Entirely let to L M Funerals Limited on a new 25 year lease until 2040 (subject
to options)
Prominent corner position on New Street (A44) close to town centre
Five Yearly Fixed Rental Increases of 2.5% per annum compound (3)
Benefits from a large on-site car park
Legal Title Report <a href="/media/32026/legal title report v4.pdf" target="_blank" title="Legal Title Report V4">here</a>
Lot 21
Auction 11th December 2014
Rent £22,500 per Annum Exclusive
Status Sold
Price £325,000
Sector High Street Retail
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
On behalf of Laurel Funerals
Property Information
Location
Miles
16 miles north of Hereford
27 miles west of Worcester
67 miles south of Birmingham
Roads
A417, A4112, A44 A49
Rail
Leominster Railway Station
Air
Cardiff International Airport, Birmingham International Airport
Situation
The property is situated just north of the town centre in a prominent location on the northern side of New Street (A44), close to its junction with Broad Street. Nearby occupiers include Job Centre Plus, Kwik-Fit and NatWest Bank.
Tenure
Freehold.
Location
Miles
16 miles north of Hereford
27 miles west of Worcester
67 miles south of Birmingham
Roads
A417, A4112, A44 A49
Rail
Leominster Railway Station
Air
Cardiff International Airport, Birmingham International Airport
Situation
The property is situated just north of the town centre in a prominent location on the northern side of New Street (A44), close to its junction with Broad Street. Nearby occupiers include Job Centre Plus, Kwik-Fit and NatWest Bank.
Tenure
Freehold.
Description
The property comprises a ground floor retail unit operating as a well established funeral parlour based in the town for over 100 years. In addition there is a self-contained three bed residential flat on the first floor. The property benefits from on-site car parking and an approximate site area of 0.06 hectares (0.15 acres).
Six Week Completion
Legal Title Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.
VAT
VAT is not applicable to this lot.
Viewings
There will be block viewings for this property. Interested parties must register their details with the Auctioneers and provide identification on site. Please contact Gwen Thomas. Telephone: +44 (0)20 7034 4857.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor retail unit operating as a well established funeral parlour based in the town for over 100 years. In addition there is a self-contained three bed residential flat on the first floor. The property benefits from on-site car parking and an approximate site area of 0.06 hectares (0.15 acres).
Six Week Completion
Legal Title Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.
VAT
VAT is not applicable to this lot.
Viewings
There will be block viewings for this property. Interested parties must register their details with the Auctioneers and provide identification on site. Please contact Gwen Thomas. Telephone: +44 (0)20 7034 4857.
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 Ground/First
Retail 3 Bed Flat
129.20 sq m 123.83 sq m
(1,391 sq ft) (1,333 sq ft)
L M FUNERALS LIMITED (1)
25 years from completion until January 2040 on a full repairing and insuring lease (2)
£22,500
January 2020 and five yearly to 2.5% per annum (3)
Totals
253.03 sq m
(2,724 sq ft)
£22,500 with five yearly fixed increases (3)
(1) For the year ending 30th June 2013, L M Funerals Limited reported a turnover of £17,399,675, pre-tax profits of £3,801,298 and a total net worth of £9,691,114. (Source: www.riskdisk.com 20/10/2014). Operating in 73 locations, Laurel Funerals is one of the largest collections of individual funeral directors in the UK. (Source: www.laurelfunerals.co.uk 17/11/2014) (2)The lease provides an option to determine on the fifteenth and twentieth anniversaries of the term. (3)The lease provides five yearly fixed rental increases to 2.5% per annum compound. The rental income will therefore increase to £25,457 p.a.x in 2020, £28,802 p.a.x in 2025, £32,587 p.a.x in 2030 and £36,869 p.a.x in 2035.