Property overview

Cooper House & Fletcher House, Parkway, Crosspoint Business Park, Coventry, CV2 2UU

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Feb 2023

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
  • Freehold

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.