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MapResidential development for sale
1-8 Wells Terrace, 87 Hearsall Lane, Coventry, West Midlands, CV5
Residential development
13,353 sq ft / 1,241 sq m
Key information
Tenure: Freehold
Council tax: Ask agent
Features and description
- Tenure: Freehold
- Area - Coventry
- Size - 13,353 sqft
- Local Amenities - Lake View Park
- Property Type - Multi-let residential Investment
REDUCED PRICE: A drop of 10% from £3.0m to £2.7m.
Description
The property forms a terrace of 8 houses built in 2011 comprising, 7no. three storey units and 1no. two-storey flat over ground (FOG) unit with 63 lettable rooms in all, as well as with facilities and living areas. 58 of the rooms have shared bathrooms whilst 5 have ensuite bathrooms.
Vehicular access is direct from Hearsall Lane. At the rear of the site there are parking spaces for 13 cars and a covered cycle store for approximately 37 bicycles.
Location
The property is located in Coventry, to the west of the city centre, on the southeastern side of Hearsall Lane (B4101) in an area popular with students and young professionals. The city centre is around a mile to the east (20-25 minute walk). Coventry University has over 30,000 students whilst Warwick University has around 29,000. Coventry College, a further education college, has c. 12,000 students.
Distances to the main university campuses are:
Mile Lane, Coventry University: 1.4 miles
Priorty Street, Coventry University: 1.7 miles
Warwick University campus: 2.5 miles
A number of bus services are available to the university campuses and city centre from or near Hearsall Lane.
Tenancies
Letting of the property following partial refurbishment commenced in January 2024. 7 of the 8 houses are the subject of corporate lets, 1 of the houses being let room by room. At the time of going to press, all of the 63 rooms were let. The 6 corporate lets are for terms of between 3 and 5 years with landlord/tenant break options after the first year. The majority of bills are the tenants’ responsibility. Repairing obligations remain with the landlord. Tenant/landlord resposibilities are summarised in a tenancy schedule which is available from Whozoo on request.
The passing rent is £247,680. Assuming landlord’s costs (for managing agent’s fees and bills) of £34,000 suggests an investor would receive a net operating income of approximately £214,000.
Description
The property forms a terrace of 8 houses built in 2011 comprising, 7no. three storey units and 1no. two-storey flat over ground (FOG) unit with 63 lettable rooms in all, as well as with facilities and living areas. 58 of the rooms have shared bathrooms whilst 5 have ensuite bathrooms.
Vehicular access is direct from Hearsall Lane. At the rear of the site there are parking spaces for 13 cars and a covered cycle store for approximately 37 bicycles.
Location
The property is located in Coventry, to the west of the city centre, on the southeastern side of Hearsall Lane (B4101) in an area popular with students and young professionals. The city centre is around a mile to the east (20-25 minute walk). Coventry University has over 30,000 students whilst Warwick University has around 29,000. Coventry College, a further education college, has c. 12,000 students.
Distances to the main university campuses are:
Mile Lane, Coventry University: 1.4 miles
Priorty Street, Coventry University: 1.7 miles
Warwick University campus: 2.5 miles
A number of bus services are available to the university campuses and city centre from or near Hearsall Lane.
Tenancies
Letting of the property following partial refurbishment commenced in January 2024. 7 of the 8 houses are the subject of corporate lets, 1 of the houses being let room by room. At the time of going to press, all of the 63 rooms were let. The 6 corporate lets are for terms of between 3 and 5 years with landlord/tenant break options after the first year. The majority of bills are the tenants’ responsibility. Repairing obligations remain with the landlord. Tenant/landlord resposibilities are summarised in a tenancy schedule which is available from Whozoo on request.
The passing rent is £247,680. Assuming landlord’s costs (for managing agent’s fees and bills) of £34,000 suggests an investor would receive a net operating income of approximately £214,000.
Property information from this agent
About this agent
Whozoo is a leading commercial and development agency, offering expert property services across the UK. With a deep understanding of the market, we help clients navigate every stage of the commercial property process, from acquisition and disposal to development and investment. Our nationwide reach ensures that businesses, developers, and investors receive tailored solutions that align with their goals and maximize their property's potential. At Whozoo, we are dedicated to delivering the highest quality service, combining industry expertise with innovative strategies to drive exceptional results. We leverage cutting-edge marketing techniques, data-driven insights, and a proactive approach to ensure every property achieves maximum exposure and value. Our commitment to professionalism, transparency, and client success sets us apart in the industry. Whether you are looking to buy, sell, or develop commercial property, Whozoo provides a seamless, results-driven experience designed to help you unlock new opportunities and achieve your objectives.