To be let on a new 15 year lease (renewal) (subject to option) to Clare James Automotive Limited t/a Lightcliffe ŠKODA (see footnotes (2) and (3))
Fixed rental increases in Years 5 and 10
Modern Purpose Built Car Showroom fronting Winwick Road (A49) and opposite Alban Retail Park
Nearby occupiers include Pizza Hut, Carphone Warehouse, KFC and Halfords
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 52
Auction 13th October 2016
Rent £100,000 per Annum Exclusive
Status Sold
Price £1,320,000
Sector Motor Trade/Petrol Station
Auction Venue The Radisson Blu Portman Hotel 22 Portman Squafre London W1H 7BG
On the Instructions of Circle Property PLC
Property Information
Location
Miles
18 miles south west of Manchester, 19 miles south-east of Liverpool
Roads
A49, A50, M62 (Junction 9)
Rail
Warrington Rail
Air
Manchester International Airport
Situation
The property occupies a prominent position fronting Winwick Road (A49) close to its junction with the A50, about 1.5 miles north of Warrington town centre in a mixed motor trade and retail location. Alban Retail Park is opposite which houses occupiers including PC World, Halfords and Pizza Hut. Other nearby occupiers include KFC and Tesco Express.
Tenure
Freehold. Majority Freehold (and part Long Leasehold for a term of 999 years less 10
days from 25th March 1899)
Location
Miles
18 miles south west of Manchester, 19 miles south-east of Liverpool
Roads
A49, A50, M62 (Junction 9)
Rail
Warrington Rail
Air
Manchester International Airport
Situation
The property occupies a prominent position fronting Winwick Road (A49) close to its junction with the A50, about 1.5 miles north of Warrington town centre in a mixed motor trade and retail location. Alban Retail Park is opposite which houses occupiers including PC World, Halfords and Pizza Hut. Other nearby occupiers include KFC and Tesco Express.
Tenure
Freehold. Majority Freehold (and part Long Leasehold for a term of 999 years less 10
days from 25th March 1899)
Description
The property is a modern car showroom arranged over ground and first floors. The ground floor comprises a car showroom and workshop with the first floor providing office and ancillary accommodation. The property is accessed via Densham Avenue. The site has an approximate area of 0.321 hectares (0.793 acres) and benefits from on-site parking for about 47 cars.
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 is a modern car showroom arranged over ground and first floors. The ground floor comprises a car showroom and workshop with the first floor providing office and ancillary accommodation. The property is accessed via Densham Avenue. The site has an approximate area of 0.321 hectares (0.793 acres) and benefits from on-site parking for about 47 cars.
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
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Ground First
Car Showroom/Workshop Office
547.65 sq m 142.14 sq m
(5,895 sq ft) (1,530 sq ft)
CLARE JAMES AUTOMOTIVE LIMITED t/a Lightcliffe ŠKODA (1)
15 years from completion (2) (3)
£100,000 rising to £106,000 in Year 5 and to £112,360 in Year 10
Total
689.79 sq m
(7,425 sq ft)
£100,000
(1) Lightcliffe ŠKODA provide new, nearly new or used ŠKODA vehicles and are a reputable dealership to undertake the servicing and maintenance of your car (Source: http://www.lightcliffe.co.uk 26/08/2016). (2) The property is currently let to Clare James Automotive Limited by way of a 10 year lease from 14th May 2010 at a current rent of £75,355 per annum. The vendor has entered into a binding agreement with the tenant giving the vendor/purchaser the obligation to serve an option notice on the tenant, within 11 months from 24th May 2016, to enter into a new 15 year lease, subject to a tenant break option at Year 10. This option agreement will be served by the vendor/purchaser between exchange and completion of the sale with the new lease to be completed by completion of the sale. The commencing rent under the new lease will be £50,000 per annum for the first 18 months of the term; rising to £100,000 per annum until the last day of the 5th year of the term; rising to £106,000 per annum until the last day of the 10th year of the term; rising to £112,360 per annum for the remainder of the term. The seller has agreed to adjust the completion monies so that the property will effectively produce £100,000 p.a.x. from completion of the sale. (3) The new lease provides provides for a tenant option to determine on the tenth anniversary of the term.