Retail Let on a New Lease to Boots Opticians Professional Services Limited until 2026 (subject to option)
Busy High Street location
Popular and Historic Cathedral City
Nearby occupiers include WH Smith, Lloyds Bank, Ladbrokes and Vodafone
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 25
Auction 16th February 2017
Rent £36,100 per Annum Exclusive
Status Sold
Price £575,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
17 miles south-west of Bath, 20 miles south of Bristol, 51 north-west of Exeter
Roads
A371, B3139
Air
Bristol Airport
Situation
Wells is a popular and historic cathedral city located immediately south of the Mendip Hills, an area of outstanding natural beauty and home to the Cheddar Gorge - a popular tourist destination. The property is well located on the north side of High Street, close to its junction with Broad Street, in the heart of Wells City centre. Nearby occupiers include WH Smith, Lloyds Bank, Ladbrokes and Vodafone.
Tenure
Freehold.
Location
Miles
17 miles south-west of Bath, 20 miles south of Bristol, 51 north-west of Exeter
Roads
A371, B3139
Air
Bristol Airport
Situation
Wells is a popular and historic cathedral city located immediately south of the Mendip Hills, an area of outstanding natural beauty and home to the Cheddar Gorge - a popular tourist destination. The property is well located on the north side of High Street, close to its junction with Broad Street, in the heart of Wells City centre. Nearby occupiers include WH Smith, Lloyds Bank, Ladbrokes and Vodafone.
Tenure
Freehold.
Description
The property is a Grade II listed building comprising ground floor retail accommodation with residential accommodation on the first floor.
VAT
VAT is not 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 is a Grade II listed building comprising ground floor retail accommodation with residential accommodation on the first floor.
VAT
VAT is not 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
Review/(Reversion)
Ground
Retail
93.27 sq m
(1,004 sq ft)
BOOTS OPTICIANS PROFESSIONAL SERVICE LIMITED AND ROGERS OPTICAL LIMITED (1)
10 years from 14/10/2016 until 2026 (2)
£36,000 (3)
14/10/2021
First
Residential
Not Measured
INDIVIDUAL
150 years from 21/04/2011
£100
(20/04/2161)
Total Commercial Area
93.27 sq m
(1,004 sq ft)
£36,100
(1) For the year ending 31st August 2015, Boots Opticians Professional Services Limited reported a turnover of £391,067,000, pre-tax profits of £39,176,000 and a total net worth of £82,691,000 (Source: Experian Group 12/01/2017). Rogers Optical Limited were incorporated in 2014 and are a Boots Opticians franchisee operator. (2) The lease provides for a tenant option to determine the lease on 14/10/2021. (3) As to the lease of the retail accommodation, the lease provides for a 25% rent concession for the first two quarters from the start of the lease. The rent payable on the 25th March 2017 quarter will be £6,750. The seller will pay the buyer the difference between the full rent due of £9,000 and the concessionary rent of £6,750 by way of an adjustment to the completion statement.