58 Corporation Street, Coventry, CV1 1GF

For Sale by private treaty.

A newly constructed block of 10 city centre apartments in prime location

Developed by the award-winning EDG Property and designed by the celebrated BPN Architects, Fifty8 represents an excellent opportunity to acquire an attractive prime city centre residential investment, providing a contemporary collection of self-contained one and two-bedroom apartments. Additionally, there is a fully Build-Zone New Home Warranty package in place.
The new build investment offers an attractive income profile and diversified rental stream across 10 individual brand new, well spec'd apartments.
Offered for sale as a single lot, Fifty8 provides investors with the opportunity to acquire a newly constructed residential block, together with the potential to benefit from future rental growth and longer-term capital appreciation.
The property will be sold with a a 12 month rent guarantee with an estimated gross rental income of £153,600 per annum.

Accommodation
Specifications include;
Fully integrated kitchens
Fully fitted bathrooms
Built-in wardrobes
Flooring provided throughout
Video intercom entry systems
External terraces (*to selected plots)
Energy efficient homes
10-year New Homes Warranty
Excellent buy to let opportunity

The development therefore comprises a total accommodation of 5,490 sq ft.
The vendor will provide a 12 month rent guarantee upon completion.

Location
Situated within Coventry city centre, Fifty8 benefits from an established city centre location, providing convenient access to the city's extensive range of shopping, leisure, educational and employment facilities.
Coventry is a major commercial and administrative centre within the West Midlands, benefiting from a substantial student population, established employment base and excellent regional transport connections.
The city is home to Coventry University and the University of Warwick, both of which
contribute to the area's strong demand for residential accommodation. Coventry railway
station provides regular services to Birmingham, London and other major destinations, further enhancing the appeal of the location to commuters and professionals.
The university is well positioned in the city centre, hosting around 30,000 students on its primary campus, bringing steady footfall and economic activity to the city offering

Tenure
Long leasehold for 250 years at a peppercorn ground rent

Planning
The current use of the property falls under Class C3 (Residential) of the Town and Country Planning (Use Classes) (Amendment) Regulation 2020.

VAT
We are advised that VAT is not applicable.

Proposal
Offers based on £2,000,000 are invited. A purchase at this level reflects a gross yield of 7.7%and a capital value of £364 psf.

Services
We understand that the premises have the benefit of mains services. However, no tests or checks have been carried out with regard to these services.

EPC
Copies available upon request.

Legal Costs
Each party is to be responsible for their own legal costs that may be incurred in this transaction.

Anti Money Laundering
Under HMRC and RICS regulations in addition to the Criminal Finances Act 2017, as property agents facilitating transactions, we are obliged to undertake anti money laundering due diligence for both the vendors (our client) and the purchasers involved in a
transaction. As such, personal and or detailed financial and corporate information will be required before an offer can be accepted and a transaction can commence.