Tenancy & Accommodation
| Floor |
Use |
Floor Areas
Approx sq m |
Floor Areas
Approx sq ft |
Tenant |
Term |
Rent p.a.x. |
Ground
First
Second |
Retail
Ancillary
Ancillary |
391.10
224.50
98.80 |
(4,209)
(2,416)
(1,063) |
TG JONES RETAIL HOLDINGS LIMITED
t/a TG Jones |
A term of years until October 2022 (Holding Over)
(1)(2) |
£58,000
(1)(2) |
| Total |
|
714.40 |
(7,688) |
|
|
£58,000 |
(1) The Tenant is holding over on a statutory continuation tenancy. There are live lease renewal proceedings brought under the Landlord and Tenant Act 1954 in the Coventry County Court. Agreed heads of terms dated 28 February 2024, but the lease not completed, are a term of 5 years at £37,500 pa exclusive, rising to £41,000 pax or open market value, whichever is the higher, at the beginning of the third year and subject to a tenant option to determine at the end of the third year. The new lease to be subject to the implementation of agreed works by the Tenant to the building within the first 12 months as part of an agreed schedule of works to comply with the full repairing covenants. An interim rent claim by the Tenant included within the lease renewal proceedings remains to be settled. See in addition note (2) below. Any prospective purchaser should fully consider all documents disclosed in the legal pack.
(2) The Tenant has implemented a Restructure Plan under Part 26A of the Companies Act 2006. The property falls within a group of properties where varied lease terms are being sought by the Tenant to be applied for a period of time to landlords’ properties generally and a court sanction hearing in this regard is expected by 29 June 2026. Teneo Financial Advisory Ltd are acting for the Tenant. As the Tenant is currently holding over, it is unknown whether terms will be agreed and if they are whether they will be those detailed at note (1) or those sought by the Tenant under the Restructure Plan. The variations to the lease terms sought by the Tenant and communicated by Teneo and that may apply to the property can be found in the legal pack in correspondence received from Teneo. The Seller has not engaged in the restructure process. Any prospective purchaser should fully consider all documents disclosed in the legal pack. The legal pack will be updated as and when any further communication is received from Teneo.
N.B. The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk).
