Let to Heron Foods Ltd on a 17.5 year lease until 2031 (option to renew until 2041)
Heron Foods Ltd was incorporated in 1978 and has reported profits for the last 27 years
Guaranteed rental increases with Rent Reviews linked to Consumer Price Index (CPI) (subject to a minimum of 1% and a maximum of 3%)
Neighbouring occupiers include Boots the Chemist, Superdrug, Barclays Bank, Specsavers and W H Smith
Producing £40,000 per annum exclusive rising to a minimum of £42,040 in 2019
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 45
Auction 13th October 2016
Rent £40,000 per Annum Exclusive
Status Sold
Price £585,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Squafre London W1H 7BG
Property Information
Location
Miles
21 miles north-east of Peterborough, 50 miles north of Cambridge, 51 miles south-east of Nottingham
Roads
A16, A151
Rail
Spalding Railway Station
Air
Birmingham International Airport, Stansted Airport
Situation
The property is situated on the north side of Sheep Market, some 50 metres from pedestrianised Hall Place, Spaldings prime retailing thoroughfare. Neighbouring occupiers include Boots the Chemist, Superdrug, Barclays Bank, Specsavers and W H Smith.
Tenure
Freehold.
Location
Miles
21 miles north-east of Peterborough, 50 miles north of Cambridge, 51 miles south-east of Nottingham
Roads
A16, A151
Rail
Spalding Railway Station
Air
Birmingham International Airport, Stansted Airport
Situation
The property is situated on the north side of Sheep Market, some 50 metres from pedestrianised Hall Place, Spaldings prime retailing thoroughfare. Neighbouring occupiers include Boots the Chemist, Superdrug, Barclays Bank, Specsavers and W H Smith.
Tenure
Freehold.
Description
The property comprises a ground floor retail unit with ancillary accommodation on the first floor and benefits from rear access off Chapel Lane.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor retail unit with ancillary accommodation on the first floor and benefits from rear access off Chapel Lane.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
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
Reviews
Ground First
Retail Ancillary
350.40 sq m 154.00 sq m
(3,772 sq ft) (1,658 sq ft)
HERON FOODS LIMITED (1)
17.5 years from 06/01/2014 until 05/07/2031 with a tenant option to renew until 2041 on a full repairing and insuring lease
£40,000
2019, 2024 & 2029 rental increases by CPI (subject to minimum of 1% and a maximum of 3%) 5 yearly compounded annually
Totals
504.40 sq m
(5,430 sq ft)
£40,000
(1) Heron Foods Ltd was incorporated in 1978 and operates from some 240 outlets nationally. In some 27 years of trading Heron Foods Ltd have always reported annual profits. For the year ending 27th December 2014, Heron Foods Limited reported a turnover of £255,138,454, pre-tax profits of £1,908,478 and a total net worth of £28,145,411. (Source: www.riskdisk.com 05/09/2016)
