£4million Coventry office block that could become student homes

IT’S the Coventry office block that has just changed hands for almost £4million - and it could eventually become student accommodation.

Greyfriars Court, which is close to Coventry railway station, has been sold in a £3.75m deal.

The Greyfriars Road building was sold by Birmingham-based property company Hortons’ Estate.

The building, which comprises 50,000 sq ft of office space, was sold to First Urban.

The London-based property investment and development company has admitted it is exploring alternative uses for the building including residential conversion and student accommodation.

Commenting on the acquisition on its website, First Urban said: “50,000 sq ft office investment acquired

“Multi-tenanted and income producing with asset management opportunities. Alternative uses including residential conversion and student accommodation being explored.”

The building was built in the 1980s and tenants include Newman Property Services, Capita Business Services, Small Firms Services and Everyday Loans.

Richard Norgrove, property director at Hortons’ Estate, said: “The sale of the property follows a strategy of rebalancing the existing portfolio.

“We were pleased to work with First Urban who conducted the transaction professionally.”

The deal reflects a net initial yield of six per cent.