Auction Venue Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of a Major Fund
Property Information
Location
Miles
28 miles north of Cheltenham, 29 miles south-west of Birmingham, 34 miles south-west of Royal Leamington Spa
Roads
M5 (Junctions 6 & 7), M42, M6
Rail
Worcester Foregate Street Railway Station
Air
Birmingham International Airport
Situation
The property occupies a highly prominent trading position with frontages onto pedestrianised Broad Street and Friary Walk within the CrownGate Shopping Centre. Footfall in the vicinity of the property is excellent, with House of Fraser, Debenhams and Primark all nearby. The property also benefits from its proximity to the city’s main bus station, situated to the rear of the CrownGate Shopping Centre.
Tenure
Long Leasehold. Held for a term of 150 years from 05/01/1992 at a peppercorn rent.
There is a Landlord option to purchase the leasehold interest from 5 January 2042 for redevelopment purposes. If such option is exercised, the leaseholder may choose to participate in the redevelopment or to be paid compensation on the basis of full Market Value in accordance with the Headlease. Further details, including deferrals of this option, are available in the legal pack.
Location
Miles
28 miles north of Cheltenham, 29 miles south-west of Birmingham, 34 miles south-west of Royal Leamington Spa
Roads
M5 (Junctions 6 & 7), M42, M6
Rail
Worcester Foregate Street Railway Station
Air
Birmingham International Airport
Situation
The property occupies a highly prominent trading position with frontages onto pedestrianised Broad Street and Friary Walk within the CrownGate Shopping Centre. Footfall in the vicinity of the property is excellent, with House of Fraser, Debenhams and Primark all nearby. The property also benefits from its proximity to the city’s main bus station, situated to the rear of the CrownGate Shopping Centre.
Tenure
Long Leasehold. Held for a term of 150 years from 05/01/1992 at a peppercorn rent.
There is a Landlord option to purchase the leasehold interest from 5 January 2042 for redevelopment purposes. If such option is exercised, the leaseholder may choose to participate in the redevelopment or to be paid compensation on the basis of full Market Value in accordance with the Headlease. Further details, including deferrals of this option, are available in the legal pack.
Description
The property comprises a well configured retail unit with ground floor sales accommodation benefiting from two full height glazed frontages. There is storage and ancillary accommodation over basement and first floor levels.
6 Week Completion (subject to landlord's consent to assign)
Buyer's Legal 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 applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a well configured retail unit with ground floor sales accommodation benefiting from two full height glazed frontages. There is storage and ancillary accommodation over basement and first floor levels.
6 Week Completion (subject to landlord's consent to assign)
Buyer's Legal 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 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 Basement
Sales/Storage Storage Storage
1,454 sq m 1,360 sq m 191 sq m
(15,651 sq ft) (14,643 sq ft) (2,063 sq ft)
NEW LOOK RETAILERS LTD (1)
10 years from 25/12/2016 until 24/12/2026 on a full repairing and insuring lease (2)
£308,500
25/12/2016 25/12/2021
Totals
3,005 sq m
(32,357 sq ft) (3)
£308,500
(1) New Look is the UK’s number one footwear retailer by volume and has been ranked the 2nd largest womanswear retailer in the UK by value by Kantar Worldpanel. New Look currently trades from over 1,160 stores globally, as well as running a very successful e-commerce site with revenue increasing by 36.4% since September 2013. In total, the company employs approximately 30,000 people, 17,000 of which are based in the UK within its 576 stores. (Source: New Look 2014 Annual Report) For the year ending 29/03/2014, New Look Retailers Ltd reported a turnover of £1,273,813,000 pre-tax profits of £116,956,000 and a total net worth of £68,354,000. (Source: www.riskdisk.com 20/02/2015). (2)The tenant is currently occupying under the terms of the existing 16 year lease from 25/12/2000 until 24/12/2016. This lease was extended by virtue of the 10 year reversionary lease as stated above. (3) The areas stated are Gross Internal.
