Tenancy & Accommodation
| Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Reviews/(Reversion) |
| Ground |
Supermarket/
Ancillary
Betting Shop/
Ancillary(sublet) |
809.65 sq m
152.43 sq m |
(8,715 sq ft)
(1,641 sq ft) |
ICELAND FOODS
LIMITED (1) |
25 years from 28/02/2005 (2) until 27/02/2030 on a full repairing and insuring lease |
£112,647 (3) rising to £127,450 in Feb 2020 and to £144,198 in Feb 2025 |
28/02/2020 (4)
28/02/2025 (4)
(27/02/2030) |
| Totals |
|
962.10 sq m |
(10,356 sq ft) |
|
|
£112,647 |
|
(1) For the year ending 25th March 2016, Iceland Foods Limited reported a turnover of £2,658,332,000, pre-tax profits of £58,172,000 and a total net worth of £740,354,000. (Source: Experian Group 02/08/2016).
(2) The lease is subject to a tenant option to determine on 27th February 2025.
(3) The lease is currently being assigned from Bejam Group Limited to Iceland Foods Limited and it is expected that the assignment will be completed by the auction date. In return, the tenant will be granted, by way of a side letter agreement, a concessionary rental period for a period of 6 months from 29/09/2016 to and including 28/03/2017 where the tenant will pay half rent. The vendor has agreed to adjust the completion monies so that the property will produce £112,647 from completion of the sale until the expiry of the concessionary rental period. This side letter is personal to Iceland Foods Limited.
(4) The rent is reviewed 5 yearly to 2.5% per annum compounded.
