The Abbeygate Shopping Centre was originally constructed as an open scheme and was refurbished in 1991 when a glass atrium roof was fitted. The property comprises 40 retail units, a tenant only 62 space car park at first floor level and rear service yard. In addition, there is a two storey office building known as Heron House (separately accessed from Abbey Street), with a secure ground floor lobby and lift area. The retail units trade at ground floor level, with some units benefiting from first floor ancillary space. The retail/ancillary accommodation totals 7,116.74 sq m (76,606 sq ft), with the office accommodation totalling 1,231.68 sq m (13,258 sq ft). Therefore, the total approximate floor area of the property is 8,348.42 sq m (89,864 sq ft). Additionally, the property benefits from an approximate site area of 0.77 hectares (1.90 acres).
A full tenancy schedule is available online on our website www.acuitus.co.uk and within the solicitor’s legal pack.
Retailers include Argos, Brighthouse, Ryman, Card Factory, TUI, Savers, Scope, Subway, Greggs and Peacocks.
Office occupiers include NHS Property Services Limited and Nuneaton & Bedworth Leisure Trust.
62% of total income secured against national multiples
89% occupied by floor area.
(Net income allows for service charge shortfall, insurance and void business rates.)
Retail (including mall entertainment, car parking, roof antenna etc):
Current gross income £704,430 per annum
Current net income £498,390 per annum
Office: Current gross income £63,600 per annum
Current net income £50,031 per annum
Total: Current gross income £768,030 per annum
Current net income £543,421 per annum (allowing for landlord’s shortfall of £219,609 per annum and a £5,000 landlord’s contribution to marketing.
The property is managed and operated under a service charge schedule with the tenants having apportioned percentage contributions based on gross lettable floor area demised. The current service charge budget runs from 1st April 2017 until 31st March 2018 and the present service charge budget amounts to £469,164.03.
Bidder's Legal Report
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