15 Cornhill
Bury St Edmunds
Suffolk
IP33 1DY

Prime Freehold Retail Investment

  • Entirely let to WH Smith Retail Holdings Limited
  • New 15 year lease renewal from September 2017 (subject to option)
  • Tenant in occupation for over 40 years
  • Approximately 8,355 sq ft
  • Prime location between Arc Shopping Centre and Buttermarket
  • Nearby occupiers include Marks & Spencer, Boots the Chemist, Tesco Express & Iceland
  • Lot
    20
  • Auction
    19/Oct/2017
  • Rent
    £160,750 per Annum Exclusive
  • Status
    Sold
  • Price*
    £2,995,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • 15 Cornhill<br>Bury St Edmunds<br>Suffolk<br>IP33 1DY
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Property Information

Location
Miles
25 miles north-west of Ipswich
29 miles east of Cambridge
Roads
A14, A134, A143
Rail
Bury St Edmunds Railway Station
Air
London Stansted Airport
Situation

The property occupies one of the finest trading locations on the western side of Cornhill, between The Arc Shopping Centre and Buttermarket. The Arc Shopping Centre houses retailers including Costa, H&M and Debenhams and restaurants including Carluccio's, Nando's and Wagamama. Other nearby retailers include Marks & Spencer, Boots the Chemist, Tesco Express, Superdrug, Starbucks and Sports Direct.

Tenure

Freehold.

Description

The property is Grade II listed and comprises a large ground floor shop with further sales accommodation and the town’s Post Office on the first floor and ancillary accommodation on the basement and second floors.

VAT

VAT is applicable to this lot.

Completion Period

Six week completion

Buyer's Legal Report

For the ease and convenience of prospective buyers,to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is advisable. For more information, please click here.

Tenancy & Accomodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReview
Ground
Basement
First
Second
Retail/Ancillary
Ancillary
Post Office/Ancillary
Ancillary
307.04 sq m
22.85 sq m
251.58 sq m
195.56 sq m
(3,305 sq ft)
(246 sq ft)
(2,708 sq ft)
(2,105 sq ft)
WH SMITH
RETAIL
HOLDINGS
LIMITED (1)
15 years from
29/09/2017 until
28/09/2032 (2) on
full repairing and
insuring terms
£160,750 (3)29/09/2022
and 5
yearly
thereafter
Totals
777.03 sq m
(8,355 sq ft)
  £160,750 (3) 

(1) For the year ending 31st August 2016, WH Smith Retail Holdings Limited reported a turnover of £175,131,000, pre-tax profits of £75,302,000 and a total net worth of £461,234,000 (Source: Experian Group 17/08/2017).
(2) The lease is subject to a tenant option to determine on 29th September 2027.
(3) The lease provides for the rent to be £120,562 p.a.x. from 29th September 2017 to 28th September 2018, rising to £160,750 p.a.x. until the rent review on 29th September 2022. The Vendor will adjust the completion monies so that the property will effectively
produce £160,750 p.a.x. from completion of the sale until the expiry of the concessionary rental period.

Property Documents

  • Site Plan
    Updated Date
    26.09.17
    File Size
    3 MB
    View PDF
  • Catalogue Page
    Updated Date
    26.09.17
    File Size
    1 MB
    View PDF
  • Common Auction conditions
    Updated Date
    27.03.17
    File Size
    124 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
George WatkinsGeorge Watkins +44 (0)20 7034 4861george.watkins@acuitus.co.uk
Associate Auctioneers
Ratcliffes 55 South Audley Street
London
W1K 2QH
Anthony Ratcliffe 020 7629 4036ahr@ratcliffes.com
Seller's Solicitors
Druces LLP Salisbury House, London Wall
London
EC2M 5PS
Karen Chapman 0207 216 5591k.chapman@druces.com

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