax in our glossary page.
- Ask agent
- PARKINGDetails of how and where vehicles can be parked, and any associated costs.Read more about parking in our glossary page.
- Yes
- GARDENA property has access to an outdoor space, which could be private or shared.
- Ask agent
- ACCESSIBILITYHow a property has been adapted to meet the needs of vulnerable or disabled individuals.Read more about accessibility in our glossary page.
- Ask agent
1-8 Wells Terrace, 87 Hearsall Lane, Coventry, West Midlands, CV5
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