Tenancy & Accommodation
| Floor |
Use |
Floor Areas sq m |
Floor Areas sq ft |
Tenant |
Term |
Rent p.a.x. |
Reversion |
| Lower Ground, Ground, First, Second. |
Retail/Ancillary |
4,251.60 |
(45,764) |
NEW LOOK RETAILERS LIMITED (t/a New Look)(CRN: 01618428)(2) |
5 years from 13/08/2025 (3)(5) |
£109,674 (4) |
12/08/2030 |
| Total Approximate Commercial Floor Area |
|
4,251.60(1) |
(45,764) |
|
|
£109,674 (4) |
|
(1) The floor areas stated above are those published by the Valuation Office Agency/HMRC (www.voa.gov.uk).
(2) NEW LOOK RETAILERS LTD is one of the UK's leading fashion retailers, offering womenswear, menswear, footwear and accessories through its nationwide store network and online platform. Founded in 1969, the business trades from approximately 337 stores across the UK. For the year ended 29 March 2025, NEW LOOK RETAILERS LTD reported turnover of £687,730,000. (Sources: New Look Annual Report 2025 and Companies House: 24/06/2026).
(3) As to the occupational lease in favour of New Look Retailers Limited, the lease provides for a mutual option to determine the lease at any time on or after 13th August 2027, subject to serving not less than 6 months written notice on the other. The lease is excluded from the Security of Tenure provisions of the Landlord & Tenant Act 1954. The lease also provides for a Service Charge cap of £192,166 which is subject to upwards only Consumer Price Index linked annual reviews.
(4) The Rent Reserved under the terms of the lease is the greater of the Base Rent of £90,000 per annum exclusive or a Turnover Rent of 4% of Net Sales. In summary, Turnover Rent is payable where 4% of annual turnover is higher than the Base Rent (£90,000). If that is the case, the Turnover Rent payable in addition to the Base Rent is the difference between 4% of annual turnover and £90,000. In effect, the total rent payable under the lease is the higher of, £90,000 p/a or, 4% of annual turnover. Therefore the Turnover Rent is not guaranteed. See the 7th Schedule of the lease for full details of how this process works. For the 10 months from and including August 2025 to May 2026 the Turnover Rent paid was £91,349.85, using the average Turnover Rent paid per month of £9,139 for this period, the equivalent annual Turnover Rent equates to £109,673.82. The Rents shown in the bullet point and table above is the equivalent annual Turnover Rent.
(5) The seller's lease provides the seller's landlord with a right of pre-emption where the seller proposes an assignment. After exchange, the seller must notify the landlord of the terms (including the price) on which the buyer has agreed to purchase the property, along with the details of the buyer, and must make an offer to the landlord to surrender the lease. The landlord has a 20 working day period to confirm whether it accepts the offer. If it accepts, the sale contract will be rescinded and the deposit returned to the buyer. If the landlord does not accept, the sale can proceed but must complete within 3 months of the end of the 20 working day acceptance period. The sale is also conditional on the landlord providing its written consent to the assignment.
(6) Under the terms of the Seller's lease, the reviewed rent shall be either, a sum agreed between the parties at anytime to be the Reviewed Rent or the greater of the Existing annual rent or 10% of the Open Market Rental Value at the review date.
