Tenancy & Accommodation
Unit | Floor | Use | Floor Areas (Approx) | Tenant | Term | Rent p.a.x | Review/ (Reversion) |
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181 | Ground | Retail | 76.64 sq m | (825 sq ft) | BARNARDO’S (1) | 5 years from 29th September 2013 – holding over (2) | £21,320 | Holding over (2) |
183 | Ground | Retail | 71.91 sq m | (774 sq ft) | CONNELLS RESIDENTIAL t/a Burchell Edwards (3) | 10 years from 3rd September 2012 | £22,700 | 03/09/2017 (02/09/2022) |
185 | Ground | Retail | 200.20 sq m | (2,155 sq ft) | THE WORKS STORES LIMITED (4) | 10 years from 10th May 2018 until 2028 (5) | £42,500 | 10/05/2023 (09/05/2028) |
181 to 185 Flat 1a | First | 2 bedroom flat | 77.57 sq m | (835 sq ft) | INDIVIDUAL | Assured Shorthold Tenancy 1 year from 30/07/2018 | £8,100 | |
181 to 185 Flat 1b | First | 2 bedroom flat | 77.57 sq m | (835 sq ft) | INDIVIDUAL | Assured Shorthold Tenancy 1 year from 13/07/2018 | £8,100 | |
Total | 503.89 sq m | (5,424 sq ft) | | | £102,720 | |
(1) Barnardo’s is a registered children’s charity (registered charity number 216250) that has been in existence for over 150 years. For the year ending 31st March 2017, Barnardo’s reported tangible asset of £41,222,000 (Barnardo’s annual report and account 2016 to 2017).
(2) As to unit 181 let to Barnardo’s, the Landlord has served a section 25 notice quoting a rent of £25,000 per annum exclusive.
(3) For the year ending 31st December 2017, Connells Residential reported a turnover of £99,631,000, pre-tax profits of £10,807,000 and a total net worth of £11,009,000 (Experian 08/11/2018).
(4) For the year ending 29th April 2018, The Works Stores Limited reported a turnover of £192,100,000, pre-tax profits of £7,537,000 and a total net worth of £29,273,000 (Experian 08/11/2018).
(5) As to Unit 185, the lease provides for a tenant option to determine the lease on 9th May 2023 and a rent free period of 3 months if the tenant does not exercise the option to determine.