Retail Investment in Affluent Commuter Market Town
Entirely let to Non-Stop Party Shop on a 15 year lease
Prominent position on pedestrianised retail thoroughfare
Nearby occupiers include Barclays Bank, Rymans Stationers, Timpson and Laura Ashley
Rent: £43,500 per annum exclusive (gross), £19,612 per annum exclusive (net)
On behalf of Robert Dyas
Lot 3
Auction 21st October 2010
Rent £43,500 per Annum Exclusive
Status Withdrawn Post
Price
Sector High Street Retail
Auction Venue Millennium Hotel 39-44 Grosvenor Square Mayfair London W1K 2HP
Property Information
Location
Estimated District Population
122,088
Miles
16 miles south-west of Gatwick Airport, 21 miles south-east of Guildford
38 miles south of London
Roads
A24, M23 (Junction 11), M25
Rail
Horsham Railway Station (54 minutes to London Victoria
Air
Gatwick Airport
Situation
The property is situated on the north side of Middle Street and south side of Carfax just moments from West Street, one of Horsham's prime pedestrianised retail thoroughfares. Nearby occupiers include Barclays Bank, Rymans Stationers, Timpson Shoe Repairs and Laura Ashley.
Tenure
Long Leasehold. Held by Riverdance Ltd (formerly Robert Dyas Ltd) for a term of 120 years from 10th June 1969 until 9th June 2089 at a rent of £23,888 p.a.x. The rent is reviewed every 14 years to 65% of open market rental value with the next review being 10th June 2011.
Location
Estimated District Population
122,088
Miles
16 miles south-west of Gatwick Airport, 21 miles south-east of Guildford
38 miles south of London
Roads
A24, M23 (Junction 11), M25
Rail
Horsham Railway Station (54 minutes to London Victoria
Air
Gatwick Airport
Situation
The property is situated on the north side of Middle Street and south side of Carfax just moments from West Street, one of Horsham's prime pedestrianised retail thoroughfares. Nearby occupiers include Barclays Bank, Rymans Stationers, Timpson Shoe Repairs and Laura Ashley.
Tenure
Long Leasehold. Held by Riverdance Ltd (formerly Robert Dyas Ltd) for a term of 120 years from 10th June 1969 until 9th June 2089 at a rent of £23,888 p.a.x. The rent is reviewed every 14 years to 65% of open market rental value with the next review being 10th June 2011.
Description
The property, with frontage to both Middle Street and Carfax, comprises RETAIL ACCOMMODATION on ground and part first floor with STORAGE on the remaining first floor. The property also benefits from additional ANCILLARY ACCOMMODATION on the second floor.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property, with frontage to both Middle Street and Carfax, comprises RETAIL ACCOMMODATION on ground and part first floor with STORAGE on the remaining first floor. The property also benefits from additional ANCILLARY ACCOMMODATION on the second floor.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Gross Rent p.a.x
Reviews/(Reversion)
Ground First Second
Retail Retail/Storage Ancillary
144.09 sq m 147.99 sq m 57.04 sq m
(1,551 sq ft) (1,593 sq ft) (614 sq ft)
NON-STOP PARTY SHOP LTD (1)
15 years from 13/11/2000 on a full repairing and insuring lease (2)
£43,500 (3)
13/11/2010 (12/11/2015)
Totals
349.12 sq m
(3,758 sq ft)
£43,500
(1) Established in 1988, Non-Stop Party Shop is one of the biggest and best known party stores in the South of England and operate from five stores in London, Surrey and Sussex. (Source: www.nonstopparty.co.uk 13/09/2010)(2) Please note that the lease is subject to exclusions and a limited schedule of condition.(3) The current gross rental income is £43,500 p.a.x. Therefore, the current net rental income after allowing for the head rent payable is £19,612 p.a.x.
Contacts
Seller's Solicitors
Cumberland Ellis Atrium Court, 15 Jockeys Fields London WC1R 4QR
