New Reversionary Lease signed with over 29 years term certain (no breaks)
Forms part of Enterprise 5 Retail Park
Nearby occupiers include Morrisons, Pets at Home, Poundstretcher and Peacocks
Lot 4
Auction 5th December 2018
Rent £64,950 per Annum Exclusive
Status Sold
Price £1,300,000
Sector Leisure
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of Morrisons Plc
Property Information
Location
Miles
3 miles north of Braford city centre
10 miles west of Leeds
Roads
A658, A6177, A650
Rail
Bradford Interchange
Air
Leeds Bradford Airport
Situation
The property is prominently situated 3 miles north of Bradford city centre on Bradford Road and forms part of the established Enterprise 5 Retail Park. The park contains a parade of 12 retail units adjoining a major Morrisons superstore, petrol filling station and a shared car park for 832 vehicles. Additional occupiers include Pets at Home, Poundstretcher, Peacocks, Specsavers, and Pure Gym.
Tenure
Long Leasehold. Held for a term of 125 years from completion at a peppercorn rent.
Location
Miles
3 miles north of Braford city centre
10 miles west of Leeds
Roads
A658, A6177, A650
Rail
Bradford Interchange
Air
Leeds Bradford Airport
Situation
The property is prominently situated 3 miles north of Bradford city centre on Bradford Road and forms part of the established Enterprise 5 Retail Park. The park contains a parade of 12 retail units adjoining a major Morrisons superstore, petrol filling station and a shared car park for 832 vehicles. Additional occupiers include Pets at Home, Poundstretcher, Peacocks, Specsavers, and Pure Gym.
Tenure
Long Leasehold. Held for a term of 125 years from completion at a peppercorn rent.
Description
The property comprises a modern purpose built, single storey drive-thru with indoor and outdoor seating areas. The property benefits from the use of the shared estate customer parking during normal business hours.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
EPC Rating Band B.
See legal pack at www.acuitus.co.uk.
Description
The property comprises a modern purpose built, single storey drive-thru with indoor and outdoor seating areas. The property benefits from the use of the shared estate customer parking during normal business hours.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
EPC Rating Band B.
See legal pack at www.acuitus.co.uk.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground
Restaurant/ Ancillary
227.05 sq m
(2,440 sq ft)
MCDONALD’S RESTAURANTS LIMITED (1)
50 years from 22/12/1997 expiring in 21/12/2047 (2) on a full repairing and insuring lease
£64,950
22/12/2022 and five yearly
Total
227.05 sq m
(2,440 sq ft)
£64,950
(1) For the year ending 31st December 2017, McDonald’s Restaurants Ltd reported a turnover of £1,593,489,000, pre-tax profits of £341,009,000 and a total net worth of £1,332,438,000 (Source: Experian Group 01/11/2018). (2) The current lease is for a term of 25 years expiring 21/12/2022, however a reversionary lease has been signed from 22/12/2022 for a further 25 years until 21/12/2047. McDonald’s Limited will benefit from a 12 month rent free period from 01/12/2018. The seller has agreed to adjust the completion monies so that the unit will effectively produce £64,950 p.a.x. from completion of the sale.
Contacts
Seller's Solicitors
Eversheds Sutherland Bridgewater Place, Water Lane Leeds LS11 %DR
