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.
