Tenancy & Accommodation
| Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Review |
Ground
|
Retail/Ancillary |
231.24 sq m |
(2,489 sq ft) |
CAVERSHAM FINANCE LIMITED (t/a Brighthouse) (1) |
10 years from 29/05/2015 until 28/05/2025 (2) on a full repairing and insuring lease |
£30,000 (3) |
29/05/2020 |
| Totals |
|
231.24 sq m |
(2,489 sq ft) |
|
|
£30,000 |
(1) Established in 1994, Brighthouse now trade from about 300 stores nationwide. For the year ending 31/03/2014, Caversham Finance Limited reported a turnover of £316,135,000, pre-tax profits of £30,752,000 and a total net worth of £100,279,000. (Source: www.brighthouse.co.uk and www.riskdisk.com 02/06/2015)
(2)The lease provides for a tenant option to determine the lease at any time from the expiry of the fifth year of the term until the expiry of the sixth year of the term.
(3)The rent has been annualised as the tenant pays rent in monthly instalments. There is a stepped-rent provision in the lease providing for an increase in rent from £0 p.a.x. in Year 1 to £27,000 p.a.x in Year 2, £28,000 p.a.x. in Year 3, £29,000 p.a.x in Year 4 and £30,000 p.a.x in Year 5. Please note that the seller has agreed to adjust the completion monies so the property will produce £30,000 p.a.x. from completion of the sale.
NB: The tenant is currently fitting out the unit and intends to commence trading in July.
