Tenancy & Accommodation
| Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Reviews/(Reversions) |
| Ground |
Retail/Ancillary |
349.87 sq m |
(3,766 sq ft) |
COBRA COFFEE
LIMITED with Guarantee
(t/a Starbucks) (1) |
10 years from 12/01/2015 (2) |
£58,500 (3) |
11/01/2020
(11/01/2025) |
Part
Ground
First
Second
Third |
Entrance
Office/Ancillary
Office/Ancillary
Office/Ancillary |
78.13 sq m
78.40 sq m
11.06 sq m
|
(841 sq ft)
(844 sq ft)
(119 sq ft)
|
RUSSELL & CO
SOLICITORS LIMITED
(4) |
10 years from 20/05/2013(5) |
£15,000 |
20/05/2020
(26/05/2023) |
| Totals |
|
517.46 sq m |
(5,570 sq ft) |
|
|
£73,500 |
(1) The lease to Cobra Coffee Limited is guaranteed by Cobra Restaurants Limited. The seller is holding a rent deposit equal to three months yearly rent plus VAT. The guarantor will be released from the guarantee and the rent deposit must be repaid to the tenant if satisfactory accounts for the tenant are provided to the landlord. See lease for details.
(2) The lease provides for a tenant option to determine the lease on 11/01/2021 subject to 6 months prior notice.
(3) As to the lease to Cobra Coffee Limited, the current rent reserved is £58,500 p.a.x. The lease provides for the tenant to pay an incentivised rent of £29,250 p.a.x. from 10/03/2015 to 19/03/2016. The seller will pay the buyer the difference between the current rent reserved of £58,500 p.a.x. and £29,250 p.a.x. from completion of the sale until 09/03/2016. Therefore the property will produce £58,500 p.a.x. This will be accounted for on the completion statement.
(4) Russell & Co Solicitors is a specialist and independent firm of solicitors and was established in 1987. In 2007, Russell & Co Solicitors merged with Bannister Hunt Solicitors who were established in 1979 (Source: www.russell-co-legal.co.uk)
(5) The lease provides for a tenant option to determine the lease on 19/02/2020 subject to 6 months prior notice and a penalty of £4,500.
