Tenancy & Accommodation
| Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Reviews |
Ground
First |
Tyre Depot
Storage |
600.00 sq m
83.50 sq m |
(6,459 sq ft)
(904 sq ft) |
KWIK-FIT PROPERTIES LTD,
guaranteed by
KWIK-FIT HOLDINGS LTD (1)(2) |
30 years from 28/12/2000 until 27/12/2030 on a full repairing and insuring lease |
£77,275.18 (3) |
28/12/2010 and 5 yearly thereafter (3)(4) |
| Totals |
|
683.50 sq m |
(7,363 sq ft) |
|
|
£77,275.18 |
|
(1) For the year ending 31st December 2008, Kwik-Fit Properties Ltd reported a turnover of £407,000, pre-tax profits of £4,425,000 and a total net worth of £9,421,000. For the year ending 31st December 2008, Kwik-Fit Holdings Ltd reported a pre-tax profit of £4,292,000 and a net worth of £317,280,000. (Source: www.riskdisk.com 20/09/2010)(2) Please note, the tenant is not currently in occupation and has sub-let part of the premises to Nationwide Autocentres Ltd who are in occupation. An application is pending for the tenant to sub-let the remainder of the premises to Traditional Contemporary Bathrooms Limited. For the year ending 31st January 2010, Traditional Contemporary Bathrooms Limited reported a turnover of £23,967,000, pre-tax profits of £2,139,000 and a net worth of £4,785,000. (Source: www.riskdisk.com 23/09/2010)(3) The current rent reserved is £66,658.25 p.a.x. Under the terms of the lease the 28th December 2010 rent review is to the higher of 115.9274% of the previous year’s rent or open market rental value. Therefore, the minimum rental increase at 28th December 2010 will be £77,275.18 p.a.x. The vendor will pay the buyer the difference in rent between the current rent reserved of £66,658.25 p.a.x and £77,275.18 p.a.x from completion of the sale until 27th December 2010. As a result, the property will produce an income of £77,275.18 p.a.x from completion of the sale.(4) The next rent review will be 28th October 2015 and will be reviewed to the higher of the open market rental value or 115.9274% of the previous year’s rent, therefore the minimum rental increase will be £89,583.10 p.a.x. The following reviews will be to the higher of the passing rent or open market rental value.
