Units 12 & 14 Phoenix Retail Park, Watling Street Bridgtown Cannock Staffordshire WS11 0BN

Units 12 & 14 Phoenix Retail Park, Watling Street
Bridgtown
Cannock
Staffordshire
WS11 0BN

Freehold Retail Warehouse/Motor Trade Investment

Let to United Carpets (Property) Ltd & Formula One Auto Centres Ltd (subject to Note 3)
Prominent trading position on the busy Watling Street (A5)
Forms part of an established retail park
Approximately 1,170.20 sq m (12,596 sq ft)
Excellent car parking provisions

Lot
14
Auction
12th February 2015
Rent
£97,555 per Annum Exclusive
Status
Withdrawn Prior
Price
Sector
Retail Warehouse
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Important Update

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Freehold Retail Warehouse/Motor Trade Investment

Let to United Carpets (Property) Ltd & Formula One Auto Centres Ltd (subject to Note 3)
Prominent trading position on the busy Watling Street (A5)
Forms part of an established retail park
Approximately 1,170.20 sq m (12,596 sq ft)
Excellent car parking provisions

Lot 14
Auction 12th February 2015
Rent £97,555 per Annum Exclusive
Status Withdrawn Prior
Price
Sector
Retail Warehouse
Auction Venue
Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 9 miles south of Stafford; 19 miles north of Birmingham; 67 miles south of Manchester
Roads: M6 Toll (Junction T7), M6 (Junction 11), A5
Rail: Cannock Railway Station
Air: Birmingham International Airport

Situation

The property, which forms part of the Phoenix Park Retail Development, is prominently situated on the north side of Watling Street (A5) at its junction with North Street, close to its junction with the M6 Toll Road (T7). Nearby occupiers include B & Q, Homebase, Argos and Fitness First.

Tenure

Freehold.

Location

Miles: 9 miles south of Stafford; 19 miles north of Birmingham; 67 miles south of Manchester
Roads: M6 Toll (Junction T7), M6 (Junction 11), A5
Rail: Cannock Railway Station
Air: Birmingham International Airport

Situation

Tenure

Freehold.

Description

The property comprises a self-contained retail warehouse and motor trade unit each of which benefits from a roller shutter door which provides loading to the rear. The seller is currently undertaking works on Unit 14 prior to the tenant taking occupation.

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

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x.	Reviews/(Reversion)
12	Ground	Retail Warehouse	596.99 sq m	(6,426 sq ft)	UNITED CARPETS (PROPERTY) LIMITED (1)	5 years from 16/12/2013	£48,195	(15/12/2018)
14	Ground	Motor Trade	573.21 sq m	(6,170 sq ft)	FORMULA ONE AUTO CENTRES LIMITED (2)	10 years from completion of the lease (3)	£49,360 (4)	2020 (2025)
Totals			1,170.20 sq m	(12,596 sq ft)			£97,555

(1) For the year ending 31/03/2014, United Carpets (Property) Limited reported a turnover of £3,176,000, pre-tax profits of £164,000 and a total net worth of £329,000.
(Source: www.riskdisk.com 06/01/2015). United Carpets and Beds is the UK’s largest franchised flooring and bed retailer with 59 stores operating across the UK, having publicly listed in 2005 (Source: www.unitedcarpetsandbeds.com 07/01/2015)
(2)For the year ending 31/07/2013, Formula One Auto Centres Limited reported a turnover of £40,024,577, pre-tax profits of £2,700,513 and a net worth of £3,649,610. (Source www.riskdisk.com 06/01/2015). Established in 1974, Formula One Autocentres have over 70 branches across England and with over 500 trained staff, have grown to become one of the UK’s largest independent autocentre chains (Source: www.f1autocentres.co.uk 07/01/2015)
(3)An Agreement for lease was completed on 17/09/2014 subject to the seller carrying out works to the property. The works are due to complete in February 2015 at which point the lease will be completed. Under the terms of the lease the tenant has an option to determine on the 5th anniversary of the start of the term of the lease, subject to 6 months’ prior written notice. If the option to determine is not activated the tenant will benefit from a 6 month rent free period.
(4)The tenant will benefit from a 6 month rent free period from completion. The seller has agreed to adjust the completion monies so that the unit will effectively
produce £49,360 p.a.x from completion of the lease.