Let until 2026 (subject to option) on a new 10 year lease
Located in affluent and attractive coastal town
Situated on The Quay overlooking Europe’s largest natural harbour
Nearby occupiers include JD Wetherspoon, Tesco Express and a number of shops, bars, restaurants and museums
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 62
Auction 7th July 2016
Status Sold Prior
Price
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Squafre London W1H 7BG
On behalf of a Major Fund Manager
Property Information
Location
Miles
5 miles west of Bournemouth, 29 miles south-west of Southampton
Roads
A31, A35, M27
Rail
Poole Railway Station
Air
Southampton Airport
Situation
Poole is an attractive tourist coastal town located some 5 miles west of Bournemouth. The property is situated in a prominent location in the town centre on The Quay, a busy thoroughfare overlooking Europe’s largest natural harbour. The property is within a short walk of Dolphin Quays Shopping Centre, the Thistle Hotel and Sunseeker Wharf (home to Sunseeker Yachts), with other nearby occupiers including JD Wetherspoon, Tesco Express and a number of boutiques, bars and restaurants.
Tenure
Virtual Freehold. Held from Poole Quay Residents Company for a term of 999 years from 1st January 2001 at a peppercorn rent.
Location
Miles
5 miles west of Bournemouth, 29 miles south-west of Southampton
Roads
A31, A35, M27
Rail
Poole Railway Station
Air
Southampton Airport
Situation
Poole is an attractive tourist coastal town located some 5 miles west of Bournemouth. The property is situated in a prominent location in the town centre on The Quay, a busy thoroughfare overlooking Europe’s largest natural harbour. The property is within a short walk of Dolphin Quays Shopping Centre, the Thistle Hotel and Sunseeker Wharf (home to Sunseeker Yachts), with other nearby occupiers including JD Wetherspoon, Tesco Express and a number of boutiques, bars and restaurants.
Tenure
Virtual Freehold. Held from Poole Quay Residents Company for a term of 999 years from 1st January 2001 at a peppercorn rent.
Description
The property comprises a ground floor retail unit, currently being fitted out to include a small café area.
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 ground floor retail unit, currently being fitted out to include a small café area.
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 GIA)
Tenant
Term
Rent p.a.x
Review/(Reversion)
Ground
Retail
660.07 sq m
(7,105 sq ft)
TITAN LEATHERCRAFT LTD (1) WITH PERSONAL GUARANTEE
10 years from 08/03/2016 on a full insuring and repairing lease (2)
£60,000 (4)
08/03/2021 (07/03/2026)
Total
660.07 sq m
(7,105 sq ft)
£60,000
(1) Titan Leathercraft is a family run business specialising in personalised leather goods and gifts (Source: www.titanleathercraft.com 21/04/2016). (2) The lease provides an option to determine on 8th March 2021. (3) For the purposes of clarification, Titan Leather Ltd is currently benefiting from a rent free period. The rent will increase to £30,000 pa from 8th September 2016 and to £60,000 pa from 8th March 2017. The seller has agreed to adjust the completion monies so that the unit will effectively produce £60,000 p.a.x. from completion of the sale.
Contacts
Seller's Solicitors
Irwin Mitchell LLP 40 Holborn Viaduct London EC1N 2PZ
