Let to Heron Foods Ltd on a new 15 year lease (10 year option to renew)
Heron Foods Ltd was incorporated in 1978 and has reported profits for the last 26 years
Guaranteed rental increases with Rent Reviews linked to Consumer Price Index (CPI) (subject to a minimum of 1% and a maximum of 3%)
Neighbouring occupiers include Boots, Barclays Bank, Greggs and W H Smith
Lot 12
Auction 5th December 2013
Rent
Status Sold
Price £500,000
Sector High Street Retail
Auction Venue Millennium Hotel 44 Grosvenor Square London W1K 2HP
On behalf of Heron Foods
Property Information
Location
Miles
21 miles north-east of Peterborough, 50 miles north of Cambridge, 51 miles south-east of Nottingham
Roads
A16, A151
Rail
Spalding Railway Station
Air
Birmingham International Airport, Stansted Airport
Situation
The property is situated approximately 50 metres from the pedestrianised Hall Place, Spalding’s prime retailing thoroughfare and benefits from a twice weekly market directly outside the property. Neighbouring occupiers include Boots, Barclays Bank, Greggs and W H Smith.
Tenure
Freehold.
Location
Miles
21 miles north-east of Peterborough, 50 miles north of Cambridge, 51 miles south-east of Nottingham
Roads
A16, A151
Rail
Spalding Railway Station
Air
Birmingham International Airport, Stansted Airport
Situation
The property is situated approximately 50 metres from the pedestrianised Hall Place, Spalding’s prime retailing thoroughfare and benefits from a twice weekly market directly outside the property. Neighbouring occupiers include Boots, Barclays Bank, Greggs and W H Smith.
Tenure
Freehold.
Description
The property comprises a ground floor retail unit with ancillary accommodation on the first floor.
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 retail unit with ancillary accommodation on the first floor.
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 First
Retail Ancillary
350.40 sq m 154.00 sq m
(3,772 sq ft) (1,658 sq ft)
HERON FOODS LTD (1)
15 years from completion on a full repairing and insuring lease with a 10 year option to renew
£40,000
2019, 2024 Rental increases by CPI (subject to minimum of 1% and a maximum of 3%) 5 yearly compounded annually
Totals
504.40 sq m
(5,430 sq ft)
£40,000
(1) Heron Foods Ltd was incorporated in 1978 and operates from some 235 outlets nationally. Heron Foods Ltd have reported annual profits for the last 26 years. For the year ending 31st December 2011, Heron Foods Limited reported a turnover of £164,877,489, pre-tax profits of £8,104,117 and a total net worth of £30,030,205. (Source: www.riskdisk.com 28th October 2013)