Freehold Retail Investment
Freehold Retail Investment
West Kirby is a coastal town on the north-west corner of the affluent Wirral Peninsula. The property is located in the heart of the town centre, on the southern side of the principal retailing thoroughfare, The Crescent. Nearby occupiers include NatWest, Superdrug, Morrisons and Subway.
Freehold.
West Kirby is a coastal town on the north-west corner of the affluent Wirral Peninsula. The property is located in the heart of the town centre, on the southern side of the principal retailing thoroughfare, The Crescent. Nearby occupiers include NatWest, Superdrug, Morrisons and Subway.
Freehold.
The property comprises an attractive double fronted retail unit with ancillary accommodation at first and second floors.
VAT is applicable to this lot.
Band D. Available to download from the legal pack.
The property comprises an attractive double fronted retail unit with ancillary accommodation at first and second floors.
VAT is applicable to this lot.
Band D. Available to download from the legal pack.
| Floor | Use | Floor Areas (Approx) | Tenant | Term | Rent p.a.x | Reversion | |
|---|---|---|---|---|---|---|---|
| Ground First Second |
Retail/Ancillary Ancillary Ancillary |
117.52 sq m 86.96 sq m 56.76 sq m |
(1,265 sq ft) (936 sq ft) (611 sq ft) |
BOOTS UK LIMITED (1) |
20 years and 4 months from 22/03/2005 until 21/07/2025 on a full repairing and insuring lease (2) |
£34,380.86 (3) | 21/07/2025 |
| Total | 261.24 sq m |
(2,812 sq ft) |
£34,380.86 (3) | ||||
(1) For the year ending 31st August 2018, Boots UK Limited reported a turnover of £6,790,000,000, pre-tax profits of £398,000,000 and a total net worth of £875,000,000 (Source: Experian Group 19/09/2019). Boots is the largest pharmacy health and beauty chain in the UK and as at 31st August 2018 had 2,485 stores across the UK (Source: www.boots-uk.com/about-boots-uk/about-boots/boots-in-numbers/ 20/09/2019).
(2) The current lease is for a term of 15 years and 4 months expiring 20/07/2020, however a 5 year reversionary lease has been signed from expiry of the current term until 21/07/2025 at a re-based rent of £27,505 p.a.x.
(3) For the purpose of clarification, the current passing rent is £33,872.77 p.a.x. The current lease provides a fixed rental increase to £34,380.86 p.a.x from 1st April 2020. The seller has agreed to adjust the completion monies so the sale will effectively produce £34,380.86 p.a.x from the completion of sale. At the commencement of the reversionary lease on 22/07/2020, the rent will re-base to £27,505 p.a.x. for the remainder of the term.
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