Tenancy & Accommodation
| Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Gross Rent p.a.x |
Review |
Ground
First
Second |
Retail
Ancillary
Ancillary |
50.29 sq m
60.12 sq m
58.25 sq m |
(541 sq ft)
(647 sq ft)
(627 sq ft) |
PHONES 4U LIMITED
(guaranteed by CAUDWELL SUBSIDIARY HOLDINGS LTD) (1) |
10 years from and including 28/09/2006 on a full repairing and insuring lease |
£38,000 |
28/09/2011 |
| Totals |
|
168.66 sq m |
(1,815 sq ft) |
|
|
£38,000 (2)(3) |
|
(1) For the year ending 31st December 2009, Phones 4U LImited reported a turnover of £619,594,000, pre-tax profits of £420,000 and a total net worth of £103,076,000. (Source: www.riskdisk.com 25/01/2011) For the year ending 31st December 2009 Caudwell Subsidiary Holdings Ltd reported a turnover of £1,000, pre-tax profits of £5,467,000 and a net worth of £93,714,000. (Source: www.riskdisk.com 25/01/2011)
(2) The current gross rental income is £38,000. Therefore the current net rental income after allowing for the head rent payable is £37,990 p.a.x.
(3) The landlord and the tenant agreed to the removal of the tenant’s break option dated 28th September 2010, subject to a nine month rent free period that will expire on 26th May 2011. The seller has agreed to top-up the rent so that the property will effectively produce a gross rent of £38,000 p.a.x. from completion of the sale until the expiry of the rent free period.
