Property overview

Cogent Elliot, 2 Spencer Yard, Leamington Spa, CV31 3NE

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Mar 2024

Please find below details of this long let higher education investment.

  • Redeveloped, securely let, higher education establishment.
  • Located in Royal Leamington Spa and situated in the heart of Leamington’s Creative Quarter, a new digital creative business hub, located between Leamington’s train station and the prime retail pitch.
  • The property comprises a repurposed, extended and fully refurbished former nursery which has been reconfigured to provide a high specification educational establishment specialising in creative media honours degrees in the areas of animation, audio content, content creation, film, games, music business and web development.
  • Total area 294.75 sq.m (3,173 sq.ft).
  • The property was subject to a comprehensive redevelopment in 2022/2023, at a cost of over £700,000. Redesigned to the highest environmental standards achieving an EPC A rating.
  • Securely let to Cogent Elliot Ltd for a term of 10 years (without break) expiring on 11 November 2033.
  • Cogent Elliot is an integrated creative marketing agency whose headquarters are situated adjacent to the subject property.
  • The property is sublet in its entirety to SAE Education Ltd, guaranteed by ADE Holdings SAS, who operate the facility as a higher education establishment in collaboration with Cogent Elliot and the University of Hertfordshire.
  • Below market passing rent of £61,500 per annum (£19.39 per sq.ft).
  • The lease is subject to an upward only review to open market value on 12 November 2028.
  • Headline rents in the immediate vicinity are now in excess of £23.00 per sq.ft. offering potential for significant uplift at review.

We are instructed to seek offers in excess of £730,000 subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 8.00%, subject to purchaser’s costs of 5.36%.