In August last year we reported acquisition of two office buildings fronting Wheler Road at Seven Stars Industrial Estate, for Coventry City Council. The properties were purchased for investment purposes and to add to the freehold ownership of Fairfield Court, which adjoins at the side and rear of the asset.
Drake Howard Property was retained to let the Pegasus House and it was not long before a new tenant was identified.
Morrison Utility Services Limited, the UK’s leading service provider in the electricity, gas, water and telecomm’s sector, urgently required a base to roll out their project to install fibre optic cables across Coventry.
Marie Farrell said, “The prospective tenant’s urgency for occupation of an administrative office and cables storage facility was such that the parties agreed to a temporary letting arrangement, pending minor re-fit works and completion of a formal lease. The flexibility of the arrangement has worked for both Landlord and Tenant and a new six year full repairing and insuring lease is now in place, producing an income of £35,000 per annum.”
The office accommodation extends to just under 2,000 sq. ft. (180 sq. m), with rear workshop adding 1,150 sq. ft. (105 sq. m.). The building has a prominent frontage to the main estate feeder road, loading apron and parking for 14 vehicles.
The second office building forming part of the investment acquisition has been named Perseus House and has been the subject of a major refit to upgrade the principal office space. Now the refurbishment is complete, Drake Howard Property has been instructed to offer the premises to the market.
Marie added, “The accommodation has been transformed and is generating good interest. We have already had several viewings at the premises, which provides a net internal accommodation of 3,300 sq. ft. (307 sq. m), with an unusually high ratio of parking spaces. There is 14 bays set behind deep landscaped verges.
All enquiries to Marie Farrell or Martyn Howard at Drake Howard Property (02476 450045).