Let to Blacks Outdoor Retail Limited (t/a Millets) – a subsidiary of JD Sports Fashion plc
New 10 year lease from June 2014 (No breaks)
In occupation since 2004 (previously in Waterborne Walk Shopping Centre)
Prime location in popular market town
Located between Waterborne Walk and Boots the Chemist and close to Waitrose, WH Smith, 99p Stores and Costa Coffee
Affluent and growing commuter town
Lot 42
Auction 11th December 2014
Rent
Status Sold
Price £495,000
Sector High Street Retail
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
12 miles south-east of Milton Keynes
13 miles north-west of Luton
42 miles north-west of Central London
Roads
A5, A418, A4146, M1
Rail
Leighton Buzzard Railway Station
Air
Luton Airport
Situation
Leighton Buzzard is an affluent and growing commuter market town located midway between Luton and Milton Keynes. The property is situated between Market Square and Waterborne Walk Shopping Centre in a prime retailing position on High Street.
The town also benefits from an outdoor market which is held twice a week.
Significant nearby retailers include Waitrose, Boots the Chemist, Wilkinson, New Look, Superdrug, Costa Coffee and WH Smith.
Tenure
Freehold.
Location
Miles
12 miles south-east of Milton Keynes
13 miles north-west of Luton
42 miles north-west of Central London
Roads
A5, A418, A4146, M1
Rail
Leighton Buzzard Railway Station
Air
Luton Airport
Situation
Leighton Buzzard is an affluent and growing commuter market town located midway between Luton and Milton Keynes. The property is situated between Market Square and Waterborne Walk Shopping Centre in a prime retailing position on High Street.
The town also benefits from an outdoor market which is held twice a week.
Significant nearby retailers include Waitrose, Boots the Chemist, Wilkinson, New Look, Superdrug, Costa Coffee and WH Smith.
Tenure
Freehold.
Description
The property comprises ground floor retail with ancillary accommodation at basement, first and second floor levels.
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
The property comprises ground floor retail with ancillary accommodation at basement, first and second floor levels.
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.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/(Reversion)
Ground Basement First Second
Retail/Ancillary Ancillary Ancillary Ancillary
152.45 sq m 27.40 sq m 84.45 sq m 24.25 sq m
(1,641 sq ft) (295 sq ft) (909 sq ft) (261 sq ft)
BLACKS OUTDOOR RETAIL LIMITED t/a Millets (1)
10 years from 07/06/2014 on a full repairing and insuring lease
£40,000 (2)
07/06/2019 (06/06/2024)
Totals
288.55 sq m
(3,106 sq ft)
£40,000
(1) Blacks Outdoor Retail Limited is a subsidiary (and part of The Outdoor Division) of JD Sports Fashion plc. It currently trades from around 80 Millets and 74 Blacks stores. JD Sports Fashion plc are expanding Blacks Outdoor Retail Limited through corporate and single shop acquisitions, most recently acquiring Oswold Bailey Limited. (Source: www.jdplc.com and www.millets.co.uk). (2)As part of the lease negotiations, the tenant was granted a rent free period of 9 months spread over the first five years of the term. The seller will pay the buyer the rent that would have been due in the absence of the concessionary rental period. Therefore, the property will produce £40,000 p.a.x. from completion of the sale.