Tenancy & Accommodation
Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Reviews |
Ground |
Motor Trade and Retail Warehouse |
751.03 sq m |
(8,084 sq ft) |
LET TO KWIK-FIT PROPERTIES LIMITED (1) (Guaranteed by Kwik-Fit Holdings Limited) until 2030 (2) |
30 years from 28/12/2000 until 2030 on a full repairing and insuring lease |
£81,014.29 (3) |
28/12/2015 (3) and five yearly |
Totals |
|
751.03 sq m |
(8,084 sq ft) |
|
|
£81,014 (3) |
(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 16/1/2015)
(2)For the year ending 31st March 2014, Kwik-Fit Properties Limited reported a turnover of £51,000, pre-tax profits of £146,000 and a total-net worth of £2,020,000. (Source: www.riskdisk.com 04/06/2015). For the year ending 31st March 2014, Kwik-Fit Holdings Limited reported pre-tax profits of £95,410,000 and a total net worth of £28,518,000. (Source: www.riskdisk.com 04/06/2015). The unit has been sub-let to Halfords and Motorworld. Full details are available in the legal pack.
(3)Under the terms of the lease the current rent reserved is £69,883.64. The lease provides for the rent to be reviewed on 28/12/2015 to the higher of open market rental value or increased by 115.9274% compounded. Therefore the rent will increase to a minimum of £81,014.29 per annum exclusive on 28/12/2015. The seller will pay the buyer the difference between the current rent reserved of £69,883.64 per annum exclusive and £81,014.29 per annum exclusive. Therefore the property will produce £81,014.29 per annum exclusive. The remaining reviews are then to be to the higher of the passing rent or open market rental value.