In August last year Coventry City Council acquired Oak House on Binley Office Park for refurbishment and investment purposes. Some 9 months on, following extensive strip-out and upgrade of the accommodation, Bellway Homes has been secured for 7,000 sq. ft. of this prestige office building.
Oak House had been marketed for some time by the previous owners for a new tenant, without success. This gave rise to the opportunity of The City Council purchasing the long-leasehold interest at the right price, to merge with the existing freehold ownership. Recognising the potential, Drake Howard Property introduced the office building and entered acquisition negotiations. See news article August 2020.
Following acquisition, the 9,200 sq. ft. building was placed on the market in January this year, for occupation as a whole or by way of floor plates. Limited strip-out work was undertaken by the new owner, preferring to offer a ‘wish list’ of upgrades to the market, within the scope of capital input envisaged on purchase of the investment.
The marketing strategy produced the desired result with Bellway Homes quickly confirming an interest in half of the ground floor and the whole of the first floor. Detailed negotiation was needed to bottom out the extent of strip of internal divisions and Landlord category A fit-out works, to go into an Agreement to Lease. Together with plans and a specification for Tenant fit-out works, to be included in a Licence for Alterations.
The new 5-year term Lease will be completed shortly and is drawn on tenant full repair covenant and cost liabilities, including service charge for maintenance of the structure, shared service media and external parking and landscaped areas.
Drake Howard Property has moved to market the remaining superb ground floor self-contained office suite, measuring 2,200 sq. ft. with exceptional 12 parking spaces, on similar lease and rental terms. See our properties page for particulars.