Tenancy & Accommodation
| Area |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x. |
Reversion |
1
2
3 |
Warehouse
Industrial
Industrial
Office |
3,808.99 sq m
9,920.94 sq m
9,438.03 sq m
3,437.38 sq m |
(41,000 sq ft)
(106,789 sq ft)
(101,591 sq ft)
(37,000 sq ft) |
VESUVIUS UK LIMITED (now John G Stein & Company Limited) guaranteed by Vesuvius Holdings Ltd (1) (2) |
20 years from 28/06/2002 (3) (4) (5) |
£221,625 |
27/06/2022 |
| Totals |
|
26,605.34 sq m |
(286,380 sq ft) |
|
|
£221,625 |
|
(1) For the year ending 31st December 2013, John G Stein & Company reported pre-tax profits of £2,335,000 and a total net worth of £17,300,000. John G Stein & Company are a subsidiary of Vesuvius plc who, for the year ending 31st December 2013, reported a turnover of £1,510,500,000, pre-tax profits of £104,100,000 and a net worth of £138,900,000. The tenant’s obligations are guaranteed by Vesuvius Holdings Limited who, for the year ending 31st December 2013, reported a pre-tax loss of –£24,400,000 and a net worth of £1,993,800,000. (Source: www.riskdisk.com 16/01/2015)
(2) We understand that the tenant has sublet the land and warehouse in Area 1. The sub-tenant is currently in occupation.
(3) The lease contains a tenant’s option to renew exercisable by the tenant at any time on not more than 24 months’ and not less than 3 months’ notice. Notice must be given to the landlord prior to the day immediately preceding the 20th anniversary of the date of entry requesting the Landlord to grant a new lease.
In that event the landlord will be required to grant the tenant a new lease for a further period of 20 years commencing on 28/06/2022 provided the tenant has
paid all sums due under the lease.
(4) The lease contains a right for the tenant to substitute the premises let under the lease with another property or properties of an equal value with the tenant
acquiring the landlord’s interest in this property and the landlord acquiring the tenant’s interest in the other property or properties. The option can be exercised at any time during the term by the tenant.
(5) The tenant has an option to purchase the property at any time during the lease term. The option to purchase is pre-prescribed according to terms set out in the lease. The option to purchase is exercised on serving a preliminary notice in writing to the landlord. For further details please refer to the legal pack.
