Freehold Retail Investment
Freehold Retail Investment
The property is situated in the heart of the town centre, at the junction of Commercial Road and Morley Street approximately 100 metres south of the prime pedestrianised Regent Street, the town's main retail thoroughfare. Nearby occupiers include Martin & Co and Cash Converters.
Freehold.
The property is situated in the heart of the town centre, at the junction of Commercial Road and Morley Street approximately 100 metres south of the prime pedestrianised Regent Street, the town's main retail thoroughfare. Nearby occupiers include Martin & Co and Cash Converters.
Freehold.
The property comprises ground floor retail accommodation with a single unit and a double unit. The first and second floors comprise residential accommodation. The property benefits from a large public car park at the rear.
VAT is applicable to this lot.
Six Week Completion
The EPC will be available to view online in the solicitor’s legal pack.
The property comprises ground floor retail accommodation with a single unit and a double unit. The first and second floors comprise residential accommodation. The property benefits from a large public car park at the rear.
VAT is applicable to this lot.
Six Week Completion
The EPC will be available to view online in the solicitor’s legal pack.
| Unit | Floor | Use | Floor Areas (Approx) | Tenant | Term | Rent p.a.x | Review/ (Reversion) |
|
|---|---|---|---|---|---|---|---|---|
| 1 | Ground | Retail | 93.50 sq m |
(1,006 sq ft) |
RED RECRUITMENT PARTNERSHIP LTD (1) |
10 years from 21/02/2014 (2) |
£19,000 | 21/02/2019 (21/02/2024) |
| 2 3 |
Ground Ground |
Retail Retail |
109.60 sq m 93.55 sq m |
(1,180 sq ft) (1,007 sq ft) |
INDIVIDUAL t/a Polski Sklep and Fantasia Supermarket |
10 years from 17/02/2017 |
£22,500 (3) | (16/02/2027) |
| Upper flats |
First Second |
Residential | Not Measured |
STONE WATER (2) LIMITED |
125 years from 01/01/2002 |
£280 | (01/01/2127) | |
| Totals | 296.65 sq m |
(3,193 sq ft) |
£41,780 (3) | |||||
(1) For the year ending 31st March 2017, Red Recruitment Partnership Ltd reported a turnover of £9,288,437, a pre-tax profit of £443,639 and a net worth of £901,805 (Source: Experian Group 09/11/2017).
(2) The lease provides for a tenant option to determine the lease on 21/02/2020 subject to 6 months’ written notice.
(3) As to Units 2 and 3, under the terms of the lease the current rent reserved is £11,250 per annum exclusive (p.a.x.). The lease provides for a fixed increase in rent to £22,500 p.a.x. on 17/02/2019. The seller will pay the buyer the difference between £11,250 p.a.x. and £22,500 p.a.x. from completion of the sale to 17/02/2019. Therefore, the unit will produce £22,500 p.a.x. from completion of the sale.
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