Let to Iceland Foods Limited on a renewed lease until 2024 (no breaks)
Approximately 1,353.40 sq m (14,568 sq ft)
Pedestrianised town centre location
Nearby occupiers include New Look, Ryman, Vodafone, Costa and Boots the Chemist
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 13
Auction 8th December 2016
Rent £85,000 per Annum Exclusive
Status Sold
Price £1,080,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
on Behalf of Receivers at Moorfields
Property Information
Location
Miles
15 miles north-east of Worcester, 15 miles south-west of Birmingham
Roads
A38, A448, M5, M42
Rail
Bromsgrove Railway Station (links to Birmingham New Street and
London Euston)
Air
Birmingham International Airport
Situation
The property is situated on pedestrianised Mill Lane, just off the High Street in the heart of the town centre. Nearby occupiers include New Look, Ryman, Vodafone, Costa and Boots the Chemist. Situated to the rear of the property is an Asda Supermarket and substantial public car park with parking for approximately 350 cars.
Tenure
Freehold.
Location
Miles
15 miles north-east of Worcester, 15 miles south-west of Birmingham
Roads
A38, A448, M5, M42
Rail
Bromsgrove Railway Station (links to Birmingham New Street and
London Euston)
Air
Birmingham International Airport
Situation
The property is situated on pedestrianised Mill Lane, just off the High Street in the heart of the town centre. Nearby occupiers include New Look, Ryman, Vodafone, Costa and Boots the Chemist. Situated to the rear of the property is an Asda Supermarket and substantial public car park with parking for approximately 350 cars.
Tenure
Freehold.
Description
The property comprises a ground floor supermarket with ancillary accommodation on the first floor.
VAT
VAT is applicable to this lot.
Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
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 on the first floor.
VAT
VAT is applicable to this lot.
Note
This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
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
Review/(Reversion)
Ground First
Retail/Ancillary Ancillary
796.10 sq m 557.30 sq m
(8,569 sq ft) (5,999 sq ft)
ICELAND FOODS LIMITED (1)
10 years from 13/05/2014 on a full repairing and insuring lease
£85,000 (2)
13/05/2019 (12/05/2024)
Totals
1,353.40 sq m
(14,568 sq ft)
£85,000
(1) For the year ending 25/03/2016, 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 04/11/2016). (2) The tenant is currently benefiting from a £21,250 per annum rent concession for the first 5 years of the term. The seller has agreed to adjust the completion monies so that the property will effectively produce £85,000 p.a.x from completion of the sale.