Tenancy & Accomodation
|Floor||Use||Floor Areas (Approx)||Tenant||Term||Rent p.a.x||Review/|
127.42 sq m
104.51 sq m
(1,371 sq ft)
(1,125 sq ft)
|10 years from|
1/11/2017 (1) (2)
231.93 sq m
(2,496 sq ft)
| || ||£15,000 (3)|| |
(1) The lease is subject to a tenant option to determine on 24/11/2024.
(2) The lease is outside the security of tenure provisions of the Landlord and Tenant Act 1954.
(3) The current rent reserved under the terms of the lease is £12,000 p.a.x. The lease provides for a fixed increase in rent to £13,500 p.a.x. on 01/11/2018 and to £15,000 p.a.x. on 01/11/2019. The seller will pay the buyer the difference between the current rent reserved of £12,000 p.a.x and £13,500 p.a.x. from completion of sale until 01/11/2018 and the difference between £13,500 p.a.x. and £15,000 p.a.x. from 01/11/2018 until 01/11/2019. Therefore the property will produce £15,000 p.a.x. from completion of the sale.
(4) As to the solar energy panels, there is a lease granted in favour of Symbio Energy LLP for a term of 50 years from 7th March 2013 at a current rent reserved of £1 p.a.x. The lease is outside of the security of tenure provisions of the Landlord and Tenant Act 1954, but does provide for a tenant option to extend the lease for a further 50 years. The lease provides for the tenant to operate extensive rooftop solar energy panels and supply electricity to the property. Under the terms of the lease in favour of Symbio Energy LLP, the occupational tenant and the freeholder may benefit from discounted prices for electricity. See lease for details.