Tenancy & Accommodation
| Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Reviews |
| Ground |
Warehouse (including Showroom, Trade Counter and Offices) |
699.82 sq m
|
|
WOLSELEY UK LTD (1) |
15 years from 18/01/2007 to 17/01/2022 on a full repairing and insuring lease (2) |
£41,955 (3) |
16/01/2012 and 5 yearly thereafter (4)(5) |
| Totals |
|
699.82 sq m |
(7,533 sq ft) |
|
|
£41,955 |
|
(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 13/09/2010)(2) Please note that the lease is subject to a schedule of condition.(3) The current rent reserved is £38,000 p.a.x. Under the terms of the lease there will be a fixed rental increase to £41,995 p.a.x. on 16th January 2012. The vendor will pay the buyer the difference between the current rent reserved of £38,000 p.a.x. and £41,995 p.a.x. from completion of sale until this date. As a result, the property will produce an income of £41,995 p.a.x. from completion.(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: 16th January 2012 – £41,995 p.a.x. and 16th January 2017 – £46,322 p.a.x.(5) Please note, the tenant will have an option to request a new 15 year lease at open market rental value. The option is subject to a minimum of 12 months' notice.
