27 / 29 High Street
Rushden
Northamptonshire
NN10 0QE

Freehold Retail Investment

  • Let to Boots UK Limited until 2023 (no breaks)
  • Fixed 1.5% annual rental increases rising to £49,910.79 in 2022 (4)
  • 2020 break option removed (3)
  • Tenant in occupation since 1919
  • Nearby occupiers include Peacocks, Lloyds Bank, WH Smith and Argos
  • Lot
    5
  • Auction
    28/Mar/2018
  • Rent
    £47,025 per Annum Exclusive
  • Status
    Sold
  • Price*
    £700,000
  • Sector
    High Street Retail
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
  • On Behalf of Trustees
Important Property Update
  • 27 / 29 High Street<br>Rushden<br>Northamptonshire<br>NN10 0QE
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Property Information

Location
Miles
5 miles east of Wellingborough, 15 miles north-east of Northampton, 17 miles north-west of St Neots
Roads
A6, A45, A509
Rail
Wellingborough Rail Station
Air
Luton Airport
Situation

Rushden is a popular town in Northamptonshire located some 15 miles north-east of Northampton. The property is prominently situated on the western side of High Street, close to its junction with Newton Road. Nearby occupiers include Peacocks, Lloyds Bank, WH Smith and Argos.

Tenure

Freehold.

Description

The property comprises two ground floor retail units with ancillary accommodation on part first floor. Part of the first floor and second floor comprise former office accommodation, which are self-contained and accessed via High Street and are not currently used by the tenant. The tenant operates an NHS licensed pharmacy from the unit.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

Bidder's Legal Report

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Tenancy & Accomodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReversion
Ground
Ground
Basement
Part First
Part First
Second
Retail
Storage
Ancillary
Retail/Ancillary
Office
Office
178.65 sq m
102.28 sq m
27.96 sq m
31.02 sq m
141.11 sq m
71.81 sq m
(1,923 sq ft)
(1,101 sq ft)
(301 sq ft)
(334 sq ft)
(1,519 sq ft)
(773 sq ft)
BOOTS UK
LIMITED (1) (2)
10 years & 3
days from
29/03/2013 (3)
on a full
repairing and
insuring lease
£47,025.16
(3) with
annual
increases (4)
31/03/2023
Total
552.83 sq m
(5,951 sq ft)
  £47,025.16 

(1) For the year ending 31st 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 23/02/2018).
(2) We understand the tenant has sublet part of the ground floor to Jans Floral Boutique Limited.
(3) The tenant is currently benefitting from a rent free period expiring 31/12/2018 in exchange for removing the 2020 break option. The seller has agreed to adjust the completion monies so that the unit effectively produces £47,025.16 from the completion of the sale.
(4) The lease provides for annual fixed rental increases of 1.5%. The rent will therefore increase to £47,730.53 p.a.x on 01/04/2019, £48,446.49 p.a.x on 01/04/2020, £49,173.19 on 01/04/2021 and £49,910.79 on 01/04/2022.

Property Documents

  • Catalogue Page
    Updated Date
    06.03.18
    File Size
    813 KB
    View PDF
  • Site Plan
    Updated Date
    06.03.18
    File Size
    2 MB
    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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