Entirely let for 150 years until December 2151 (approximately 135 years unexpired) - No breaks
Ground Rent Reviewed annually to fixed “basic rent” plus geared “additional rent” provision (2)
Potential to improve “additional rent” with new lettings and rent reviews
Strategic and major part of the town centre
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 35
Auction 7th July 2016
Rent £43,291 per Annum Exclusive
Status Sold Prior
Price
Sector Ground Rent
Auction Venue The Radisson Blu Portman Hotel 22 Portman Squafre London W1H 7BG
Property Information
Location
Miles
13 miles west of Chester, 13 miles north-west of Wrexham, 23 miles south-west of Liverpool
Roads
A494, A541, A5119
Air
Liverpool John Lennon Airport
Situation
The property is situated in the heart of the town centre, benefiting from entrances from both High Street and New Street and close to The Cross, one of the main retail thoroughfares in the town. Nearby occupiers include Boots the Chemist, Costa, Card Factory, Greggs and branches of HSBC, Lloyds and Halifax banks.
Tenure
Freehold.
Location
Miles
13 miles west of Chester, 13 miles north-west of Wrexham, 23 miles south-west of Liverpool
Roads
A494, A541, A5119
Air
Liverpool John Lennon Airport
Situation
The property is situated in the heart of the town centre, benefiting from entrances from both High Street and New Street and close to The Cross, one of the main retail thoroughfares in the town. Nearby occupiers include Boots the Chemist, Costa, Card Factory, Greggs and branches of HSBC, Lloyds and Halifax banks.
Tenure
Freehold.
Description
The property comprises a purpose built open shopping centre, containing 23 retail units, a number of market stalls, a kiosk and an office.
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 purpose built open shopping centre, containing 23 retail units, a number of market stalls, a kiosk and an office.
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
Reviews
Ground
First
Retail/Market Stalls/Ancillary Offices/Ancillary
3,094.13 sq m
2,204.69 sq m
(33,305 sq ft)
(23,731 sq ft)
DEVMOORE LIMITED AND MOLD PROPERTIES LIMITED (1)
150 years from 25/12/2002 on a full repairing and insuring basis until 24/12/2152
£43,291.38
25/12/2016 and annually thereafter (2)
Totals
5,298.82 sq m
(57,036 sq ft) (3)
£43,291.38
(1) The entire property is sublet to a number of occupational lessees including tenants trading as Argos, Poundstretcher and Peacocks. (2) The ground rent is reviewed annually to £32,397 per annum (“Basic Rent”) plus a geared “Additional Rent” (Calculated as 8% of the net occupational rents less the Basic Rent). For the year to 24/12/2015, the net occupational rents collected were £541,142.26 per annum and therefore the current ground rent payable in 2016 is £43,291.38 per annum. (3) Areas provided by VOA.
