Tenancy & Accommodation
| Unit |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Reviews |
Nissan Unit
Peugeot Unit
Renault Unit
|
Showroom/Offices/Ancillary
Showroom/Offices/Ancillary
Workshop/Ancillary |
2,072.80 sq m
648.50 sq m
250.10 sq m |
(22,310 sq ft)
(6,980 sq ft)
(2,687 sq ft) |
CO-OPERATIVE
GROUP MOTORS
LIMITED guaranteed
by Co-Operative
Group Limited (1) (3) |
25 years from 04/11/2003 until 2028 on a full repairing and insuring lease |
£230,415 (2) |
03/11/2013
and 5-yearly (2) |
| Totals |
|
2,971.40 sq m |
(31,977 sq ft) |
|
|
£230,415 |
(1) For the year ending 31st December 2011, Co-Operative Group Limited reported a turnover of £12,318,000,000, a pre-tax profit of £231,000,000 and a total net worth of £3,501,000,000. (Source www.riskdisk.com 17/10/2012)
(2)The current rent reserved is £203,653 per annum exclusive. The lease provides for a minimum increase in the rent on 3rd November 2013 to £230,415 per annum exclusive or open market rental value, whichever is greater. The Seller is willing to pay the Buyer the difference between the Current Rent Reserved of £203,653 and £230,414 from completion of the sale until 3rd November 2013. Therefore the property will produce £230,415 per annum exclusive from completion of the sale.
(3)An application has been made by the tenant to assign the lease to Vertu Motors (Property) Limited with a guarantee from Vertu Motors plc and Authorised Guarantee Agreement (AGA) from Co-operatives Group Limited. Vertu Motors plc is the 9th largest motor retailer in the UK with over 80 sale outlets nationwide, operating predominantly under Bristol Street Motors. The group currently operates 101 franchised sales outlets. (source www.vertumotors.com) For the year ending 29th February 2012, Vertu Motors plc reported a turnover of £1,088,262,000, a pre-tax profit of £5,541,000 and a net worth of £78,869,000. (Source www.riskdisk.com 08/11/2012)
