9 Bank Street Rawtenstall Lancashire BB4 6QS

9 Bank Street
Rawtenstall
Lancashire
BB4 6QS

Freehold Retail Investment

Let to Boots UK Limited until 2023 (no breaks)
Fixed 1.5% annual rental increases rising to £47,012.74 in 2022 (3)
2020 break option removed
Tenant in occupation since 1976
Nearby occupiers include Halifax, Santander, Ladbrokes and Asda

Lot
41
Auction
28th March 2018
Rent
£44,294 per Annum Exclusive
Status
Sold Post
Price
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On Behalf of Trustees

Important Update

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Freehold Retail Investment

Let to Boots UK Limited until 2023 (no breaks)
Fixed 1.5% annual rental increases rising to £47,012.74 in 2022 (3)
2020 break option removed
Tenant in occupation since 1976
Nearby occupiers include Halifax, Santander, Ladbrokes and Asda

Lot 41
Auction 28th March 2018
Rent £44,294 per Annum Exclusive
Status Sold Post
Price
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On Behalf of Trustees

Property Information

Location

Miles: 17 miles north of Manchester
Roads: A682, A56, M65 (Junction 8)
Air: Manchester Airport

Situation

Rawtenstall is an attractive town located in the Rossendale Valley in Lancashire. The property is located on Bank Street in Rawtenstall’s main retailing location in the town, adjacent to the A682 . Nearby occupiers include Halifax, Santander and Ladbrokes. The location benefits from street parking on Bank Street to the front of the property and the Town Hall Car Park to the rear.

Tenure

Freehold.

Location

Miles: 17 miles north of Manchester
Roads: A682, A56, M65 (Junction 8)
Air: Manchester Airport

Situation

Tenure

Freehold.

Description

The property comprises ground floor retail accommodation with first floor ancillary accommodation and benefits from loading to the rear. The tenant operates an NHS licensed pharmacy from the unit.

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 ground floor retail accommodation with first floor ancillary accommodation and benefits from loading to the rear. The tenant operates an NHS licensed pharmacy from the unit.

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 Ancillary	450.76 sq m 141.86 sq m	(4,852 sq ft) (1,527 sq ft)	BOOTS UK LIMITED (1)	10 years & 3 days from 29/03/2013 on a full repairing and insuring lease	£44,294.66 (2) with annual increases (3)	31/03/2023
Total						£44,294.66

(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) The tenant is currently benefitting from a rent free period expiring 28/02/2019 in exchange for removing the 2020 break option. The seller has agreed to adjust the completion monies so that the unit effectively produces £44,294.66 from the completion of the sale.
(3) The lease provides for annual fixed rental increases of 1.5%. The rent will therefore increase to £44,959.08 p.a.x on 01/04/2019, £45.633.47 p.a.x on 01/04/2020, £46,317.97 on 01/04/2021 and £47,012.14 on 01/04/2022.