Tenancy & Accommodation
| Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Ground
Basement
First/Second
|
Retail
(including
sublet)
Ancillary
Residential
- Six Flats |
649.67 sq m
321.54 sq m
- |
(6,993 sq ft)
(3,641 sq ft)
(-) |
ICELAND FOODS
LIMITED (1) with a
guarantee from
Iceland Topco
Limited (2) |
25 years from
28/02/2005 until
27/02/2030 (3) on a
full repairing and
insuring lease |
£75,093 (4)
rising to £84,961 in
February 2020 (4) and
rising to £96,125 in
February 2025 (4) |
| Total Commercial Area |
971.21 sq m |
(10,634 sq ft) |
|
|
£75,093
rising to £84,961 in
2020 |
(1) For the year ending 25th March 2016, Iceland Foods Limited reported a turnover of £2,658,332,000, pre-tax profits of £58,172,000 and a total net worth of £740,354,000 (Source: Experian Group 15/06/2017).
(2) For the year ending 25th March 2016, Iceland Topco Limited reported a turnover of £2,674,700,000, pre-tax profits of £66,700,000 and shareholders’ funds of £337,700,000 (Source: Financial Statement for Year Ending March 2016).
(3) The lease provides for a tenant option to determine on 28th February 2025, subject to twelve months’ prior written notice.
(4) The tenant is paying half rent for 6 months from March 2017. The Vendor has agreed to adjust the completion monies so that the property effectively produces £75,093 per annum from completion of the sale. The lease provides for fixed rental increases of 2.5% annually compounded.
NB: Part of the ground floor has been sublet to a tenant trading as Tropical Fish & Reptile Centre. The flats at the first/second floors have been sublet and sold off on long leases.
