Freehold Roadside Investment with Annual Uncapped RPI Rent Reviews
Let to Halfords Autocentres Limited
Lease expires August 2036 (No breaks) (1)
Annual UNCAPPED RPI-linked rent reviews
Tenant in occupation since 2003
Nearby occupiers include Amazon, Screwfix, Toolstation and Howdens.
Lot 26
Auction 22nd September 2022
Rent £44,260 per Annum Exclusive (3) rising annually
Status Sold
Price £685,000
Sector Industrial, Warehouse
Auction Venue Live Streamed Auction
Property Information
Location
Miles
5 miles north west of Manchester City Centre, 8 miles south east of Bolton
Roads
A580, A6, M60, M61
Rail
Moorside and Swinton Railway Stations
Air
Manchester Airport
Situation
The property is located in Pendlebury, which is situated immediately south of the junction of M60, M61 and M62, some 5 miles north-west of Manchester City Centre. The property is prominently located on the corner of Bolton Road and Labtec Street just off the A580, 3 miles east of junction 14 of the A6.
The immediate locality serves as a well established commercial hub with a large number of warehouse/industrial units with nearby occupiers including Amazon, Screwfix, Toolstation and Howdens.
Tenure
Freehold.
Location
Miles
5 miles north west of Manchester City Centre, 8 miles south east of Bolton
Roads
A580, A6, M60, M61
Rail
Moorside and Swinton Railway Stations
Air
Manchester Airport
Situation
The property is located in Pendlebury, which is situated immediately south of the junction of M60, M61 and M62, some 5 miles north-west of Manchester City Centre. The property is prominently located on the corner of Bolton Road and Labtec Street just off the A580, 3 miles east of junction 14 of the A6.
The immediate locality serves as a well established commercial hub with a large number of warehouse/industrial units with nearby occupiers including Amazon, Screwfix, Toolstation and Howdens.
Tenure
Freehold.
Description
The property comprises a single-storey roadside car servicing centre that benefits from parking for approximately 6 cars to the front of the building.
VAT
VAT is applicable to this lot.
Completion Period
31st October Completion
EPC
Band E
Description
The property comprises a single-storey roadside car servicing centre that benefits from parking for approximately 6 cars to the front of the building.
VAT
VAT is applicable to this lot.
Completion Period
31st October Completion
EPC
Band E
Tenancy & Accommodation
Floor
Use
Gross Internal Floor Areas Approx sq m
Gross Internal Floor Areas (Approx sq ft)
Tenant
Term
Rent p.a.x.
Annual Rent Reviews
Ground
Workshop/Office
251.02
(2,702)
HALFORDS AUTOCENTRES LIMITED (2)
40 years (less 1 day) from 19/08/1996 on a full repairing and insuring lease (1)
£44,260.08 (3)
29/09/2022 and annually thereafter (3)
Total
251.02
(2,702)
£44,260.08 (3)
(1) The property is let by way of a 35 year lease (less 1 day), from 19/08/1996, expiring on 17/08/2031. The lease is subject to a landlord option to renew to be exercised at any time for a term of 5 years and 1 day from 18/08/2031. The lease is also subject to a tenant option to renew for a term of 5 years and 1 day to be exercised at any time on or after 18/08/2030 - please see lease. The property has been sublet to Formula One Autocentre Limited by way of a sublease on identical terms to the Halfords lease, with the same RPI reviews and 5-year extension options. (2) Halfords Autocentres Limited is one of the UK’s leading MOT, car servicing, repairs and tyre specialists. The company services hundreds of thousands of vehicles every year across a network of over 600 Autocentres nationwide (www.blog.halfords.com 30/08/2022) (3) The lease is subject to uncapped, annual RPI-linked rent reviews on 29th September each year. The lease allows for an increase in the passsing rent to the higher of 2% and the 12-month RPI % for the month of July. The current rent passing under the terms of the lease is £39,398.32 p.a. from September 2021, but this will rise to £44,260.08 p.a. from 29/09/2022 (July RPI figure 12.34%) - please see lease
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.
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