Nearby occupiers include Iceland, Poundland and McDonald's
Popular and Prosperous Dorset Town
Lot 33
Auction 13th July 2017
Rent £70,000 per Annum Exclusive
Status Sold
Price £940,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On the Instructions of LaSalle Investment Management
Property Information
Location
Miles
5 miles west of Bournemouth,, 29 miles south-west of Southampton
Roads
A31, A35, M27
Rail
Poole Railway Station
Air
Southampton Airport
Situation
The property occupiers a prominent corner position at the junction of the pedestrianised High Street and Globe Lane, in the heart of Poole town centre. Other retailers on High Street include Iceland, Poundland, McDonald's, JD
Wetherspoon, Superdrug, Starbucks and WHSmith. Chapel Lane Car Park is less than 100m away.
Tenure
Freehold.
Location
Miles
5 miles west of Bournemouth,, 29 miles south-west of Southampton
Roads
A31, A35, M27
Rail
Poole Railway Station
Air
Southampton Airport
Situation
The property occupiers a prominent corner position at the junction of the pedestrianised High Street and Globe Lane, in the heart of Poole town centre. Other retailers on High Street include Iceland, Poundland, McDonald's, JD
Wetherspoon, Superdrug, Starbucks and WHSmith. Chapel Lane Car Park is less than 100m away.
Tenure
Freehold.
Description
The property comprises a large shop arranged on the ground and first floors, benefitting from a return frontage to Globe Lane and car parking/servicing at the rear.
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 large shop arranged on the ground and first floors, benefitting from a return frontage to Globe Lane and car parking/servicing at the rear.
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
Ground First
Retail/Ancillary Retail/Ancillary
372.90 sq m 347.90 sq m
(4,014 sq ft) (3,745 sq ft)
PEACOCKS STORES LIMITED (1)
25 years and one day from 07/08/1998 until 07/08/2023 (2) on a full repairing and insuring lease
£70,000 (2)
Totals
720.80 sq m
(7,759 sq ft)
£70,000 (2)
(1) For the year ending 27th February 2016, Peacocks Stores Limited reported a turnover of £369,711,000, a pre-tax profit of £67,879,000 and a total net worth of £141,072,000 (Source: Experian Group 12/04/2017). Peacocks is part of the Edinburgh Woollen Mill Group which includes brands such as Edinburgh Woollen Mill, Jane Norman and Ponden Home (Source: www.peacockscorporate.co.uk 13/06/2017). (2) The property was originally let on a 20 year lease expiring 6th August 2018. A new reversionary lease has been agreed but has not yet completed for a term commencing on 7th August 2018 expiring 7th August 2023 at a fixed rent of £70,000 per annum. Peacocks Stores Limited will benefit from a 12 month rent free period from completion of the new lease. The seller has agreed to adjust the completion monies so that the property will effectively produce £70,000 per annum from completion of the sale until the expiry of the rent free period.
