Freehold Retail Parade and Dance Studio Investment
Unbroken retail parade comprising three retail units
Tenants include Nationwide Building Society and Subway (see footnote 2)
Upper floors currently operating as a dance studio and gym
Located in a popular Liverpool suburb
Nearby occupiers include Boots, Greggs, Poundland, Halifax and Home Bargains Flagship Store
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 81
Auction 13th October 2016
Rent £117,500 per Annum Exclusive
Status Sold Post
Price
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Squafre London W1H 7BG
Property Information
Location
Miles
4 miles east of Liverpool City Centre
Roads
A5058, A57, M62 (Junction 2 & 4)
Rail
Broad Green Rail
Air
Liverpool John Lennon Airport
Situation
Old Swan is a popular suburb located just 4 miles east of the City Centre. The property occupies a prominent position on Prescott Road (A57), Old Swan's main retailing thoroughfare and a key arterial route linking the City Centre and the M62 (Junction 2 & 4). Nearby occupiers include Boots the Chemist, Greggs, Poundland and Halifax.
Tenure
Freehold.
Location
Miles
4 miles east of Liverpool City Centre
Roads
A5058, A57, M62 (Junction 2 & 4)
Rail
Broad Green Rail
Air
Liverpool John Lennon Airport
Situation
Old Swan is a popular suburb located just 4 miles east of the City Centre. The property occupies a prominent position on Prescott Road (A57), Old Swan's main retailing thoroughfare and a key arterial route linking the City Centre and the M62 (Junction 2 & 4). Nearby occupiers include Boots the Chemist, Greggs, Poundland and Halifax.
Tenure
Freehold.
Description
The property comprises an unbroken parade of three ground floor retail units with a self contained dance studio/gym on the first and second floors.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises an unbroken parade of three ground floor retail units with a self contained dance studio/gym on the first and second floors.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review/(Reversion)
A
Ground
104.24 sq m
(1,122 sq ft)
SUBWAY REALTY LIMITED (1)
15 years from completion (2)
£17,500
Five yearly (2031)
B1 & B2
Ground
154.31 sq m
(1,661 sq ft)
NATIONWIDE BUILDING SOCIETY (3)
10 year lease from 26/07/2016 (4)
£38,000 (4)
26/07/2021 (25 /07/2026)
C
Ground
82.87 sq m
(892 sq ft)
INDIVIDUALS t/a Go Local
15 years from 29/04/2002
£24,000
(28/04/2017)
648
First Second
771.10 sq m
(8,300 sq ft)
INDIVIDUAL t/a Dance Dynamix
5 years from 20/10/2011
£18,000
(19/10/2016)
Telephone Mast
Roof
-
(-)
VODAFONE LIMITED
15 years from 06/01/2004 (5)
£10,000
(05/01/2019)
Telephone Mast
Roof
-
(-)
O2 (UK) LIMITED
10 years from 2004 (5)
£10,000
Holding Over (5)
Totals
1,112.52 sq m
(11,912 sq ft)
£117,500
(1) Subway is a submarine sandwich store franchise with 44,589 outlets in 111 countries (Source: www.subway.co.uk 14/09/2016). (2) The lease is due to complete shortly subject to landlord's works. The lease provides a tenant’s option to determine on the fifth and tenth anniversaries of the term with a tenant 3 month rent penalty if the break at Year 5 is exercised. (3) For the year ending April 2016, Nationwide Building Society reported a turnover of £428,000,000, pre-tax profits of £1,279,000,000 and a total net worth of £9,739,000,000. (Source: Experian Group 12/09/2016) (4) The tenant is currently benefitting from a six month rent free period. The seller has agreed to adjust completion monies so that the unit will effectively be producing £38,000 pa from completion. The lease provides an option to determine on the fifth anniversary of the term. If this is not exercised the tenant will benefit from a 6 month rent free period. (5) The Seller has agreed Heads of Terms with Cornerstone Telecommunications Infrastructure Limited regarding a 15 year lease of the two telephone masts at £15,000 p.a., providing a mutual option to determine at any point after the fifth anniversary subject to 12 months notice. Please refer to the legal pack for further information.