Entirely let to Magnet Limited until June 2022 (No breaks)
Pedestrianised Town Centre location
Public Car Park located to the rear
Nearby occupiers include McDonald's, Ladbrokes, Zizzi and branches of Lloyds TSB, HSBC and NatWest Banks
Producing £90,041 (2)
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 17
Auction 25th May 2017
Rent £90,041 per Annum Exclusive
Status Withdrawn Post
Price
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
50 miles south-west of Central London, 16 miles south of Reading
Roads
A33, M3
Rail
Basingstoke Railway Station
Air
London Heathrow Airport
Situation
The property is prominently situated in a strong retailing position on the north side of pedestrianised London Street in the heart of the town centre. Nearby occupiers include McDonald's, Ladbrokes, Zizzi and branches of Lloyds, HSBC and NatWest Banks.
Tenure
Freehold.
Location
Miles
50 miles south-west of Central London, 16 miles south of Reading
Roads
A33, M3
Rail
Basingstoke Railway Station
Air
London Heathrow Airport
Situation
The property is prominently situated in a strong retailing position on the north side of pedestrianised London Street in the heart of the town centre. Nearby occupiers include McDonald's, Ladbrokes, Zizzi and branches of Lloyds, HSBC and NatWest Banks.
Tenure
Freehold.
Description
The property comprises retail accommodation on the ground floor with self-contained office accommodation on the first and second floors. The offices are separately accessed from Feathers Yard to the rear of the property. The property benefits from the 150 space Central short stay public car park which is to the rear of the property.
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 retail accommodation on the ground floor with self-contained office accommodation on the first and second floors. The offices are separately accessed from Feathers Yard to the rear of the property. The property benefits from the 150 space Central short stay public car park which is to the rear of the property.
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
Review/(Reversion)
Ground First Second
Retail Offices Offices
152.35 sq m 147.71 sq m 22.29 sq m
(1,640 sq ft) (1,590 sq ft) (240 sq ft)
MAGNET LIMITED (1) (3)
15 years from 25/06/2007 on a full repairing and insuring lease
£90,041 (2)
25/06/2017 (2) (24/06/2022)
Total
322.35 sq m
(3,470 sq ft)
£90,041 (2)
(1) For the year ending 31st December 2015, Magnet Limited reported pre-tax profits of £500,000 and a total net worth of £34,270,000 (Source: Experian Group 13/03/2017). Magnet currently trade from around 170 branches in the UK and are part of the Nobia Group, Europe's largest kitchen group(www.manget.co.uk). (2) The current rent reserved under the terms of the lease is £77,673 per annum exclusive. The lease provides for a fixed increase in the rent on 25th June 2017 to £90,041 per annum exclusive. (3) The tenant has sublet the self-contained offices to a firm of architects.