Cooper House & Fletcher House, Parkway, Crosspoint Business Park, Coventry, CV2 2UUDownload the Sales Brochure Make an enquiry
Please find below details of this high yielding, securely let, reversionary office investment opportunity we have been instructed to market. The salient details are:
- High yielding, securely let office investment opportunity, with asset management potential•Located on the established Crosspoint Business Park, adjacent to Junction 2 of the M6 and 5 miles from Coventry city centre
- The park has excellent local amenity provisions for occupiers
- Situated close to the entrance of the park
- The property comprises two detached modern office buildings, Cooper House and Fletcher House, totalling 35,614 sq. ft. NIA
- The offices have been built to a high specification, with significant tenant investment into the buildings
- Cooper House and Fletcher House are let on two separate co-terminus leases to Coventry Building Society and Power On Connections Ltd expiring02/02/2025, providing 2 years to expiries
- The Lease on Fletcher House was assigned to Power On Connections Ltd on 18 August 2022, with an AGA from Coventry Building Society
- The Coventry Building Society is the second largest in the United Kingdom with net assets of £2.6bn, and a pre-tax profit of £158m for H1 of 2022
- Total income £535,313 per annum, which equates to an average rent of £15.26 per sq. ft. (assuming a half rate on the reception areas)
- Headline out of town rents in Coventry now stand at £20.00 per sq. ft.
- Significant asset management potential upon expiry through engaging with Power On on lease renewal, refurbishment, and re-letting of Cooper House
We are instructed to seek offers in excess of £5,000,000 subject to contract and exclusive of VAT. A purchase at this level reflects an attractive net initial yield of 10.04%, subject to purchaser’s costs of 6.60%, and a low capital value of £140 per sq. ft.