Let to Kruidvat Real Estate UK Limited t/a Savers, guaranteed by Superdrug Stores Plc by way of a reversionary lease
Prominent town centre location in affluent Lincolnshire market town
Nearby occupiers include Marks & Spencer, Poundstretcher, Greggs, Boots and Coral.
Rent of £65,000 per annum exclusive rising to £69,000 p.a.x in 2020
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 45
Auction 7th July 2016
Rent £65,000 per Annum Exclusive
Status Sold
Price £725,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Squafre London W1H 7BG
Property Information
Location
Miles
47 miles east of Nottingham, 34 miles south-east of Lincoln
Roads
A16, A52
Rail
Boston Rail
Air
East Midlands Airport
Situation
Boston is an affluent market town located in south Lincolnshire. The property is situated in the well established retailing thoroughfare of Market Place, at its junction with Cornhill Lane and a short distance from Strait Bargate, the main pedestrianised retail pitch. The historic Market Place benefits from parking for approximately 120 cars and is home to the famous Boston market which is held twice a week. Nearby occupiers include Marks & Spencer, Poundstretcher, Greggs Baker, Boots and Coral.
Tenure
Freehold.
Location
Miles
47 miles east of Nottingham, 34 miles south-east of Lincoln
Roads
A16, A52
Rail
Boston Rail
Air
East Midlands Airport
Situation
Boston is an affluent market town located in south Lincolnshire. The property is situated in the well established retailing thoroughfare of Market Place, at its junction with Cornhill Lane and a short distance from Strait Bargate, the main pedestrianised retail pitch. The historic Market Place benefits from parking for approximately 120 cars and is home to the famous Boston market which is held twice a week. Nearby occupiers include Marks & Spencer, Poundstretcher, Greggs Baker, Boots and Coral.
Tenure
Freehold.
Description
The property comprises a Grade II listed ground floor retail unit with ancillary accommodation on the first and second floors.
VAT
VAT is not 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 Grade II listed ground floor retail unit with ancillary accommodation on the first and second floors.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
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
Reversion
Ground First Second
Retail Ancillary Ancillary
257.71 sq m 104.05 sq m 49.06 sq m
(2,774 sq ft) (1,120 sq ft) (528 sq ft)
KRUIDVAT REAL ESTATE UK LIMITED (t/a Savers) (1) GUARANTEED BY SUPERDRUG STORES PLC (2)
10 years from 24/06/2012 on a full repairing and insuring lease by way of a reversionary lease (3)
£65,000
23/06/2022
Total
410.82 sq m
(4,422 sq ft)
£65,000 rising to £69,000 in 2020 (4)
(1) Savers specialise in branded health, home and beauty products at everyday low prices with currently 300 stores trading across the UK. (Source: savers.co.uk 25/05/2016) (2) For the year ending 27th December 2014, Superdrug Stores Plc reported a turnover of £1,058,047,000, pre-tax profits of £38,044,000 and a total net worth of £138,513,000. (Source: Experian Group 25/05/2016) (3) The current lease is for a term of 5 years expiring 23rd June 2017, although, in addition, a reversionary lease is in place from expiry of the current term until 23rd June 2022. Kruivdat Real Estate UK Limited will benefit from a 6 month rent free period at the beginning of the reversionary lease. The seller has agreed to adjust the completion monies so that the unit will effectively produce £65,000 p.a.x. from completion of the sale. (4) The lease provides fixed rental increase to £69,000 p.a.x on 24th June 2020.