24 - 26 High Town Hereford Herefordshire HR1 2DJ

24 - 26 High Town
Hereford
Herefordshire
HR1 2DJ

Prime Freehold Retail Investment

WH Smith renewed their lease for 10 years (no breaks) at a rebased rent
Three have served a s.26 Landlord and Tenant Act 1954 request to renew their lease
Prime pedestrianised retailing position in historic Cathedral City
Nearby occupiers include Marks & Spencer, Holland & Barrett, Costa Coffee, Boots the Chemist, and New Look
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
8
Auction
30th March 2017
Rent
£231,000 per Annum Exclusive
Status
Sold Post
Price
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On Behalf of Joint LPA Receivers

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Prime Freehold Retail Investment

WH Smith renewed their lease for 10 years (no breaks) at a rebased rent
Three have served a s.26 Landlord and Tenant Act 1954 request to renew their lease
Prime pedestrianised retailing position in historic Cathedral City
Nearby occupiers include Marks & Spencer, Holland & Barrett, Costa Coffee, Boots the Chemist, and New Look
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 8
Auction 30th March 2017
Rent £231,000 per Annum Exclusive
Status Sold Post
Price
Sector
High Street Retail
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG
On Behalf of Joint LPA Receivers

Property Information

Location

Miles: 28 miles south-west of Worcester, 35 miles north-west of Cheltenham, 50 miles south-west of Birmingham
Roads: A49, A438, A465, M50 & M5
Rail: Hereford Railway Station
Air: Birmingham International Airport

Situation

The property is prominently situated in a prime position on the south side of pedestrianised High Town in the heart of the City Centre. Nearby occupiers include Marks & Spencer, Holland & Barrett, Costa Coffee, Boots the Chemist and New Look. Every Wednesday and Saturday, Hereford's Retail Market trades directly outside the property, further enhancing footfall.

Tenure

Freehold.

Location

Miles: 28 miles south-west of Worcester, 35 miles north-west of Cheltenham, 50 miles south-west of Birmingham
Roads: A49, A438, A465, M50 & M5
Rail: Hereford Railway Station
Air: Birmingham International Airport

Situation

Tenure

Freehold.

Description

The property comprises two retail units arranged over basement, ground, first and second floors. In addition to trading on the ground floor, WH Smith also trade from the first floor.

VAT

VAT is applicable to this lot.

Note

This property is being marketed for sale on behalf of Joint Law of Property Act Receivers and therefore no warranties or guarantees in any respect, including VAT, can be given. The information in these particulars has been provided by the Joint Law of Property Act Receivers to the best of their knowledge but the purchaser must rely solely upon their own enquiries. The Joint Law of Property Act Receivers are not bound to accept the highest or any offer and are acting in respect of this sale without personal liability.

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises two retail units arranged over basement, ground, first and second floors. In addition to trading on the ground floor, WH Smith also trade from the first floor.

VAT

VAT is applicable to this lot.

Note

Completion Period

Six Week Completion

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Unit	Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review/(Reversion)
25/26	Ground Basement First Second	Retail/Ancillary Ancillary Retail/Ancillary Ancillary	536.98 sq m 247.30 sq m 294.68 sq m 161.36 sq m	(5,780 sq ft) (2,662 sq ft) (3,172 sq ft) (1,737 sq ft)	WH SMITH RETAIL HOLDINGS LIMITED (1)	10 years from 08/11/2015	£141,000 (2)	08/11/2020 (07/11/2025)
24	Ground Basement First Second	Retail/Ancillary Ancillary Ancillary Ancillary	82.78 sq m Not Accessible 43.11 sq m 48.49 sq m	(891 sq ft) (464 sq ft) (522 sq ft)	3UK RETAIL LIMITED (3) t/a Three	10 years from 13/08/2007	£90,000	(12/08/2017) (4)
Totals			1,414.70 sq m	(15,228 sq ft)			£231,000

(1) For the year ending 31st August 2015, WH Smith Retail Holdings Limited reported a turnover of £169,626,000, pre-tax profits of £62,392,000 and a total net worth of £472,209,000 (Source: Experian Group 09/01/2017).
(2) The current rent under the terms of the lease is £70,500 p.a.x, rising to £141,000 p.a.x on 8th November 2017. The seller has agreed to adjust the completion monies so that the unit will effectively produce £141,000 p.a.x from completion of the sale.
(3) 3UK Retail Limited is part of the multinational giant Hutchison Whampoa Limited (HWL). Hutchison Whampoa was founded in 1863 and is among the largest companies listed on the main board of The Hong Kong Stock Exchange, employing over 280,000 people in over 50 countries across the world (Source: www.hutchison-whampoa.com).
(4) The seller has received a section 26 (Landlord and Tenant Act 1954) request to renew the lease for a term of 5 years with a tenant option to break in year 3 at £45,000. The seller is currently negotiating terms with the tenant.