Established retail park and trade counter location adjoining Sainsbury’s Superstore
Excellent communication links via the M6, M69 and M1
Six Week Completion Period Available
Lot 8
Auction 29th March 2012
Rent £120,000 per Annum Exclusive
Status Sold Post
Price
Sector Industrial/Warehouse
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
Property Information
Situation
The property is situated north of Coventry city centre in an established retail and trade counter location close to a major roundabout and the Gallagher Retail Park. The property benefits from excellent communication links, via the busy A444 to the M6 and M69 and onto the wider motorway network. It adjoins a large Sainsbury’s superstore and a new KFC restaurant has opened nearby. Other local occupiers include the Range and McDonald’s.
Tenure
Freehold. .
Situation
The property is situated north of Coventry city centre in an established retail and trade counter location close to a major roundabout and the Gallagher Retail Park. The property benefits from excellent communication links, via the busy A444 to the M6 and M69 and onto the wider motorway network. It adjoins a large Sainsbury’s superstore and a new KFC restaurant has opened nearby. Other local occupiers include the Range and McDonald’s.
Tenure
Freehold. .
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a detached single storey warehouse of steel portal frame construction with additional two storey integral offices. The building has 3 loading doors with an eaves height of approximately 6 metres and is used for the distribution and sale of ceramic tiles. In addition there is a large service area with car parking for some 86 cars. The site area is approximately 0.94 hectares (2.32 acres) with a low site coverage of some 32%.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Rent Reviews
Ground Ground First
Warehouse Office Office
2,649.15 sq m 148.64 sq m 148.17 sq m
(28,516 sq ft) (1,600 sq ft) (1,595 sq ft)
EURO CLADDINGS LIMITED (1)
10 years from 25/01/2011 until 24/01/2021 on a full repairing and insuring lease (2) (3)
£120,000, with fixed increases to £130,000 in 2013 and to £140,000 in 2014 (4)
24/01/2017
Totals
2,945.96 sq m
(31,711 sq ft)
£120,000
(1) For the year ending 30th June 2011 Euro Claddings Limited reported a total net worth of £3,392,518. (Source:www.riskdisk.com 16/01/2012) (2) There is a tenant option to determine on the 25th January 2014 with 6 months’ notice. (3) The lease is subject to a schedule of condition. (4) On the 25th January 2013 the rent will rise to £130,00 pax and on 25th January 2014 to £140,000 p.a.x.
