The Co-operative Building — Corporation Street, Coventry, CV1

Overview

A furnished one-bedroom leasehold apartment in The Co-operative Building on Corporation Street, Coventry city centre: the 2019 conversion of the former Co-op department store, on a middle floor, 44 m², finished to a high specification. It is let to a doctor at a passing rent of £12,000 per annum (£1,000 pcm), 7.5% gross at the £160,000 asking price. Same-size flats in the building are let at £1,150 to £1,200 pcm, which puts the potential rent at about £13,800 a year, 8.6% gross.

Investment highlights

• One-bedroom mid-floor apartment, 44 m² (per EPC), sold furnished with the tenant in place
• Passing rent of £12,000 per annum (£1,000 pcm) on a periodic tenancy, 7.5% gross yield at the asking price
• Potential rent of about £13,800 per annum (£1,150 pcm, what same-size flats in the block let for), 8.6% gross
• 2019 conversion with a residents’ lounge, roof terrace and gym space
• Leasehold: lease term, service charge (block evidence about £1,700 pa) and ground rent (about £150 pa) to be confirmed on the leasehold pack
• City centre, a few minutes on foot from Coventry station, the shopping core and Coventry University

The numbers

Asking Price	£160,000
Current Rent	£12,000 pa
Current Gross Yield	7.5%
Potential Rent (block evidence)	£13,800 pa
Potential Gross Yield	8.6%
EPC	C
Floor Area	44 m²