The properties were acquired with vacant possession. The most recent occupiers were Kompass and Penderels Trust and the buildings are to be refurbished and marketed for new tenants.
Martyn Howard of Drake Howard Property identified the opportunity to ‘buy-in’ the long-leasehold interest to merge with the freehold interest and to annexe with ownership of the adjoining Fairfield Court.
He said, “When I saw Pegasus House on the market to let, a purchase enquiry was raised with the agent. It turned out the owner was willing to sell the long-leases of both Pegasus House and the next door single-storey office.
It made sense for the owner to dispose of the investments to Coventry City Council to reduce on legal documentation and for the Council to buy the buildings to assemble a larger site with extended road frontage, to future proof the holdings!”
Pegasus House provides a unique opportunity for an office occupier with a need for ancillary warehouse, or high eaves showroom facility.
The office accommodation is laid out over ground and first floors and extends to just under 2,000 sq. ft. (180 sq. m). The workshop to the rear has an eaves height of 5.5 m, and provides an additional 1,150 sq. ft. (105 sq. m.), with roller shutter loading door and 14 parking spaces.
The single-storey office building is scheduled for a major internal re-fit to offer modern, mainly open plan offices, with the flexibility of lower height storage, or showroom uses to the rear. Again, with roller shutter access.
The accommodation extends to 3,300 sq. ft. (307 sq. m) and has another, generous allocation of 16 parking spaces, set behind deep landscaped verges.
