7 High Street
Cowes
Isle of Wight
PO31 7SA

Freehold Retail Investment

  • Let to Day Lewis Plc (on assignment from Boots UK Limited)
  • Fixed rental increase to £34,488.84 in April 2019 (3)
  • Prominent corner position on pedestrianised pitch
  • Popular tourist harbour town
  • Nearby occupiers include M&Co, Fat Face, Musto, Joules and Sainsbury's
  • Lot
    21
  • Auction
    14/Feb/2018
  • Rent
    £33,979 per Annum Exclusive
  • Status
    Sold
  • Price*
    £410,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On Behalf of Trustees
  • 7 High Street<br>Cowes<br>Isle of Wight<br>PO31 7SA
  • Expand
  • Photos
  • Map

Property Information

Location
Miles
4 miles north of Newport, 11 miles west of Ryde
Roads
B3325, A3020, A3054
Air
Gatwick International Airport
Southampton Airport
Situation

Cowes is a popular marina town on the north side of the Isle of Wight, famous for being an international yachting centre. The property occupies a prominent corner position on the pedestrianised High Street. Nearby occupiers include M&Co, Fat Face, Musto, Joules and Sainsbury's.

Tenure

Freehold.

Description

The property comprises a corner ground floor retail unit.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

Tenancy & Accomodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReversion
GroundRetail/Ancillary
213.39 sq m
(2,297 sq ft)
DAY LEWIS PLC (1)
on assignment from
Boots UK Limited
(2)
15 years and 4
months from
25/03/2005
on a full repairing
and insuring lease
£33,979.16
(3)
24/07/2020
Total
213.39 sq m
(2,297 sq ft)
  £33,979.16
(3)
 

(1) The Day Lewis Group is an award winning family business, consisting of one of the largest independent pharmacy chains in the UK and Europe. Day Lewis employs over 2,500 people, owning and managing over 300 pharmacies in the UK today, with the management rights to the pharmacy concession in Harrods (Source: www.daylewis.co.uk 18/01/2018).
(2) Boots UK Limited remain liable by way of an Authorised Guarantee Agreement. For the year ending 31 August 2016, Boots UK Limited reported a turnover of £6,876,000,000, pre-tax profits of £523,000,000 and a total net worth of £1,204,000,000 (Source: Experian Group 17/01/2018). Boots is the UK’s leading pharmacy-led health and beauty retailer. With around 2,500 stores in the UK, ranging from local community pharmacies to large destination health and beauty stores. Boots UK is part of the Retail Pharmacy International Division of Walgreens Boots Alliance, Inc, the first global pharmacy-led health and wellbeing enterprise (Source: www.boots-uk.com 17/01/2018).
(3) The lease provides for 1.5% annual fixed rental increases. The rent will therefore increase to £33,979.16 p.a.x on 01/04/2018 and £34,488.84 p.a.x in April 2019. The seller has agreed to adjust the completion monies so that the unit will effectively produce £33,979.16 p.a.x. from completion of the sale.

Property Documents

  • Site Plan
    Updated Date
    23.01.18
    File Size
    1 MB
    View PDF
  • Catalogue Page
    Updated Date
    23.01.18
    File Size
    645 KB
    View PDF
  • Common Auction conditions
    Updated Date
    27.03.17
    File Size
    124 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
Gwen ThomasGwen Thomas +44 (0)20 7034 4857 +44 (0)7809 363549gwen.thomas@acuitus.co.uk
Georgina RobertsGeorgina Roberts +44 (0)20 7034 4863georgina.roberts@acuitus.co.uk
Seller's Solicitors
Gowling WLG Two Snowhill
Birmingham
B4 6WR
Heather Manning 0121 393 0806heather.manning@gowlingwlg.com

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