Let to Top Shop/Top Man Properties Limited t/a Topshop on a new 5 year lease (subject to option)
Forms part of Portland Walk Shopping Centre
Nearby occupiers include Debenhams, Boots, New Look, JD Sports and Clarks
Lot 90
Auction 19th October 2017
Rent
Status Sold
Price £392,000
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
67 miles north of Preston, 71 miles south of Carlisle, 97 miles north-west of Leeds
Roads
A590, A595, M6 (Junction 36)
Rail
Barrow-in-Furness Railway Station
Air
Manchester Airport
Situation
Barrow-in-Furness is a large port town in west Cumbria and is a key commercial hub in the North West outside of the major cities. The property is located within the heart of the town centre, occupying a prominent corner position in Portland Walk Shopping Centre. The centre is home to occupiers including Debenhams, Boots, New Look, JD Sports and Clarks. Other nearby occupiers include The Forum Theatre and Barrow Market Hall, which hosts a market four days a week.
Tenure
Freehold.
Location
Miles
67 miles north of Preston, 71 miles south of Carlisle, 97 miles north-west of Leeds
Roads
A590, A595, M6 (Junction 36)
Rail
Barrow-in-Furness Railway Station
Air
Manchester Airport
Situation
Barrow-in-Furness is a large port town in west Cumbria and is a key commercial hub in the North West outside of the major cities. The property is located within the heart of the town centre, occupying a prominent corner position in Portland Walk Shopping Centre. The centre is home to occupiers including Debenhams, Boots, New Look, JD Sports and Clarks. Other nearby occupiers include The Forum Theatre and Barrow Market Hall, which hosts a market four days a week.
Tenure
Freehold.
Description
The property comprises a ground floor retail unit with first floor ancillary accommodation.
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 ground floor retail unit with first floor ancillary accommodation.
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
Reversion
Ground First
Retail Ancillary
257.5 sq m 230.3 sq m
(2,771 sq ft) (2,478 sq ft)
TOP SHOP/TOP MAN PROPERTIES LIMITED guaranteed by Redcastle Limited t/a Topshop (1)
5 years from 01/06/2017 on a full repairing and insuring lease (2)
£40,000
31/05/2022
Total
487.8 sq m
(5,250 sq ft)
£40,000
(1) Topshop & Topman form part of the Arcadia Group and have over 300 UK stores and more than 130 around the world (Source: topshop.com 22/09/2017). (2) The tenant is currently benefitting from a rent free period due to expire on 01/12/2017. The seller has agreed to adjust the completion monies so the unit will effectively produce £40,000 from the completion of sale. The lease provides an option to determine on 01/06/2020, if this option is not exercised the tenant will benefit from 3 months rent free.