Let to Iceland Foods Limited until February 2030 (subject to option)
5 yearly fixed rental increases to 2.5% per annum compounded
Approximately 10,356 sq ft - Supermarket extended in 2012
Adjacent to Aldi and close to McDonald’s and Blackburn Rovers Football Ground
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 75
Auction 13th October 2016
Rent
Status Sold
Price £1,500,000
Sector Supermarket
Auction Venue The Radisson Blu Portman Hotel 22 Portman Squafre London W1H 7BG
Property Information
Location
Miles
21 miles north-west of Manchester, 57 miles west of Leeds
Roads
A666, A677, A6078, M65
Rail
Mill Hill Railway Station
Air
Manchester Airport
Situation
The property is situated on the western side of Bolton Road (A666), close to its junction with Alan Shearer Way and close to the M65 motorway (Junction 4). The property is located adjacent to an Aldi supermarket.
Tenure
Virtual Freehold. Held for a term of 999 years from 26/11/1993 until 25/11/2992 at a peppercorn rent.
Location
Miles
21 miles north-west of Manchester, 57 miles west of Leeds
Roads
A666, A677, A6078, M65
Rail
Mill Hill Railway Station
Air
Manchester Airport
Situation
The property is situated on the western side of Bolton Road (A666), close to its junction with Alan Shearer Way and close to the M65 motorway (Junction 4). The property is located adjacent to an Aldi supermarket.
Tenure
Virtual Freehold. Held for a term of 999 years from 26/11/1993 until 25/11/2992 at a peppercorn rent.
Description
The property comprises a ground floor supermarket with ancillary accommodation to the rear. Part of the accommodation is sublet to Ladbrokes. The supermarket was extended in 2012.
Six Week Completion
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor supermarket with ancillary accommodation to the rear. Part of the accommodation is sublet to Ladbrokes. The supermarket was extended in 2012.
Six Week Completion
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
25 years from 28/02/2005 (2) until 27/02/2030 on a full repairing and insuring lease
£112,647 (3) rising to £127,450 in Feb 2020 and to £144,198 in Feb 2025
28/02/2020 (4) 28/02/2025 (4) (27/02/2030)
Totals
962.10 sq m
(10,356 sq ft)
£112,647
(1) For the year ending 25th March 2016, Iceland Foods Limited reported a turnover of £2,658,332,000, pre-tax profits of £58,172,000 and a total net worth of £740,354,000. (Source: Experian Group 02/08/2016). (2) The lease is subject to a tenant option to determine on 27th February 2025. (3) The lease is currently being assigned from Bejam Group Limited to Iceland Foods Limited and it is expected that the assignment will be completed by the auction date. In return, the tenant will be granted, by way of a side letter agreement, a concessionary rental period for a period of 6 months from 29/09/2016 to and including 28/03/2017 where the tenant will pay half rent. The vendor has agreed to adjust the completion monies so that the property will produce £112,647 from completion of the sale until the expiry of the concessionary rental period. This side letter is personal to Iceland Foods Limited. (4) The rent is reviewed 5 yearly to 2.5% per annum compounded.