Unit 3 4, Progress Way, Binley Industrial Estate, Coventry, CV3 2NT
Size
74,118
Tenure
Freehold
EPC
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Parking
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- Primary use
- Distribution warehouse
- Other use(s)
- Industrial development, Distribution warehouse, Factory, Industrial park, Light industrial, Other, Other, Light industrial, Distribution warehouse, Light industrial
Key features
- Located on the established Binley Business Park in the heart of Coventry and within the UK’s premier logistics “Golden Triangle”
- Excellent transport links to M6, M45, M42 and M1 motorways.
- Extending to approximately 74,118 sqft of warehouse, office and ancillary accommodation across both buildings. Warehouse eaves varying between 9.6m and 10.5m.
- Freehold
- Both leases let on effective FRI terms to HydroGarden Limited who have an Experian Credit Score of 100 reflecting very low risk.
- Cumulative initial rent of £572,000 per annum which equates to £7.72 psf.
- Both units are to be let on coterminous 10-year lease with a 5-year tenant only break option. These leases shall commence upon the completion of the sale and shall be subject to schedule of condition.
- Offers in excess of £7,660,000 (Seven Million, Six Hundred and Sixty Thousand Pounds) subject to contract and exclusive of VAT. Reflects a net initial yield of 7.00% and capital value of 103 per sqft assuming purchaser's costs of 6.66%
- Sale and leaseback
Description
Coventry’s position at the heart of the Golden Triangle provides excellent connectivity for national and international distribution companies, with 90% of the country’s population being reachable within a 4-hour drive time. The property is situated only 3.5 miles from Junction 2 of the M6/M69 Motor Way junction intersect, providing excellent connectivity to all major cities within the East and West Midlands. Additionally, the property is approximately 95 miles Northwest from London and 110 miles Southeast of Manchester. Coventry is the ninth largest city in England with a population in excess of 360,000 and a GDP of over £11 billion. This is largely driven by the advanced manufacturing and engineering sectors, given its strong geographic location and access to a large employment catchment.
The unit is located on the well-established Binley Industrial Estate, which is home to numerous national and regional occupiers. Notable neighbouring occupiers on the industrial estate include: Vetrotech Saint Gobain, SOCOTEC, Dulux, Howdens and Screwfix.
Cumulative initial rent of £572,000 per annum which equates to £7.72 psf on a 10 year term with a 5 year tenant only break.
- Clear height
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- Yard depth
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- Service charge
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- Business rates
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- Use class
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- Listed building
- No
- Floors in building
- 1
- Business for sale
- No
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Unit 3 4, Progress Way, Binley Industrial Estate, Coventry, CV3 2NT
About Bromwich Hardy LLP, Coventry
Bromwich Hardy is a dynamic property consultancy and agency based in the heart of the Midlands, Coventry.
Founders of the company, Richard Hardy and Tom Bromwich, have over 50 years of experience between them, dealing with all aspects of the commercial property market.
They are both very well known in the industry and have complementary skills and expertise. Tom Bromwich has an unparalleled and intimate knowledge of the Midland's regional market and Richard Hardy has a deep understanding of how best to meet the needs of nation-wide organisations with interests right across the UK.
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Disclaimer - Property reference 305034-1. The information displayed about this property comprises a property advertisement. Rightmove.co.uk makes no warranty as to the accuracy or completeness of the advertisement or any linked or associated information, and Rightmove has no control over the content. This property advertisement does not constitute property particulars. The information is provided and maintained by Bromwich Hardy LLP, Coventry. Please contact the selling agent or developer directly to obtain any information which may be available under the terms of The Energy Performance of Buildings (Certificates and Inspections) (England and Wales) Regulations 2007 or the Home Report if in relation to a residential property in Scotland.