Tenancy & Accommodation
| Unit |
Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Review/
(Reversion) |
| 6 |
Ground
First
Second |
Retail
Ancillary
Ancillary |
675.96 sq m
635.29 sq m
117.20 sq m |
(7,275 sq ft)
(6,838 sq ft)
(1,261 sq ft) |
POUNDSTRETCHER
LIMITED (1) |
10 years
from May
2019 (2) |
£55,000 |
May 2024 (3)
(May 2029) |
| 4 |
Ground
First
Second |
Retail
Retail/Ancillary
Ancillary |
70.20 sq m
48.00 sq m
37.10 sq m |
(755 sq ft)
(516 sq ft)
(399 sq ft) |
STONEBEACH LTD
(in administration) (4) |
|
|
|
| Total Commercial Area |
1,583.75 sq m |
(17,044 sq ft) |
|
|
£55,000 |
|
(1) For the year ending 31 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 18/04/2019).
(2) The lease is due to complete imminently - an agreement for lease is available within the legal pack. The lease provides a tenant option to determine on the 5th anniversary of the term. The tenant will benefit from a 12 month rent free period. The seller has agreed to adjust the completion monies so the unit will effectively produce £55,000 p.a.x.
(3) The rent review increase is geared to the higher of a) passing rent or b) the lower of 115% of the passing rent or OMRV.
Refer to the lease for full details.
(4) Unit 4 is currently let to Stonebeach Ltd (in administration) on a lease expiring 21/11/2022, however the tenant is not in occupation and has not paid the most recent quarter's rent. There has been occupier interest in the unit. Please refer to the auctioneers for further information.
