Tenancy & Accommodation
| Unit |
Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Review/(Reversion) |
| 106-108 |
Ground
Basement
First |
Retail/Ancillary
Ancillary
Ancillary |
728.84 sq m
595.65 sq m
55.97 sq m |
(7,845 sq ft)
(6,412 sq ft)
(602 sq ft) |
POUNDLAND
LIMITED (1) |
15 years from
24/06/2009 (2) |
£90,000 (2) |
(23/06/2024) |
| 109 |
Ground
First |
Retail/Ancillary
Ancillary |
116.36 sq m
Not measured |
(1,253 sq ft)
(Not accessible) |
CEX
(FRANCHISING)
LIMITED (3) |
10 years from
18/05/2016 |
£27,500 (4) |
18/05/2021
(17/05/2026) |
| Totals |
|
|
1,496.82 sq m |
(16,112 sq ft) |
|
|
£117,500 (2) (4) |
(1) For the year ending 29th March 2015, Poundland Limited reported a turnover of £1,111,526,000, pre-tax profits of £45,922,000 and a total net worth of £93,866,000
(Source: Experian Group 02/06/2016).
(2) The tenant occupies the property under a lease for a term of 10 years from 24th June 2009 at a current rent reserved of £45,000 p.a.x until 15th May 2017, from 16th May 2017 the rent will increase to £90,000 p.a.x The parties have signed a reversionary lease for a term of 5 years from 24th June 2019 at a rent reserved of £90,000 p.a.x. The tenant is to benefit from twelve months half rent beginning 16th May 2016. The seller has agreed to adjust the completion monies so that the unit will produce £90,000 p.a.x from completion of the sale.
(3) CEX was founded in London in 1992 and trades from 326 branches in the UK with other branches in Spain, USA, Ireland, India, Australia, Portugal, Netherlands, Mexico and Poland. (Source: www.webuy.com) For the year ending 30th June 2015, CEX (Franchising) Limited reported a turnover of £19,566,107 pre-tax profits of £1,904,998 and a total net worth of £6,339,841 (Source: Experian Group 09/06/2016).
(4) The tenant is to benefit from a six month rent free period and an additional twelve months half rent from 18th November 2016. The seller has agreed to adjust the completion monies so the unit will produce £27,500 p.a.x from completion of the sale.
