The popularity of local universities amongst students is proving good news for the Coventry commercial property market.
Our Commercial Department have recently overseen the exchange of Contracts on the former Pinnock Bell offices on Queens Road in Coventry.
Being close to Coventry University and with the surrounding area having been mostly redeveloped, this property was always going to be popular with developers who specialise in the student market.
The property went on the market with a guide price of £500,000 - a figure which was quickly passed once our nationwide marketing campaign had been completed.
The property was eventually sold for £850,000 to a developer from Worcester who has submitted plans to Coventry City Council for the demolition of the existing building and the construction of new blocks of student rooms to help meet the demand from the University for good quality accommodation near to the town centre.
Nigel Underwood, Commercial manager commented "the sale of this property to a buyer from Worcester shows the truly national reach of our marketing campaigns and the power of the internet in reaching buyers from all corners of the country. The vendor was delighted with the final price well above the guide price as was the purchaser who was keen to secure the building in an open and fair sale process to the satisfaction of all parties concerned."
We wish them every success in the future.
If you need advice on Commercial Property, contact Nigel on firstname.lastname@example.org