Tenancy & Accommodation
Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Reviews |
Ground |
Tyre Depot |
515.00 sq m |
(5,544 sq ft) |
KWIK-FIT (GB) LIMITED (1) |
25 years from 13/10/2011 until 12/10/2036 on a full repairing and insuring lease |
£63,760 (2) |
13/10/2016 (2) and five yearly |
Totals |
|
515.00 sq m |
(5,544 sq ft) |
|
|
£63,760 (2) Rising to £73,915 p.a.x. in 2021 |
(1) Kwik Fit are experts in automotive repair including tyres, MoT testing, car servicing, exhausts, brakes, and air-con. They are the leading fast-fit supplier of tyres in the country and carry stocks of over 600,000 products in over 600 Centres. (Source: www.kwik-fit.com 16/1/2015). For the year ending 31st March 2015, Kwik-Fit (GB) Limited reported a turnover of £472,480,000, pre-tax profits of £17,930,000 and a total net worth of £47,325,000. (Source: www.riskdisk.com 31/03/2016).
(2) Under the terms of the lease, the current rent reserved is £55,000. The lease provides for the rent to be reviewed on 13th October 2016 and 13th October 2021 to the higher of open market rental value or increased by 3% per annum compounded. Therefore the rent will increase to a minimum of £63,760 per annum exclusive on 13th October 2016 and a minimum of £73,915 per annum exclusive on 13th October 2021. The seller will pay the buyer the difference between the current rent reserved of £55,000 per annum exclusive and a minimum of £63,760 per annum exclusive. Therefore the property will produce a minimum of £63,760 per annum exclusive. The rent reviews from 2021 are upward only open market rent reviews.