Tenancy & Accommodation
| Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Rent/Review |
| Ground |
Retail |
1,054 sq m
|
(11,346 sq ft) |
LINEBUSH VI LTD (guaranteed by
MILLS GROUP LIMITED) (1) |
25 years from 30/01/2010 until 2035 on a full repairing and insuring lease |
£85,000 (2) |
2014 and annually thereafter (3) |
| Totals |
|
1,054 sq m |
(11,346 sq ft) |
|
|
|
|
(1)?For the year ending 31st January 2009 Mills Group Limited reported a turnover of ?10,294,000, pre-tax profits of ?213,000 and a net worth of ?1,193,000. (2)?The current rent reserved is ?65,000 p.a.x. Under the terms of the lease there will be a minimum rental increase to ?85,000 p.a.x. on 30th January 2011. The vendor will pay the buyer the difference between the current rent reserved of ?65,000 p.a.x. and ?85,000 p.a.x. from completion of the sale until this date. As a result the property will produce an income of ?85,000 p.a.x. (3)?On the first review date (30th January 2014), the rent will be reviewed to Open Market Rent. All subsequent annual reviews will be to RPI (capped between 2%-4%).
