2-4 New Street Leominster Herefordshire HR6 8DP

2-4 New Street
Leominster
Herefordshire
HR6 8DP

Freehold Retail Investment

Entirely let to L M Funerals Limited on a new 25 year lease until 2040 (subject
to options)
Prominent corner position on New Street (A44) close to town centre
Five Yearly Fixed Rental Increases of 2.5% per annum compound (3)
Benefits from a large on-site car park
Legal Title Report <a href="/media/32026/legal title report v4.pdf" target="_blank" title="Legal Title Report V4">here</a>

Lot
21
Auction
11th December 2014
Rent
£22,500 per Annum Exclusive
Status
Sold
Price
£325,000
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On behalf of Laurel Funerals

Interested?

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Freehold Retail Investment

Entirely let to L M Funerals Limited on a new 25 year lease until 2040 (subject
to options)
Prominent corner position on New Street (A44) close to town centre
Five Yearly Fixed Rental Increases of 2.5% per annum compound (3)
Benefits from a large on-site car park
Legal Title Report <a href="/media/32026/legal title report v4.pdf" target="_blank" title="Legal Title Report V4">here</a>

Lot 21
Auction 11th December 2014
Rent £22,500 per Annum Exclusive
Status Sold
Price £325,000
Sector
High Street Retail
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On behalf of Laurel Funerals

Property Information

Location

Miles: 16 miles north of Hereford; 27 miles west of Worcester; 67 miles south of Birmingham
Roads: A417, A4112, A44 A49
Rail: Leominster Railway Station
Air: Cardiff International Airport, Birmingham International Airport

Situation

The property is situated just north of the town centre in a prominent location on the northern side of New Street (A44), close to its junction with Broad Street. Nearby occupiers include Job Centre Plus, Kwik-Fit and NatWest Bank.

Tenure

Freehold.

Location

Miles: 16 miles north of Hereford; 27 miles west of Worcester; 67 miles south of Birmingham
Roads: A417, A4112, A44 A49
Rail: Leominster Railway Station
Air: Cardiff International Airport, Birmingham International Airport

Situation

Tenure

Freehold.

Description

The property comprises a ground floor retail unit operating as a well established funeral parlour based in the town for over 100 years. In addition there is a self-contained three bed residential flat on the first floor. The property benefits from on-site car parking and an approximate site area of 0.06 hectares (0.15 acres).

Six Week Completion

Legal Title Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.

VAT

VAT is not applicable to this lot.

Viewings

There will be block viewings for this property. Interested parties must register their details with the Auctioneers and provide identification on site. Please contact Gwen Thomas. Telephone: +44 (0)20 7034 4857.

EPC

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

Description

VAT

VAT is not applicable to this lot.

Viewings

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	Retail 3 Bed Flat	129.20 sq m 123.83 sq m	(1,391 sq ft) (1,333 sq ft)	L M FUNERALS LIMITED (1)	25 years from completion until January 2040 on a full repairing and insuring lease (2)	£22,500	January 2020 and five yearly to 2.5% per annum (3)
Totals		253.03 sq m	(2,724 sq ft)			£22,500 with five yearly fixed increases (3)

(1) For the year ending 30th June 2013, L M Funerals Limited reported a turnover of £17,399,675, pre-tax profits of £3,801,298 and a total net worth of £9,691,114. (Source: www.riskdisk.com 20/10/2014). Operating in 73 locations, Laurel Funerals is one of the largest collections of individual funeral directors in the UK. (Source: www.laurelfunerals.co.uk 17/11/2014)
(2)The lease provides an option to determine on the fifteenth and twentieth anniversaries of the term.
(3)The lease provides five yearly fixed rental increases to 2.5% per annum compound. The rental income will therefore increase to £25,457 p.a.x in 2020, £28,802 p.a.x in 2025, £32,587 p.a.x in 2030 and £36,869 p.a.x in 2035.