Enterprise Rent-a-car, Lockhurst Lane, Coventry
Guide Price
£950,000
£49.71 per sq ft
Business rates & charges may apply
- SIZE AVAILABLE
19,111 sq ft
1,775 sq m
- SECTOR
Warehouse for sale
Key features
- High Yielding Retail Investment
- A freehold property
- Approx. 19,111 sq ft (0.438 acres)
- Prominent corner position on busy arterial road
- Let to Enterprise on a 20 year FRI lease from 2024
- Rent reviews every 5 years
- The lease is outside the Landlord and Tenant Act 1954
- The tenant has committed over £400,000 of works to redevelop the site
- Further development potential (subject to requisite consents)
- Investment let at £70,000 per annum (7.36% on guide price)
Description
On 31/07/2024 Coventry City council granted planning for replacement rental vehicle wash bay, demolition of existing modular office building and site reconfiguration and associated works. Planning Ref: PL/2024/0001087/FUL
We understand the property is elected for VAT. It is anticipated the sale will be treated as a Transfer of a Going Concern (TOGC).
According to the tenant Enterprise Rent a Car UK have spent over £400,000 to date improving and updating the site to provide a flagship store for their busy regional operations. There are some ongoing works including taking down of the existing modular office and finishing off the new wash bay unit, then retarmacking the area. Please note the small portacabin has since bene removed. Please refer to the planning section above for more information.
The property is let to Enterprise for £70,000 per annum on a fully repairing and insuring lease for a term of 20 years commencing November 2024, with rent reviews every 5 years.
Please note the lease is outside the Landlord and Tenant Act 1954.
The property is situated on the northern fringe of Coventry and occupies a prominent main road position fronting directly onto the busy B4118 Lockhurst Lane at its junction with Kingfield Road in a busy, built up and densely populated commercial area alongside a large trading estate and surrounded by residential development.
Lockhurst Lane is a busy arterial route into the City Centre with the A444 Phoenix Way North - South Road easily accessible along with the M6 Motorway at Junction 3, which is approximately 2½ miles to the north.
Nearby occupiers include HiQ Autocentre, BP/Morrison, HSS Hire Shops. The Coventry City Centre itself is approximately 1½ miles distant.
We understand the property is elected for VAT. It is anticipated the sale will be treated as a Transfer of a Going Concern (TOGC).
According to the tenant Enterprise Rent a Car UK have spent over £400,000 to date improving and updating the site to provide a flagship store for their busy regional operations. There are some ongoing works including taking down of the existing modular office and finishing off the new wash bay unit, then retarmacking the area. Please note the small portacabin has since bene removed. Please refer to the planning section above for more information.
The property is let to Enterprise for £70,000 per annum on a fully repairing and insuring lease for a term of 20 years commencing November 2024, with rent reviews every 5 years.
Please note the lease is outside the Landlord and Tenant Act 1954.
The property is situated on the northern fringe of Coventry and occupies a prominent main road position fronting directly onto the busy B4118 Lockhurst Lane at its junction with Kingfield Road in a busy, built up and densely populated commercial area alongside a large trading estate and surrounded by residential development.
Lockhurst Lane is a busy arterial route into the City Centre with the A444 Phoenix Way North - South Road easily accessible along with the M6 Motorway at Junction 3, which is approximately 2½ miles to the north.
Nearby occupiers include HiQ Autocentre, BP/Morrison, HSS Hire Shops. The Coventry City Centre itself is approximately 1½ miles distant.
Enterprise Rent-a-car, Lockhurst Lane, Coventry
NEAREST STATIONS
Distances are straight line measurements from the centre of the postcode- Coventry Arena Station1.3 miles
- Coventry Station2.0 miles
- Canley Station2.8 miles
Notes
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