Coventry shopping centre placed on market with £9.2m asking price
A shopping centre in Coventry has been placed on the market with an asking price of £9.22m, reflecting a net initial yield of 10.0%.
Lower Precinct extends to 221,600 sq ft of retail floorspace across two levels, and is anchored by the likes of Flip Out, H&M, River Island, New Look, Home Bargains, and Superdrug.
Other tenants at the shopping centre – which dominates the city’s retail provision – include Lush, Clarks, The Entertainer, F. Hinds, Caffè Nero, and Pandora.
The scheme has recently been taken to full occupancy, with Flip Out and Putt Putt Social having opened in the ground and first floor of the former TJ Hughes unit in 2024. Additionally, the former Next store was reconfigured into four units in 2024 and is now home to Søstrene Grene, The Fragrance Shop, Cards Direct, and The Works.
Rymans is another new entrant to the centre, having taken the GAME unit following its relocation to the Frasers department store.
The scheme also benefits from a multi-storey car park providing 345 spaces.
The asset produces a gross income of £2,341,116 per annum and a net income of £984,720 per annum. It has a weighted average unexpired lease term of 4.6 years to break and 7.3 years to expiry.
Lower Precinct is one of three managed shopping centres in Coventry alongside Cathedral Lanes and West Orchards. Cathedral Lanes offers a more value-based proposition whilst West Orchards accommodates leisure operators and restaurants. All three centres are connected by Broadgate Square and Upper Precinct.
A number of surrounding retail areas adjacent to Lower Precinct are currently being redeveloped as part of The City Centre South masterplan, a council-led regeneration project. The development is a residential-led scheme and will include the provision of new public spaces, catering, and leisure uses.
Knight Frank has been appointed to find a suitable purchaser for Lower Precinct.