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.
