Tenancy & Accommodation
|Floor||Use||Floor Areas (Approx)||Tenant||Term||Rent p.a.x||Review/Reversion)|
116.20 sq m
10.00 sq m
(1,251 sq ft)
(107 sq ft)
|D P REALTY LIMITED t/a|
Domino’s (1) with a
Domino’s Pizza Group
Plc (2) The tenant is not
currently in occupation.
|20 years from|
126.20 sq m
|(1,358 sq ft)|| || || £33,000 (3) || |
1) For the year ending 30th December 2018, DP Realty Limited reported a turnover of £26,451,000, pre-tax profits of £823,000 and shareholders funds of £4,370,000 (Source:SmartSearch 01/10/2020). Since opening the first Dominos store in the UK in 1985, we now have over 1,000 stores across the country and more than 35,000 team members. Last year, we sold almost 90 million freshly handcrafted pizzas. (Source: www.dominos.co.uk)
(2) For the year ending 29th December 2019 Domino's Pizza Group Plc reported a turnover of £508,300,000, pre-tax profits of £75,100,000 and shareholders fund of negative £29,600,000 (Source: SmartSearch 02/10/2020).
(3) The lease provides for the rent to be reviewed in 2023 to the greater of the Annual Rent or the Open Market Rent and for this to be reviewed in 2028 and 2033 to the greater of 105% of the Annual Rent or the Open Market Rent..
(4) The current rent reserved under the terms of the lease is £31,500 per annum exclusive. The lease provides for the rent to be increased to £32,250 p.a.x from 26th September 2021 and to £33,000 p.a.x from 26th September 2022. The seller will pay the buyer the difference between the £31,500 p.a.x and £33,000 p.a.x from Completion of the Sale to 25th September 2021 and the difference between £32,250 p.a.x and £33,000 p.a.x from 26th September 2021 to 25th September 2022. Therefore the property will provide £30,000 p.a.x from Completion of the Sale.
(5) The residential maisonette has been sublet for a term of 99 years from 25th December 1998 until 2097 at a rent of £25 per annum.