Let to Heron Foods Ltd until 2025 (no breaks) and an option to extend for a further 15 years
Rental increases in line with the Consumer Price Index (CPI) subject to a minimum of passing rent x 1.0773 and a maximum of passing rent x 1.1877 (2)
Heron Foods ltd was incorporated in 1978 and has reported profits for the last 27 years
Nearby occupiers include Boots, The Carphone Warehouse, Holland and Barrett, Superdrug, Argos, New Look and The British Heart Foundation
Lot 17
Auction 22nd May 2014
Rent £65,000 per Annum Exclusive
Status Sold
Price £775,000
Sector Supermarket/Convenience
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
5 miles north-west of Birmingham
8 ½ miles south-east of Wolverhampton
Roads
A41, M5 (Junction 1), M6 (Junction 8)
Rail
Sandwell & Dudley Railway Station (approx 10 mins to Birmingham New Street)
Air
Birmingham International Airport
Situation
The property is situated in a prominent position on the north side of the pedestrianised High Street, in close proximity to the Sandwell Shopping Centre housing occupiers including Boots, The Carphone Warehouse, Holland and Barrett and Superdrug. Other neighbouring occupiers include Argos, New Look and The British Heart Foundation.
Tenure
Freehold.
Location
Miles
5 miles north-west of Birmingham
8 ½ miles south-east of Wolverhampton
Roads
A41, M5 (Junction 1), M6 (Junction 8)
Rail
Sandwell & Dudley Railway Station (approx 10 mins to Birmingham New Street)
Air
Birmingham International Airport
Situation
The property is situated in a prominent position on the north side of the pedestrianised High Street, in close proximity to the Sandwell Shopping Centre housing occupiers including Boots, The Carphone Warehouse, Holland and Barrett and Superdrug. Other neighbouring occupiers include Argos, New Look and The British Heart Foundation.
Tenure
Freehold.
Description
The property comprises a ground floor retail accommodation with ancillary accommodation on the first floor. The property benefits from rear access.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor retail accommodation with ancillary accommodation on the first floor. The property benefits from rear access.
VAT
VAT is 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
Rent p.a.x
Review
Ground First
Retail Ancillary
219.62 sq m 261.15 sq m
(2,364 sq ft) (2,811 sq ft)
HERON FOODS LIMITED (1)
15 years from 23/12/2010 until 2025 on a full repairing and insuring lease
£65,000
2015 & 2020 Rental increases in line with CPI (2)
Totals
480.77 sq m
(5,175 sq ft)
£65,000 (2)
(1) For the year ending 29/12/2012, Heron Foods Limited reported a turnover of £194,703,789, pre-tax profits of £4,816,227 and a total net worth of £21,324,565. (Source: www.riskdisk.com 15/04/2014) (2)Under the terms of the lease the current rent reserved is £60,000 p.a.x. The lease provides for a minimum rental increase on 25th December 2015 and 2020 in line with the Consumer Price Index (CPI) subject to a minimum of passing rent x 1.0773 and a maximum of passing rent x 1.1877 . See rent review formula on page 9 of the lease. It is anticipated that the rent will increase to approximately £66,000 p.a.x in 2015 subject to the CPI Index. The seller will pay the buyer the difference between £60,000 p.a.x and £65,000 p.a.x from completion of the sale until 25th December 2015.
