Tenancy & Accommodation
| Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Reversion |
Ground
First |
Retail
Ancillary |
126.72 sq m
130.62 sq m |
(1,364 sq ft)
(1,406 sq ft) |
BOOTS UK
LIMITED (1) |
20 years and 4 months
from 22/03/2005 on a
full repairing and
insuring lease (2) |
£13,126 |
21/07/2025 |
Total
|
257.34 sq m |
(2,770 sq ft) |
|
|
£13,126 (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 four months expiring 21/07/2020, however a 5 year reversionary lease has been signed from expiry of the current term until 21/07/2025 at a rebased rent of £10,501 p.a.x.
(3) For the purpose of clarification, the current passing rent is £12,932 p.a.x. The current lease provides a fixed rental increase to £13,126 p.a.x from 1st April 2020. The seller has agreed to adjust the completion monies so that the property will effectively produce £13,126 p.a.x from the completion of sale. At the commencement of the reversionary lease on 21/07/2020, the rent will rebase to £10,501 p.a.x and the tenant will benefit from a three month rent free period. The seller has agreed to adjust the completion monies so the sale will effectively produce £10,501 p.a.x. from the commencement of the reversionary lease.
