Let to Iceland Foods Limited on a renewed 10 year lease (no breaks)
Tenant in occupation since at least 2001
Well situated in popular seaside tourist resort
Substantial site with parking
VAT free investment
Producing £70,000 p.a.x. (See Note 3)
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 53
Auction 19th May 2016
Rent £70,000 per Annum Exclusive
Status Sold
Price £950,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of Joint Administrative Receivers
Property Information
Location
Miles
8 miles east of Cowes, 10 miles south of Portsmouth
Roads
A3054, A3, M275, M27
Rail
Ryde Esplanade
Ryde St John’s Road
Air
Gatwick International Airport, Southampton Airport
Situation
The property is situated towards the southern end of the pedestrianised High Street and benefits from nearby occupiers including Peacocks, M & Co and Specsavers.
Tenure
Freehold.
Location
Miles
8 miles east of Cowes, 10 miles south of Portsmouth
Roads
A3054, A3, M275, M27
Rail
Ryde Esplanade
Ryde St John’s Road
Air
Gatwick International Airport, Southampton Airport
Situation
The property is situated towards the southern end of the pedestrianised High Street and benefits from nearby occupiers including Peacocks, M & Co and Specsavers.
Tenure
Freehold.
Description
The property comprises a ground floor retail unit. The first floor is currently used as a gym and has independent access from the High Street. The property occupies a substantial site and benefits from parking to the rear accessed via Star Street.
Six Week Completion
Note
This property is being marketed for sale on behalf of Joint Administrative Receivers and therefore no warranties or guarantees in any respect, including Title and VAT, can be given. The information in these particulars has been provided by the Joint Administrative Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Administrative Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor retail unit. The first floor is currently used as a gym and has independent access from the High Street. The property occupies a substantial site and benefits from parking to the rear accessed via Star Street.
Six Week Completion
Note
This property is being marketed for sale on behalf of Joint Administrative Receivers and therefore no warranties or guarantees in any respect, including Title and VAT, can be given. The information in these particulars has been provided by the Joint Administrative Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Administrative Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.
VAT
VAT is not 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
Review (Reversion)
Ground First
Retail/Ancillary Gym
671.50 sq m 228.70 sq m
(7,228 sq ft) (2,462 sq ft)
ICELAND FOODS LIMITED (1) (2)
10 years from 09/01/2016 on a full repairing and insuring lease
£70,000 (3)
09/01/2021 (08/01/2026)
Totals
900.20 sq m
(9,690 sq ft)
£70,000
(1) For the year ending 27th March 2016, Iceland Foods Limited reported a turnover of £2,682,021,000, pre-tax profits of £58,794,000 and a total net worth of £709,630,000 (Source: Experian Group 20/04/2016). (2) The first floor has been sublet to a gym operator trading as ‘Evolution Gym’. Heads of Terms are available within the legal pack. (3) The tenant is currently benefiting from a rent free period due to expire 8th January 2017. The seller has agreed to adjust the completion monies so that the property will effectively produce £70,000 p.a.x from completion of the sale.
Contacts
Seller's Solicitors
Walker Morris LLP Kings Court, 12 King Street Leeds LS1 2HL
