Tenancy & Accommodation
| Unit |
Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Review/(Reversion) |
2/4/6/8/10
Market Street &
1, 3 & 5 Hotel Street |
Ground
First
Second
Basement |
Retail
Ancillary
Ancillary
Ancillary |
192.00 sq m
143.30 sq m
122.00 sq m
Not measured |
(2,066 sq ft)
(1,542 sq ft)
(1,313 sq ft) |
SPORTSWIFT
LIMITED t/a
Card Factory (1) |
10 years
from 18/08/2015 (2) |
£60,000 (2) |
18/08/2020
(18/08/2025) |
| Total |
|
|
457.30 sq m |
(4,921 sq ft) |
|
|
£60,000 |
|
(1) For the year ending 31 January 2015, Sportswift Limited reported a turnover of £336,676,000, pre-tax profits of £62,320,000 and a total
net worth of £58,826,000. (Source: Experian Group 12/09/2016). Card Factory is the UK's leading specialist retailer of greeting cards, gift
dressings and associated gift and party products with over 800 stores in the UK and c.6,500 employees. (Source: cardfactory.co.uk
12/09/2016)
(2) The current lease is for a term of 5 years expiring 17/08/2020, although, in addition, a reversionary lease is in place from expiry of the
current term until 17/08/2025. Sportswift Limited will benefit from a 12 month rent free period at the beginning of the reversionary
lease. The seller has agreed to adjust the completion monies so that the unit will effectively produce £60,000 per annum from
completion of the sale.
(3) The tenant is currently fitting out the unit and is due to take occupation in mid October.
(4) The tenant is currently benefitting from a six month rent free period due to expire on 23/12/2016. The lease provides fixed rental
increases to £14,000 in 22/12/2017 and £15,000 in 22/12/2019. The seller has agreed to adjust the completion monies so that the unit will
effectively produce £15,000 p.a.x. from completion of the sale.
