Tenancy & Accommodation
| Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Review |
Sales/Offices
Warehouse
First Floor Office/Ancillary
|
167.09 sq m (1,798 sq ft)
653.42 sq m (7,033 sq ft)
81.43 sq m (877 sq ft) |
WOLSELEY UK LTD (1) |
15 years from 18/01/2007 to 17/01/2022 on a full repairing and insuring lease (2) |
£80,377 (3) |
18/01/2012 and 5 yearly thereafter (4)(5) |
| Totals |
901.94 sq m (9,708 sq ft) |
|
|
£14,500 |
|
(1) Wolseley UK Ltd is a FTSE 100 company, the largest specialist trade distributor of plumbing and heating products to professional contractors and a leading supplier of building materials to the professional market. They operate from 4,400 branches in 25 countries worldwide and have 47,000 employees. (Source: www.wolseley.com 07/06/2010) (2) Please note that the lease is subject to a Schedule of Condition. The landlord's repairing covenant is also qualified by the same schedule of condition. (3) The current rent reserved is 72,800 p.a.x. Under the terms of the lease there will be a minimum rental increase to 80,377 p.a.x. on 18th January 2012. The vendor will pay the buyer the difference between the current rent reserved of 72,800 p.a.x. and 80,377 p.a.x. from completion of sale until this date. As a result, the property will produce an income of 80,377 p.a.x. (4) Under the terms of the lease there will be fixed rental increases equivalent to 2% per annum compound every five years. The fixed rental increases are as follows: 18th January 2012 80,377 p.a.x. and 18th January 2017 88,743 p.a.x. The rent review on 18th January 2022 is to open market value. (5) Please note, the tenant will have an option to renew the lease at open market value upon lease expiry, subject to a new 15 year lease on similar terms. The option is subject to a minimum of 12 months' notice.
