15 Cornhill Bury St Edmunds Suffolk IP33 1DY

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
19th October 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

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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 19th October 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

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.

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

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

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is 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	Review
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.