Let to Heron Foods Ltd on a 15 year lease until 2025 (Tenant option to renew until 2040)
Heron Foods Ltd was incorporated in 1978 and has reported profits for the last 27 years
Guaranteed rental increases with Rent Reviews linked to Consumer Price Index
(CPI) (subject to a minimum of 1.5% and a maximum of 3.5%)
Neighbouring occupiers include Boots the Chemist, Superdrug, McDonald’s and New Look
Currently Producing £55,493.08 per annum exclusive Rising to a minimum of £59,782 p.a.x in 2020 (2)
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 79
Auction 13th October 2016
Rent £55,493 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
14 miles west of Manchester, 25 miles north-east of Liverpool
Roads
A579, A580, M6
Air
Manchester Airport
Situation
The property is situated in a prominent trading position on the south side of pedestrianised Bradshawgate some 100 metres north of the Spinning Gate Shopping Centre. Neighbouring occupiers include Boots the Chemist, Superdrug, McDonald's and New Look.
Tenure
Freehold.
Location
Miles
14 miles west of Manchester, 25 miles north-east of Liverpool
Roads
A579, A580, M6
Air
Manchester Airport
Situation
The property is situated in a prominent trading position on the south side of pedestrianised Bradshawgate some 100 metres north of the Spinning Gate Shopping Centre. Neighbouring occupiers include Boots the Chemist, Superdrug, McDonald's and New Look.
Tenure
Freehold.
Description
The property comprises a ground floor retail unit with ancillary accommodation on the first floor and benefits from rear access.
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 a ground floor retail unit with ancillary accommodation on the first floor and benefits from rear access.
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
Review
Ground First
Retail Ancillary
164.90 sq m 98.57 sq m
(1,775 sq ft) (1,061 sq ft)
HERON FOODS LIMITED (1)
15 years from 23/12/2010 until 2025 with a tenant option to renew until 2040 on a full repairing and insuring lease
£55,493.08 (2)
Rental increases linked to CPI (subject to minimum of 1.5% and a maximum of 3.5%) 5 yearly annually compounded
Totals
263.47 sq m
(2,836 sq ft)
£55,493.08 (2)
(1) Heron Foods Limited was incorporated in 1978 and operates from some 240 outlets nationally. In some 27 years of trading Heron Foods Ltd have always reported annual profits. For the year ending 27th December 2014, Heron Foods Limited reported a turnover of £255,138,454, pre-tax profits of £1,908,478 and a total net worth of £28,145,411. (Source: www.riskdisk.com 05/09/2016). (2) The lease provides for rental increases linked to CPI (subject to minimum of 1.5% and a maximum of 3.5%) 5 yearly annually compounded. Therefore the property will produce a minimum of £59,782 per annum exclusive from 23/12/2020.
