Tenant Holding Over - Heads of Terms agreed for a new 10 year lease (subject to option)
Prime retailing location in popular and affluent south coast City
Opposite the Churchill Square Shopping Centre
Nearby occupiers include Marks & Spencer, H&M, Primark, Zara, Starbucks Poundworld and Wilko
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 6
Auction 25th May 2017
Rent £215,000 per Annum Exclusive
Status Sold
Price £2,810,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of CBRE Receivers
Property Information
Situation
Brighton is a popular and affluent south coast University City famous for its Marina, Royal Pavilion, Palace Pier and The Lanes. The property is situated in a prime retailing position on the north side of Western Road, opposite the major Churchill Square Shopping Centre housing retailers including Debenhams, Apple Store, Zara, Next, Topshop/Topman and WH Smith. Other neighbouring occupiers include Marks & Spencer, H&M, Primark, New Look and Costa.
Tenure
Freehold.
Situation
Brighton is a popular and affluent south coast University City famous for its Marina, Royal Pavilion, Palace Pier and The Lanes. The property is situated in a prime retailing position on the north side of Western Road, opposite the major Churchill Square Shopping Centre housing retailers including Debenhams, Apple Store, Zara, Next, Topshop/Topman and WH Smith. Other neighbouring occupiers include Marks & Spencer, H&M, Primark, New Look and Costa.
Tenure
Freehold.
VAT
VAT is applicable to this lot.
Note
This property is being marketed for sale on behalf of Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Fixed Charge Receivers to the best of their knowledge, but the purchaser must rely solely upon their own enquiries. The Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises ground and first floor retail accommodation with ancillary accommodation on the second floor.
VAT
VAT is applicable to this lot.
Note
This property is being marketed for sale on behalf of Fixed Charge Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Fixed Charge Receivers to the best of their knowledge, but the purchaser must rely solely upon their own enquiries. The Fixed Charge Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
Completion Period
Six Week Completion
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
Reversion
Ground First Second
Retail/Ancillary Retail/Ancillary Ancillary
206.30 sq m 162.90 sq m 52.20 sq m
(2,221 sq ft) (1,753 sq ft) (562 sq ft)
GPS (GREAT BRITAIN) LIMITED t/a GAP (1)
25 years from 25/03/1991 on a full repairing and insuring lease (2)
£215,000 (2)
Holding Over
Totals
421.40 sq m
(4,536 sq ft)
£215,000
(1) GAP has over 1,700 company-operated and franchise retail locations around the world and has expanded its online presence to around 70 countries (www.gapinc.com). For the year ending 30th January 2016, GPS (Great Britain) Limited reported a turnover of £306,797,000, pre-tax profits of -£19,409,000 and a total net worth of £78,726,000 (Source: Experian Group 25/04/2017). (2) Heads of Terms have been agreed for a new 10 year lease from 25th March 2016 at a rent of £146,250 p.a.x., subject to a rent review on 25th March 2021 and a tenant option to determine on 25th March 2022.
