Tenancy & Accommodation
| Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Reviews |
Ground
and First |
Tyre Depot |
321.44 sq m |
(3,460 sq ft) |
KWIK-FIT (GB) LIMITED (1)
guaranteed by Kwik-Fit Holdings Limited (2) |
25 years from 20/03/2007 until 19/03/2032 on a full repairing and insuring lease with tenant option to extend for a further 15 years |
£34,942 (3) |
20/03/2017 (3) and
20/03/2022 |
| Totals |
|
321.44 sq m |
(3,460 sq ft) |
|
|
£34,942 (3) |
(1) Kwik-Fit are experts in automotive repair including tyres, MoT testing, car servicing, exhausts, brakes, and air-con. They are the leading fast-fit supplier of tyres in the country and carry stocks of over 600,000 products in over 600 centres. (Source: www.kwik-fit.com 16/1/2015)
(2) For the year ending 31st March 2014, Kwik-Fit (GB) Limited reported pre-tax profits of £519,087,000, pre-tax profits of £28,938,000 and a net worth of £33,650,000. (Source: www.riskdisk.com 9/09/2014). For the year ending 31st March 2014, Kwik-Fit Holdings Limited
reported pre-tax profits of £95,410,000 and a total net worth of £28,518,000. (Source: www.riskdisk.com 16/1/2015)
(3) Under the terms of the lease the current rent reserved is £30,141.13. The lease provides for the rent to be reviewed on 20/03/2017 to the
higher of open market rental value or increased by 3% per annum compounded. Therefore the rent will increase to a minimum of
£34,942 per annum exclusive on 20/03/2017. The seller will pay the buyer the difference between the current rent reserved of £30,141.13
per annum exclusive and £34,942 per annum exclusive. Therefore the property will produce £34,942 per annum exclusive. The 2022
rent review is an upward only open market rent review.
