Tenancy & Accommodation
Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Review |
Ground Part First |
Retail Ancillary |
1,418.15 sq m 340.70 sq m |
(15,265 sq ft) (3,667 sq ft) |
POUNDSTRETCHER LIMITED t/a Bargain Buys (1) |
10 years from 25/10/2018 until 24/10/2028 (2) on a full repairing and insuring lease |
£100,000 (3) |
25/10/2023 (4) |
Part First Second Roof |
Ancillary Ancillary Plant |
1,306.00 sq m 1,628.60 sq m 194.80 sq m |
(14,057 sq ft) (17,530 sq ft) (2,096 sq ft) |
VACANT |
- |
- |
- |
Total Commercial Area |
4,888.25 sq m |
(52,615 sq ft) |
|
|
£100,000 |
|
|
(1) For the year ending 31st March 2018, Poundstretcher Limited reported a turnover of £387,442,689, pre-tax profits of £2,070,416 and a total net worth of £21,574,962 (Source: Experian Group 21/02/2019). Established in 1981, Poundstretcher is the UK’s leading variety discount retailer for quality food, toiletries, garden essentials and homeware brands and operates from over 400 stores nationwide (Source: www.poundstretcher.co.uk).
(2) The lease is subject to a tenant option to determine on 25th October 2024, subject to the tenant paying a sum equivalent to 3 months’ rent if exercised.
(3) The tenant benefits from a 6 month rent free period, taken as 12 months at half rent from term commencement. The vendor has agreed to adjust the completion monies so that the property will effectively produce £100,000 per annum from completion of the sale until the expiry of the concessionary rent period.
(4) The rent is reviewed upward only, to the higher of the passing rent or a sum equivalent to an indexed-linked review calculated on an RPI basis compounded annually over the 5 years immediately preceding the rent review date.