Kwik Fit Watery Road Wrexham LL13 7SY

Kwik Fit
Watery Road
Wrexham
LL13 7SY

Freehold Tyre Depot Investment

Entirely let to Kwik-Fit (GB) Limited until 2036
20 years unexpired term with a fixed rental uplift
Located on a busy junction close to the Island Green Shopping Park and Wrexham Central Railway Station
Approximate site area of 0.17 hectares (0.43 acres) with ample forecourt parking and circulation space
Producing £63,760 p.a.x. (See Note 2)
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
58
Auction
19th May 2016
Rent
£63,760 per Annum Exclusive
Status
Sold Prior
Price
Sector
Motor Trade/Petrol Station
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Freehold Tyre Depot Investment

Entirely let to Kwik-Fit (GB) Limited until 2036
20 years unexpired term with a fixed rental uplift
Located on a busy junction close to the Island Green Shopping Park and Wrexham Central Railway Station
Approximate site area of 0.17 hectares (0.43 acres) with ample forecourt parking and circulation space
Producing £63,760 p.a.x. (See Note 2)
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 58
Auction 19th May 2016
Rent £63,760 per Annum Exclusive
Status Sold Prior
Price
Sector
Motor Trade/Petrol Station
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 12 miles south-west of Chester, 33 miles south of Liverpool, 53 miles south-west of Manchester
Road: A5, A483, A534
Rail: Wrexham Central Railway Station
Air: Liverpool John Lennon Airport, Manchester Airport

Situation

The property is situated in a prominent position on the north side of Watery Road and at its roundabout junction with Bradley Road and equidistant between the town centre and Wrexham Maelor Hospital. The Island Green shopping Park is some 120m to the east, where retailers include Asda, Wilko, Argos, Harveys and Puregym.

Tenure

Freehold.

Location

Miles: 12 miles south-west of Chester, 33 miles south of Liverpool, 53 miles south-west of Manchester
Road: A5, A483, A534
Rail: Wrexham Central Railway Station
Air: Liverpool John Lennon Airport, Manchester Airport

Situation

Tenure

Freehold.

Description

The property comprises a single storey tyre and exhaust centre with 8 vehicle working bays. The property benefits from a site area of approximately 0.17 hectares (0.43 acres), with ample forecourt parking and vehicle circulation space.

Six Week Completion

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Ground	Tyre Depot	515.00 sq m	(5,544 sq ft)	KWIK-FIT (GB) LIMITED (1)	25 years from 13/10/2011 until 12/10/2036 on a full repairing and insuring lease	£63,760 (2)	13/10/2016 (2) and five yearly
Totals		515.00 sq m	(5,544 sq ft)			£63,760 (2) Rising to £73,915 p.a.x. in 2021

(1) Kwik Fit are experts in automotive repair including tyres, MoT testing, car servicing, exhausts, brakes, and air-con. They are the leading fast-fit supplier of tyres in the country and carry stocks of over 600,000 products in over 600 Centres. (Source: www.kwik-fit.com 16/1/2015). For the year ending 31st March 2015, Kwik-Fit (GB) Limited reported a turnover of £472,480,000, pre-tax profits of £17,930,000 and a total net worth of £47,325,000. (Source: www.riskdisk.com 31/03/2016).
(2) Under the terms of the lease, the current rent reserved is £55,000. The lease provides for the rent to be reviewed on 13th October 2016 and 13th October 2021 to the higher of open market rental value or increased by 3% per annum compounded. Therefore the rent will increase to a minimum of £63,760 per annum exclusive on 13th October 2016 and a minimum of £73,915 per annum exclusive on 13th October 2021. The seller will pay the buyer the difference between the current rent reserved of £55,000 per annum exclusive and a minimum of £63,760 per annum exclusive. Therefore the property will produce a minimum of £63,760 per annum exclusive. The rent reviews from 2021 are upward only open market rent reviews.