The property is a fully let freehold healthcare facility comprising NHS GP practice, dentist and pharmacy across two detached adjacent buildings.
The GP practice and pharmacy operate from 71-73 Wheelwright Lane, and the dentist from 75-77 Wheelwright Lane.
There are independent car parks to the rear of both buildings accessed directly off Wheelwright Lane. The car parks are secured by way of steel palisade gates and fencing.
The buildings are both of part one-and two-storey brick construction, with part-rendered and timber-clad elevations surmounted by a series of pitched hipped tile roofs. The windows are aluminium framed double glazed throughout, and there are glazed main entrances to both buildings fronting Wheelwright Lane. There are electric security shutters to the exterior windows and doors of the GP practice and pharmacy.
Internally, the property provides consultation/treatment rooms, reception and waiting areas, pharmacy/retail sales areas, offices, kitchen and break-out areas, and WCs. There are lifts servicing both buildings.
Location
The property is located within the residential suburb of Holbrooks approx. 2 miles north of Coventry City Centre.
The property occupies a prominent and highly visible location on Wheelwright Lane, a main arterial road connecting Coventry City Centre and Bedford to the north. Junction 3 of the M6 is less than 2 miles from the property.
The immediate area comprises principally residential property and is well-provisioned by good local schools and various retail and leisure amenities, all within walking distance. The Coventry Building Society Aren is less than a mile to the east.
There are bus stops within close proximity which provide regular services to and from Coventry City Centre and the wider region.
The tenants are established providers of health care services to the local community.
Accommodation
The property has been measured on a Net Internal Area (NIA) basis in accordance with the RICS Code of Measuring Practice, Valuation of medical centre and surgery premises:
We understand the property provides the following areas:
71-71 Wheelwright Lane – 553.77 sq m (5,961 sq ft)
75-77 Wheelwright Lane – 237 sq m (2,551 sq ft)
Total – 790.77 sq m (8,512 sq ft)
The total site area is approx.. 0.77 acres.
Terms
Tenancy – The property is let by way of three coterminous leases each on a 29 year term expiring 22 September 2041 (16.75 years unexpired).
Total passing rent is £208,230 pax.
We understand there are outstanding rent reviews dating back to 2020 and 2023 in respect of all three leases.
Tenure – Freehold (Title no. WM518955).
Service Charge – Service charge information is available within the marketing pack.
Planning – We understand the property has consent for its existing use ‘E’.
Interested parties are to rely of their own enquiries with the local authority.
EPC – Copies of EPCs are available within the marketing pack.
Costs – Each party to be responsible for their own professional costs incurred in the transaction.
Business Rates – The property is accessed for business rates purposes as follows
Holbrooks Pharmacy – Rateable Value - £21,500 – Rates Payable PA - £10,72
Holbrooks Pharmacy – Rateable Value - £26,500 – Rates Payable PA - £12,985
75 Wheelwright Lane – Ground Floor – Rateable Value - £8,200 – Rates Payable PA - £4,092
75 Wheelwright Lane – First Floor Front – Rateable Value - £6,800 – Rates Payable PA - £3,393
75 Wheelwright Lane – First Floor Rear – Rateable Value - £5,600 – Rates Payable PA - £2,794
Offers – Offers in the order of £2.6m are invited for the freehold interest reflecting a net initial yield of 7.53% (assumes purchaser’s costs of 6.4%)
VAT – Prices are quoted exclusive of VAT.
Specification
- Freehold healthcare investment property occupied by NHS GP Practice, Dentist and Pharmacy
- Fully let on coterminous leases expiring Sept 2041
- Secure long-term income with outstanding rent reviews and asset management potential
- Approx. 8,512 sq. ft. on a site area of 0.77 acre
- Located within a popular residential suburb
- Offers invited in the order of £2.6m