Interested parties should contact Knight Frank Auctions for further information.

Description
On the instructions of a Charity.

The property comprises a mixed-use scheme situated around the canal basin comprising two office buildings (James Brindley House/John Sinclair House and Thomas Yeoman House), an apartment block (Waterside House) with ground floor commercial space, associated communal space including parking areas and a garden area. Two car parks (both accessed via Draper Fields) are situated to the north of the site with approximately 93 spaces in total.

James Brindley House/John Sinclair House and Thomas Yeoman House
James Brindley House/John Sinclair House is part two and part three storey office building with several ground floor retail units/office suites.
Thomas Yeoman House is a part three storey office building.
The office buildings are let on a long lease to Coventry City Council from 01/02/1995 until 01/02/2094 at a current rent of £16,000 per annum. The greater of this amount, or 11.95% of the net rental income the council achieves from letting the premises is payable for the remainder of the term. The lease includes an option for the tenant to extend by 50 years.

Waterside House
A modern, four storey apartment block. The three upper floors contain residential accommodation. The ground floor provides class E space, which extends to approximately 408.21 sq m (4,394 sq ft) (1).
Sarum Properties Limited (by way of an assignment) have a long leasehold interest (125 years from 26/01 2005) over the whole property at a peppercorn rent.
Waterside House (Ground Floor)
The sale includes an underlease from Sarum Properties Limited for the ground floor only, for a period of 125 years from 26 January 2005 at a ground rent of £1,000 p.a. Currently vacant.

The Coal Vaults
The Coal Vaults have been refurbished for commercial use. The Vaults consist of two cells with a central partial dividing wall and a linking arch, extending to approximately 202.6 sq m (2,181 sq ft) (1). The current internal layout is to facilitate the operation of a charity-run live entertainment venue, albeit it has previously also been used for retail (class E).
Let to The Tin Music and Arts (a Charity) on a 10-year lease from 12/06/2024 at a rent of £8,000 per annum. which is subject to 5-yearly reviews. There is a mutual break option at the 5-year anniversary (12/06/2029).

Basin Common Areas
The Basin site common areas, including the car parking area (accessed from St Nicholas Street) and gardens are let to Coventry City Council on a long lease at peppercorn rent.

Main Car Park (southern side of Draper Fields)
Comprises approximately 72 spaces across three segments (approximately 24 spaces in each segment).
The easterly segment (less 5 spaces) is let to Coventry City Council as a part of their office lease.
The central segment is unassigned and therefore sold with vacant possession.
The westerly segment is let on licence to the Canal Basin Trust and is not income producing.

Car Park (northern side of Draper Fields)
The car park comprises 21 spaces allocated to the residents of Waterside House as part of their long leases.

(1) Knight Frank have not measured the property. Areas have been provided by the vendor

Asset Management and Development Opportunities (subject to any leases and obtaining the requisite consents)
(1) Refurbish and let the vacant commercial space
(2) Regularise the licenses to improve the income stream
(3) The car parks(s) may provide development potential. Interested parties are to rely on their own enquiries.

Service charge
Refer to the legal park

VAT
The property has been elected for VAT

The plan forming part of the particulars is for illustration purposes only. Interested parties should refer to the plans in the legal pack.

Location
Coventry Canal Basin is located at St Nicholas Street, just north of Coventry city centre and slightly outside the city's inner ring road (A4053). It marks the southern terminus of the Coventry Canal which stretches northward for 38 miles to Fradley Junction. It is a central point for leisure, heritage, and canal-based activities, being a popular starting point for canal walks, including art trails and nature routes.

A footbridge over the ring road connects the basin directly to the city centre. There are three vehicular access points into the site; two from Draper's Fields and one from St Nicholas Street. There is also a pedestrian access into the site from Leicester Row. Road connections are good as Leicester Row leads to Foleshill Road which reaches J3 of the M6 via the A444 to the north.

Occupancy
Part let

The buyers fee is including VAT. This is only payable by the successful purchaser. There are no costs to bidding for the property.

Auction Details
The sale of this property will take place on the stated date by way of and is being sold as Unconditional.
Binding contracts of sale will be exchanged at the point of sale.
All sales are subject to the Common Auction Conditions and Extra General Conditions.

Auctioneer Fees and Deposit
The following deposits and non-refundable auctioneer fees apply:

• 10% deposit, subject to a minimum of £5,000. The deposit contributes to the purchase price.
• Buyer’s Fee- the value of this fee will be listed against the property details, inclusive of VAT.

The Buyer’s Fee does not contribute to the purchase price and will be considered as part of the chargeable consideration for the property in the calculation of stamp duty liability.
There may be additional fees contained within the Special Conditions of Sale, which can be viewed within the Legal Pack. You are strongly advised to read the Legal Pack carefully before bidding.

Additional Information:
For full details about all auction methods and sale types please refer to the Auction Conduct Guide which can be viewed on the Knight Frank Auctions website.
This guide includes details on the auction registration process, your payment obligations and how to view the Legal Pack.

Each property sold is subject to a Reserve Price. The Reserve Price will be within + or – 10% of the Guide Price. The Guide Price is issued solely as a guide so that a buyer can consider whether or not to pursue their interest. A full definition can be found within the Buyers Terms.