Kwik-Fit 85 Old Shoreham Road Hove East Sussex BN3 7BE

Kwik-Fit
85 Old Shoreham Road
Hove
East Sussex
BN3 7BE

Freehold Tyre Depot Investment

Let to Kwik-Fit (GB) Ltd, guaranteed by Kwik-Fit Holdings Ltd, until 2029
Important 2009 rent review outstanding (Notice served at £95,500 p.a.x.)
Minimum 5 yearly fixed rental increases
Close to Sackville Trading Estate and Goldstone Retail Park
Nearby occupiers include Furniture Village, Focus DIY, Homebase and Comet
Six Week Completion Period Available
Rent £66,581.48 per annum exclusive, rising to a minimum of £69,977.80 in 2014

Lot
26
Auction
22nd February 2011
Rent
£66,581 per Annum Exclusive
Status
Sold
Price
£1,080,000
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP
On behalf of Joint LPA Receivers

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Freehold Tyre Depot Investment

Let to Kwik-Fit (GB) Ltd, guaranteed by Kwik-Fit Holdings Ltd, until 2029
Important 2009 rent review outstanding (Notice served at £95,500 p.a.x.)
Minimum 5 yearly fixed rental increases
Close to Sackville Trading Estate and Goldstone Retail Park
Nearby occupiers include Furniture Village, Focus DIY, Homebase and Comet
Six Week Completion Period Available
Rent £66,581.48 per annum exclusive, rising to a minimum of £69,977.80 in 2014

Lot 26
Auction 22nd February 2011
Rent £66,581 per Annum Exclusive
Status Sold
Price £1,080,000
Sector
Motor Trade, Petrol Station
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP
On behalf of Joint LPA Receivers

Property Information

Location

16 miles west of Eastbourne; 53 miles south of London
Roads: A27, A23, A270, A259, M23
Rail: Hove Railway Station, Aldrington Railway Station
Air: London Gatwick (22 miles)

Situation

The property is situated in a prominent corner position on the northern side of the busy Old Shoreham Road (A270) at its junction with Nevill Road (A2023). Nearby occupiers include Furniture Village, Focus DIY, Homebase and Comet with Sackville Trading Estate and Goldstone Retail Park close by.

Tenure

Freehold.

Location

16 miles west of Eastbourne; 53 miles south of London
Roads: A27, A23, A270, A259, M23
Rail: Hove Railway Station, Aldrington Railway Station
Air: London Gatwick (22 miles)

Situation

Tenure

Freehold.

Description

The property comprises a GROUND FLOOR TYRE DEPOT with ancillary accommodation on the first floor. The property benefits from six warehouse car parking spaces and a further nine external customer car parking spaces.

NB The property is being marketed on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given The LPA Receivers are not bound to accept the highest or any offer and are acting without personal liability.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

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	Reviews
Ground First	Workshop & Reception Ancillary	824.00 sq m 182.00 sq m	(8,871 sq ft) (1,959 sq ft)	KWIK-FIT (GB) LTD (1) (guaranteed by KWIK-FIT HOLDINGS LTD) (2)	25 years from 11/06/2004 until 10/06/2029 on a full repairing and insuring lease	£66,581.48	11/06/2009 and 5 yearly thereafter (3)(4)
Totals		1,006.00 sq m	(10,830 sq ft)			£66,581.48 (3)

(1) For the year ending 31st December 2009, Kwik-Fit (GB) Limited reported a turnover of £495,224,000, pre-tax profits of £56,052,000 and a total net worth of £289,473,000.
(Source: www.riskdisk.com 13/01/2011)
(2) For the year ending 31st December 2009, Kwik-Fit Holdings Limited reported pre-tax profits of £2,302,000 and a total net worth of £376,427,000.
(Source: www.riskdisk.com 17/01/2011)
(3) Under the terms of the lease the rent is subject to reviews every five years to the greater of open market rental value or 105.101% of the immediately preceding rent.
Therefore, the minimum fixed increases will be as follows: 2014 – £69,977.80 p.a.x., 2019 – £73,547.37 p.a.x., 2024 – £77,299.02 p.a.x. and 2029 – £81,242.05 p.a.x.
(4) As to the June 2009 rent review, the seller has served a rent review notice stating a new rent of £95,500 p.a.x.