11-13 Silver Street Bedford Bedfordshire MK40 1SY

11-13 Silver Street
Bedford
Bedfordshire
MK40 1SY

Freehold Retail Investment

New two year lease from January 2021 (1)
Modest rebased rent
New lease subject to mutual rolling break options, with 3 months notice, outside the provisions of the Landlord and Tenant Act 1954
Large double-fronted shop - circa 4,838 sq ft, with first floor trading
Tenant in occupation since 1998
Of interest to investors, owner occupiers and developers with possible change of use opportunities
Nearby occupiers include Argos, Boots, EE, Greggs, Pandora, Primark, Holland & Barrett, Bodyshop and JD Sports

Lot
7
Auction
28th October 2020
Rent
£15,000 per Annum Exclusive
Status
Sold
Price
£411,000
Auction Venue
Live Streamed Auction
On Behalf of a Real Estate Investment Trust

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Freehold Retail Investment

New two year lease from January 2021 (1)
Modest rebased rent
New lease subject to mutual rolling break options, with 3 months notice, outside the provisions of the Landlord and Tenant Act 1954
Large double-fronted shop - circa 4,838 sq ft, with first floor trading
Tenant in occupation since 1998
Of interest to investors, owner occupiers and developers with possible change of use opportunities
Nearby occupiers include Argos, Boots, EE, Greggs, Pandora, Primark, Holland & Barrett, Bodyshop and JD Sports

Lot 7
Auction 28th October 2020
Rent £15,000 per Annum Exclusive
Status Sold
Price £411,000
Sector
High Street Retail
Auction Venue
Live Streamed Auction
On Behalf of a Real Estate Investment Trust

Property Information

Location

Miles: 17 miles north-east of Milton Keynes; 29 miles west of Cambridge; 50 miles north of London
Roads: A6, A421, A4280
Rail: Bedford
Air: London Luton

Situation

Bedford is an attractive and affluent market town approximately 50 miles north of Central London. Bedford is situated in a strategic location, with the A1 just 8 miles to the east. The property is located on the north side of the pedestrianised Silver Street, just a few metres to Harpur Shopping Centre, with retailers including Argos, Boots, EE, Greggs, Pandora, Primark and Vodafone. Other nearby retailers on Silver Street include, Holland & Barrett, The Bodyshop and JD Sports.

Tenure

Freehold.

Location

Miles: 17 miles north-east of Milton Keynes; 29 miles west of Cambridge; 50 miles north of London
Roads: A6, A421, A4280
Rail: Bedford
Air: London Luton

Situation

Tenure

Freehold.

Description

The property comprises a large prominent, double-fronted shop with three storeys, arranged as a ground floor shop, with further sales accommodation on part of the first floor. The remaining first and second floors are arranged as ancillary accommodation.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

D. See legal pack at www.acuitus.co.uk.

Description

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

D. See legal pack at www.acuitus.co.uk.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x
Ground First Second	Retail/Ancillary Retail/Ancillary Ancillary	190.08 sq m 148.00 sq m 111.40 sq m	(2,046 sq ft) (1,593 sq ft) (1,199 sq ft)	WATERSTONES BOOKSELLERS LIMITED (2)	New lease agreed for a term of 2 years from 09/01/2021, subject to mutual rolling break options (1)	£15,000 (1)
Totals		449.48 sq m	(4,838 sq ft)			£15,000

(1) The property is currently let for a term of 3 years and 4 months from 3rd January 2019 at the current rent of 40,000 pa, with mutual break options on 9 months notice. The tenant served notice to vacate in March 2020, terminating the current lease in January 2021. A new 2 year reversionary lease has been agreed and is in solicitors hands, to commence from January 2021 at a new rent of £15,000 pa, with mutual rolling break options, subject to 3 months notice. The landlord is not able to exercise a break clause between 1st December - 15th January in any given year of the term.
(2) For the year ending 27th April 2019, Waterstones Booksellers Limited reported a total turnover of £392,776,000, pre-tax profits of £27,702,000 and shareholders funds of £40,159,000 (source: SmartSearch 25/09/2020).

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.