Tenancy & Accommodation
| Floor |
Use |
Floor Areas
Approx sq m |
Floor Areas
Approx sq ft |
Tenant |
Term |
Rent p.a.x. |
Rent Review |
Ground
First |
Retail
Ancillary |
197.02
45.65 |
(2,120)
(491) |
PRETTY BY NATURE LTD
with a guarantee from Eastgate Fashion Ltd
t/a Made in Italy
(1) |
Agreement for Lease signed as at 12 April 2024 for a term of 10 years (2)(3)(4) |
£40,000 |
5th Anniversary of the term |
| Total |
|
242.67 |
(2,611)
(5) |
|
|
£40,000 |
|
(1) Pretty by Nature Ltd is a south coast fashion retailer with stores in Chichester, Lymington, Dorchester, Weymouth and Bridport.
(2) An agreement for lease has been completed on 12/04/2024 with Pretty by Nature Ltd, with guarantee from Eastgate Fashion Ltd, which will trade under the Made in Italy branding. It is anticipated the lease will complete on the 15th May 2024 following completion of lessor repair works. The lease will be on FRI terms subject to a Schedule of Condition.
(3) The current rent reserved under the terms of the lease is £40,000 per annum exclusive, with a rent of £26,250 p.a.x. in the first two years of the lease reflecting 8 months rent free spread evenly across the first two years. The Seller will ‘top-up’ the rent from completion of the sale until the third anniversary of the term, therefore the property will effectively produce £40,000 p.a.x. from completion of the sale.
(4) The lease provides for a tenant option to determine the lease at the end of the 3rd year and after 5 and a half years.
(5) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk).
