Drake Howard Property has acquired two office buildings fronting Wheler Road at Seven Stars Industrial Estate, for Coventry City Council. The properties will add to the portfolio of properties held by the Council for business occupiers in The City and provide a rental stream as a return on capital invested.
The properties were acquired with vacant possession, from former owner occupier Styler Electrical Contractors, represented by Bruton Knowles. The most recent occupiers were Kompass and Penderels Trust and the buildings are to be refurbished and marketed for new tenants.
Martyn Howard of Drake Howard Property identified the opportunity to ‘buy-in’ the long-leasehold interest to merge with the freehold owned by the City Council. The purchase creates a ‘marriage value’ of interests, substantially in excess of the purchase price.
He said, “When I saw Pegasus House on the market to let, I raised an enquiry with the agent on the possibility of purchase. This enquiry revealed the adjoining office was due to be vacated and an owner willing to sell. The obvious purchaser in my mind was Coventry City Council, not only in the context of the existing freehold ownership, but also the adjoining ownership of Fairfield Court. Assembly of a larger site with extended road frontage future proofs the holdings!”
Pegasus House provides a unique opportunity for an office occupier with a need for ancillary warehouse, workshop or, high eaves showroom facility.
The principal office accommodation is laid out over ground and first floors and extends to just under 2,000 sq. ft. (180 sq. m). The workshop to the rear has an eaves height of 5.5 m, and provides an additional 1,150 sq. ft. (105 sq. m.), with roller shutter loading door. The building has a prominent frontage to the main estate feeder road and an unrivalled allocation of 14 parking spaces.
The single-storey office building is scheduled for external upgrade and a major internal re-fit to offer modern, mainly open plan offices, with the flexibility of lower height storage, or showroom uses to the rear. Again, with roller shutter access.
The net internal accommodation extends to 3,300 sq. ft. (307 sq. m) and has another, generous allocation of 16 parking spaces, set behind deep landscaped verges.
All enquiries to Martyn Howard or Marie Farrell at Drake Howard Property.