Units 1 - 3, 88 / 90 Hermitage Road Hitchin Herts SG5 1DG

Units 1 - 3, 88 / 90 Hermitage Road
Hitchin
Herts
SG5 1DG

Modern Retail Parade Investment

Modern recently let retail parade
Comprises approximately 3,262 sq ft
Let to tenants including Amplifion and Century 21 (Estate Agents)
New leases from 2015 and 2016
Fronting new Premier Inn and close to Costa, Prezzo, JoJo Maman Bébé, Joules, Fat Face and Marks & Spencer Simply Food
Affluent Hertfordshire town
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
30
Auction
13th October 2016
Rent
£78,500 per Annum Exclusive
Status
Sold Prior
Price
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG

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Modern Retail Parade Investment

Modern recently let retail parade
Comprises approximately 3,262 sq ft
Let to tenants including Amplifion and Century 21 (Estate Agents)
New leases from 2015 and 2016
Fronting new Premier Inn and close to Costa, Prezzo, JoJo Maman Bébé, Joules, Fat Face and Marks & Spencer Simply Food
Affluent Hertfordshire town
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 30
Auction 13th October 2016
Rent £78,500 per Annum Exclusive
Status Sold Prior
Price
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Squafre
London W1H 7BG

Property Information

Location

Miles: 6 miles north-west of Stevenage, 13 miles north-west of Welwyn Garden City, 18 miles south-east of Bedford
Roads: A1 (M), A505, A602
Rail: Hitchin Railway Station
Air: London Luton Airport

Situation

The property is situated on the southern side of Hermitage Road, close to its junction with Bancroft, in the heart of Hitchin town centre. Nearby occupiers include Marks & Spencer Simply Food, Wilko, Prezzo, WH Smith, Next, Costa, White Stuff, Fat Face and a new 60-bed Premier Inn. Portmill Lane Car Park is located close to the property with parking for approximately 155 cars.

Tenure

Virtual Freehold. Held for a term of 990 years from 15/07/2015 at a peppercorn rent.

Location

Miles: 6 miles north-west of Stevenage, 13 miles north-west of Welwyn Garden City, 18 miles south-east of Bedford
Roads: A1 (M), A505, A602
Rail: Hitchin Railway Station
Air: London Luton Airport

Situation

Tenure

Virtual Freehold. Held for a term of 990 years from 15/07/2015 at a peppercorn rent.

Description

The property comprises three ground floor shops, which form part of a larger building.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

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

Description

The property comprises three ground floor shops, which form part of a larger building.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

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

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review
1	Ground	Retail/ Ancillary	85.5 6 sq m	(921 sq ft)	AMPLIFON LIMITED (1)	10 years from 14/1 0/2015 until 13/10/2025 (2)	£25,000 (3)	14/1 0/2020
2	Ground	Retail/ Ancillary	93.37 sq m	(1,004 sq ft)	A. DAY AND K. CROCOMBE t/a Century 21 (4)	10 years from 08/06/2016 until 07/06/2026 (5)	£25,000 (6)	08/06/2021
3	Ground	Retail/ Ancillary	124.12 sq m	(1,336 sq ft)	SALENTO HITCHIN LIMITED t/a Sal ento Delicatessen (7)	12 year s from 08/03/2016 until 07/03/2028	£28,500 (7)	08/03/202 1
	TOTALS		303.05 sq m	(3,262 sq ft)			£78,500

(1) Amplifon has over 65 years’ experience in helping people hear better through providing hearing tests and hearing aids. They currently operate from over 200 stores across the UK and are listed on the Star segment of the Italian Stock Exchange. They are active in 22 countries across 5 continents. (Source: www.amplifon.com 01/09/2016).
(2) The lease is subject to a tenant option to determine on 13th October 2020.
(3) The tenant currently pays a rent of £12,500 per annum rising to £25,0000 per annum on 14th April 2017. The seller has agreed to adjust the completion monies so that this shop effectively produces £25,000 per annum from completion of the sale.
(4) Century 21 is the world's largest residential estate agency organisation, with 7,100 offices and over 103,000 agents operating in 74 countries worldwide. (Source: www.century21uk.com 01/09/2016). A rent deposit of £15,000 is held.
(5) The lease is subject to a tenant option to determine on 7th June 2021.
(6) The tenant is currently benefiting from a rent free period which is due to expire on 8th December 2016. The seller has agreed to adjust the completion moniesso that this shop effectively produces £25,000 per annum from completion of the sale.
(7) The tenant has recently moved into the subject property having traded from another smaller property in Hermitage Road for over three years. The tenant is currently benefiting from a rent free period which is due to expire on 8th March 2017. The seller has agreed to adjust the completion monies so that this shop effectively produces £28,500 per annum from completion of the sale. A rent deposit of £8,550 is held.