Majority let to Mountain Warehouse on a new 10 year lease (subject to option) (2)
Prime pedestrianised High Street location in popular seaside tourist resort
Approximately 10 minutes crossing time to Portsmouth via hovercraft
Nearby occupiers include Boots the Chemist, New Look, Costa Coffee, Betfred and WH Smith
Lot 57
Auction 19th October 2017
Rent £40,250 per Annum Exclusive
Status Withdrawn Prior
Price
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of a Major Fund Manager
Property Information
Location
Miles
8 miles east of Cowes, 10 miles south of Portsmouth
Roads
A3054, A3, M275, M27
Rail
Ryde Esplanade, Ryde St Johns Road
Air
Gatwick International Airport, Southampton Airport
Situation
The property is situated in a prominent position on the western side of the pedestrianised High Street. Nearby occupiers include Boots, New Look, Costa Coffee, Betfred and WH Smith.
Tenure
Freehold.
Location
Miles
8 miles east of Cowes, 10 miles south of Portsmouth
Roads
A3054, A3, M275, M27
Rail
Ryde Esplanade, Ryde St Johns Road
Air
Gatwick International Airport, Southampton Airport
Situation
The property is situated in a prominent position on the western side of the pedestrianised High Street. Nearby occupiers include Boots, New Look, Costa Coffee, Betfred and WH Smith.
Tenure
Freehold.
Description
166/167 High Street comprises a ground floor retail unit with ancillary staff and storage accommodation on the first floor. 12 John Street comprises a ground floor retail unit with first floor ancillary accommodation and has been let on a long lease. The second floor of 166 High Street provides self-contained residential accommodation which has been let on a long lease.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
166/167 High Street comprises a ground floor retail unit with ancillary staff and storage accommodation on the first floor. 12 John Street comprises a ground floor retail unit with first floor ancillary accommodation and has been let on a long lease. The second floor of 166 High Street provides self-contained residential accommodation which has been let on a long lease.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
166/167 High Street
Ground First
Retail Ancillary
209.80 sq m 100.20 sq m
(2,258 sq ft) (1,079 sq ft)
MOUNTAIN WAREHOUSE LIMITED (1)
10 years from October 2017 until October 2027 (2)
£40,000
October 2022
Top Floor Flat, 166 High Street
Second
Residential
Not measured
INDIVIDUAL
125 years from 30/11/2012 until 29/11/2137
£250
30/11/2032 and every 20 years
12 John Street
Ground First
Retail Ancillary
Not measured
INDIVIDUALS t/a Premier Convenience Store
999 years 14/03/2012 until 13/03/3011
Peppercorn
(13/03/3011)
Total
310 sq m
(3,337 sq ft)
£40,250
(1) For the year ending 28th February 2016, Mountain Warehouse Limited reported a turnover of £141,403,000, pre-tax profits of £16,246,000 and a total net worth of £49,311,000 (Source: Experian Group 25/04/2017). (2) The lease is currently in solicitors’ hands and is due to complete imminently. The lease provides a tenant option to determine at the end of the 5th anniversary of the term and an effective 9 months rent free from completion of the lease. The seller has agreed to adjust the completion monies so that the unit will effectively produce £40,000 p.a.x. from completion of the sale.
