Tenancy & Accommodation
Unit |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Review/(Reversion) |
1 |
Trade Counter |
930.22 sq m |
(10,012 sq ft) |
M.K.M BUILDING SUPPLIES LIMITED (1) |
15 years from 19/04/2007 |
£140,809 (2) |
19/04/2017 (18/04/2022) |
2 |
Bakery |
89.10 sq m |
(959 sq ft) |
GREGGS PLC (3) |
15 years from 26/02/2007 |
£19,201 (4) |
26/02/2017 (4) (25/02/2022) |
Totals |
|
1,019.32 sq m |
(10,971 sq ft) |
|
|
£160,010 |
|
(1) For the year ending 30th September 2015, M.K.M Building Supplies Limited reported a turnover of £251,916,000, pre-tax profits of £16,077,000 and a total net worth of £20,222,000. (Source: Riskdisk 10/01/2017) MKM is the UKs largest independent builders merchant, with 47 branches across England and Scotland. (Source: www.mkmbs.co.uk/).
(2) The current rent reserved under the terms of the lease is £124,455 per annum exclsuive. The lease provides for a rent review to the greater of open market rental value or £140,809 per annum exclusive on 19/04/2017. The seller will pay the buyer the difference between £124,455 per annum exclusive and £140,809 per annum exclusive from completion of the sale until 18/04/2017. Therefore Unit 1 of the property will produce £140,809 per annum exclusive from the completion of sale.
(3) For the year ending 2nd January 2016 Greggs Plc reported a turnover of £835,749,000, pre tax profits of £73,028,000 and a total net worth of £256,026,000. (Source: Riskdisk 11/01/2017).
(4) As to unit 2, t he current rent reserved under the terms of the lease is £16,971 per annum exclusive. The lease provides for fixed minimum increases in rent to the greater of open market rental value or £19,201 per annum exclusive on 26/02/ 2017.