LOVEITTS TO AUCTION LAND EARMARKED FOR STUDENT ACCOMMODATION IN COVENTRY
Property investors will have the chance to bid for a lucrative development opportunity when it goes under the hammer in Coventry later this month.
A unique site in Stoke, Coventry, will be offered for sale at auction by leading local estate agent & Auctioneers Loveitts on Wednesday, July 18th.
Planning permission has been granted to demolish a detached house on the 0.14 acre plot in Carter Road and replace it with student accommodation. The new block will contain 24 en-suite bedrooms and there is room for parking on site.
Experts at Loveitts believe there will be serious competitive bidding for the land because it represents a significant investment opportunity in a city where demand for student accommodation remains high.
The site is one of 32 being auctioned at Loveitts' bi-monthly auction, which will be held at the Village Urban Resort Hotel in Coventry starting at 6.30 p.m on Wednesday, July 18th.
Loveitts Director and Auctioneer Sally Smith said: “This is a marvellous opportunity for property investors as planning permission is already in place for student accommodation, for which demand remains high in Coventry with its two universities.
“We are expecting this auction will be a record-breaking event, with the largest and most diverse selection of properties on offer to date, including the iconic former General Wolfe pub and renowned music venue in Coventry.
“Other lots include a former BT relay station on Fletchamstead Highway, plots of land in Kenilworth, retail units, pubs, a workshop and a variety of homes and flats across Coventry and Warwickshire, and as far afield as Worcestershire and Leicestershire.”
Coventry named one of the best university cities in the country to invest in student accommodation last year. The city features in the top ten towns enjoying the largest rental yields according to latest research data.
According to their data, the average rental yield across the top 50 university towns is 5.5% with the average annual rent reaching £15,822. Nottingham is top of the rankings, but Coventry isn't far behind with a rental yield of 7.43%.
The Leasehold Reform (Ground Rent) Act 2022 effectively abolishes ground rents under new long residential leases (i.e., leases with a term of more than 21 years) that are granted for a premium. The Act received Royal Assent on 8 February 2022 but has not fully come into force yet. It forms a vital part of the Government's agenda for leasehold reform is described as part of the most significant changes to property law in a generation.