Entirely let to Kwik-Fit (GB) Limited (guaranteed by Kwik-Fit Holdings Limited) until 2032
Minimum fixed rental uplift in 2017
Located within the established Aycliffe Business Park, the second largest business park in the North East
Nearby occupiers include Speedy Tyre, Rapid Fit MOT Centre, Ford and Royal Mail
Rent increasing to a minimum of £54,187 p.a.x. in 2017
Six Week Completion Available
Lot 34
Auction 6th December 2012
Status Sold
Price £675,000
Sector Motor Trade/Petrol Station
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
7 miles north of Darlington, 13 miles south of Durham
Roads
A167, A1(M) (Junction 59)
Rail
Newton Aycliffe (3 hours to London Kings Cross, 60 mins to Newcastle)
Air
Durham (9 miles), Newcastle (30 miles)
Situation
The property is situated in a prominent location on the northern side of Horndale Avenue within Aycliffe Business Park. Aycliffe Business Park, the second largest in the north-east, is home to over 250 companies including Lidl, Tetley and Hitachi. Other nearby occupiers include Speedy Tyre, Rapid Fit MOT Centre, Ford and Royal Mail.
Tenure
Freehold.
Location
Miles
7 miles north of Darlington, 13 miles south of Durham
Roads
A167, A1(M) (Junction 59)
Rail
Newton Aycliffe (3 hours to London Kings Cross, 60 mins to Newcastle)
Air
Durham (9 miles), Newcastle (30 miles)
Situation
The property is situated in a prominent location on the northern side of Horndale Avenue within Aycliffe Business Park. Aycliffe Business Park, the second largest in the north-east, is home to over 250 companies including Lidl, Tetley and Hitachi. Other nearby occupiers include Speedy Tyre, Rapid Fit MOT Centre, Ford and Royal Mail.
Tenure
Freehold.
Description
The property comprises a ground floor tyre depot with reception area and storage and staff accommodation. The property also benefits from a forecourt with marked car parking spaces for approximately 14 cars and 4 roller shutter doors.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor tyre depot with reception area and storage and staff accommodation. The property also benefits from a forecourt with marked car parking spaces for approximately 14 cars and 4 roller shutter doors.
VAT
VAT is applicable to this lot.
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
Tyre & Exhaust Centre
530.94 sq m
(5,715 sq ft)
KWIK-FIT (GB) LIMITED (1) GUARANTEED BY KWIK-FIT HOLDINGS LIMITED (2)
25 years from 20/03/2007 until 19/03/2032 on a full repairing and insuring lease
£46,742
20/03/2012 (3) and five yearly thereafter
Totals
530.94 sq m
(5,715 sq ft)
£46,742 (3)
(1) For the year ending 31st December 2010, Kwik-Fit (GB) Limited reported a turnover of £526,865,000, a pre-tax profit of £268,519,000 and a total net worth of £277,740,000. (Source: www.riskdisk.com 30/10/2012) (2)For the year ending 31st December 2010, Kwik-Fit Holdings Limited reported a pre-tax profit of £282,369,000 and a total net worth of £334,022,000. (Source: www.riskdisk.com 30/10/2012). Kwik-Fit Holdings Limited has been integrated into European Tyre Enterprises Limited following the reported acquisition of the Group by Itochu Corporation KK (Japan) who have a total equity value of £9 billion. (3)The 2012 rent review remains undocumented and is currently being negotiated. The current rent payable is the minimum provided by the review clause and remains subject to a potential increase to OMRV. The 2017 rent review is to the greater of £54,187 p.a.x. or open market rental value. All subsequent rent reviews are to the greater of the passing rent or open market rental value.
