Entirely let to Wolseley UK Ltd until 2022 with an option to renew for a further 15 years
Five yearly fixed rental uplifts
Established industrial area
Nearby occupiers include Enterprise Rent-a-Car, Tesco Supermarket, Speedy Hire and Co-Op
On-site car parking & service yard
SPV available (Stamp Duty Saving)
Rent rises to £35,351 per annum exclusive in 2017 (3)
Lot 20
Auction 21st October 2010
Rent £32,018 per Annum Exclusive
Status Withdrawn Post
Price
Sector Retail Warehouse
Auction Venue Millennium Hotel 39-44 Grosvenor Square Mayfair London W1K 2HP
Property Information
Location
Miles
0.5 miles north-east of the town centre, 17 miles south of Manchester, 40 miles west of Sheffield
Roads
A523, A537, A53, M6 (Junction 19)
Rail
Macclesfield Railway Station
Air
Manchester Airport
Situation
The property is situated 0.5 miles north-east of the town centre in a prominent corner position in an established industrial location on the east side of Black Lane, at its junction with Hurdsfield Road. The property is adjacent to Enterprise Rent-a-Car with other nearby occupiers including a Johnstone’s Leyland Decorating Centre, Speedy Hire, Co-Op and Tesco.
Tenure
Virtual Freehold. Held from Wolseley UK Ltd for a term of 845 years and 364 days from 18th January 2007 at a peppercorn rent with an option to purchase the freehold interest for £1 after 18th January 2033.
Location
Miles
0.5 miles north-east of the town centre, 17 miles south of Manchester, 40 miles west of Sheffield
Roads
A523, A537, A53, M6 (Junction 19)
Rail
Macclesfield Railway Station
Air
Manchester Airport
Situation
The property is situated 0.5 miles north-east of the town centre in a prominent corner position in an established industrial location on the east side of Black Lane, at its junction with Hurdsfield Road. The property is adjacent to Enterprise Rent-a-Car with other nearby occupiers including a Johnstone’s Leyland Decorating Centre, Speedy Hire, Co-Op and Tesco.
Tenure
Virtual Freehold. Held from Wolseley UK Ltd for a term of 845 years and 364 days from 18th January 2007 at a peppercorn rent with an option to purchase the freehold interest for £1 after 18th January 2033.
Description
The property comprises a TWO STOREY INDUSTRIAL UNIT providing TRADE COUNTER and WAREHOUSE ACCOMMODATION with ADDITIONAL STORAGE on the first floor. The property benefits from a SERVICE YARD to the rear and PARKING to the front giving a total approximate site area of 0.1 hectares (0.24 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 TWO STOREY INDUSTRIAL UNIT providing TRADE COUNTER and WAREHOUSE ACCOMMODATION with ADDITIONAL STORAGE on the first floor. The property benefits from a SERVICE YARD to the rear and PARKING to the front giving a total approximate site area of 0.1 hectares (0.24 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 Ground First
Trade Counter Warehouse Storage
176.95 sq m 304.74 sq m 80.29 sq m
(1,905 sq ft) (3,280 sq ft) (864 sq ft)
WOLSELEY UK LTD (1)
15 years from 18/01/2007 to 17/01/2022 on a full repairing and insuring lease (2)
£32,018 (3)
16/01/2012 and 5 yearly thereafter (4)(5)
Totals
561.98 sq m
(6,049 sq ft)
£32,018
(1) Wolseley UK Ltd is a FTSE 100 company, the largest specialist trade distributor of plumbing and heating products to professional contractors and a leading supplier of building materials to the professional market. They operate from 4,400 branches in 25 countries worldwide and have 47,000 employees. (Source: www.wolseley.com 13/09/2010)(2) Please note that the lease is subject to a Schedule of Condition.(3) The current rent reserved is £29,000 p.a.x. Under the terms of the lease there will be a fixed rental increase to £32,018 p.a.x. on 16th January 2012. The vendor will pay the buyer the difference between the current rent reserved of £29,000 p.a.x. and £32,018 p.a.x. from completion of sale until this date. As a result, the property will produce an income of £32,018 p.a.x from completion.(4) Under the terms of the lease there will be fixed rental increases equivalent to 2% per annum compound every five years. The fixed rental increases are as follows: 16th January 2012 – £32,018 p.a.x. and 16th January 2017 – £35,351 p.a.x.(5) Please note, the tenant will have an option to request a new 15 year lease at open market rental value. The option is subject to a minimum of 12 months’ notice.
