Entirely let to Kwik-Fit (GB) Limited (guaranteed by Kwik-Fit Holdings Limited) until 2032 with minimum fixed rental uplift in 2017
Located on the busy Lynn Road (B198) close to junction with A1101
Six Week Completion
Rent rising to a minimum of £42,313.50 in 2017
Lot 8
Auction 5th December 2013
Rent £36,500 per Annum Exclusive
Status Sold
Price £551,000
Sector Motor Trade/Petrol Station
Auction Venue Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
13 miles south-west of King’s Lynn, 21 miles north-east of Peterborough
Roads
A1011, A47
Rail
March Rail, Whittlesea Rail
Air
Birmingham International Airport, Luton Airport
Situation
The property is situated in a prominent position on the northern side of Lynn Road (B198) some 0.5 miles from Wisbech town centre, close to its junction with the A1101 and adjacent to Leach’s Mill, a former windmill.
Tenure
Freehold.
Location
Miles
13 miles south-west of King’s Lynn, 21 miles north-east of Peterborough
Roads
A1011, A47
Rail
March Rail, Whittlesea Rail
Air
Birmingham International Airport, Luton Airport
Situation
The property is situated in a prominent position on the northern side of Lynn Road (B198) some 0.5 miles from Wisbech town centre, close to its junction with the A1101 and adjacent to Leach’s Mill, a former windmill.
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 10 cars, 2 roller shutter doors and an approximate site area of 0.11 hectares (0.29 acres).
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 10 cars, 2 roller shutter doors and an approximate site area of 0.11 hectares (0.29 acres).
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
Motor Trade
323 sq m
(3,477 sq ft)
KWIK-FIT (GB) LIMITED (1) guaranteed by Kwik-Fit Holdings Limited (2)
25 years from 20/03/2007 until 19/03/2032
£36,500
20/03/2017 and 20/03/2022 (3)
Totals
323 sq m
(3,477 sq ft)
£36,500 rising to a minimum of £42,313.50 in 2017
(1) Kwik Fit are experts in automotive repair including tyres, MoT testing, car servicing, exhausts, brakes, and air-con. They are the leading fast-fit supplier of tyres in the country and carry stocks of over 600,000 products in over 600 Centres. (Source: www.kwik-fit.com 29/10/2013) (2)For the year ending 31st March 2012, Kwik-Fit Holdings Limited reported pre-tax profits of £174,094,000 and a total net worth of £111,407,000. (Source: www.riskdisk.com 29/10/2013) (3)The lease provides for the 2017 review to be calculated to the higher of the market rent or 115.9274% of the passing rent (which equates to £42,313.50 p.a.x.). The subsequent review in 2022 is to be calculated to the higher of the passing rent or the market rent.
