Tenancy & Accommodation
| Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Reviews |
Unit 1 – Ground (front)
Unit 2 – Ground (rear) |
Dental Practice
Dental Practice |
100.98 sq m
45.52 sq m |
(1,087 sq ft)
(490 sq ft) |
TOOTHBEARY LIMITED &
DOCS UK LIMITED (1) |
15 years from 06/04/2011 |
£18,500 (2) |
06/04/2016 and
06/04/2021 |
| First |
Language &
Training School |
202.43 sq m |
(2,179 sq ft) |
BERLITZ (UK) LIMITED (3) |
10 years from 30/07/2010
(4) |
£36,926 (5) |
30/07/2015 |
| Second |
Dental Practice |
194.07 sq m |
(2,089 sq ft) |
TOOTHBEARY LIMITED &
DOCS UK LIMITED
|
15 years from 06/04/2011
|
£31,500 (6) |
06/04/2016 and
06/04/2021
|
| Totals |
|
543.00 sq m (7) |
(5,845 sq ft) (7) |
|
|
£86,926 |
|
(1) Since 2006, Toothbeary's has established a network of branded dental practices in the metropolitan centres of the United Kingdom. The company is currently operating from their practice in Richmond. (www.toothbeary.co.uk)
(2) The tenant is benefiting from a rent free period expiring on 31st August 2011. From 1st September 2011 until 21st December 2013, the tenant will pay a rent of £9,250 p.a. The rent will then increase from 22nd December 2013 to £18,500 p.a until the next rent review. The seller has agreed to adjust the completion monies so that the property will effectively produce £18,500 p.a. from completion of the sale.
(3) Berlitz (UK) Limited is a subsidiary of Berlitz International Inc. Currently Berlitz have over 118 language centres in Asia, over 100 language centres in Latin America, over 119 language centres in the USA and Canada, 212 language centres in Europe/Middle East. There are 550 Berlitz language centres worldwide. (www.berlitz.co.uk)
(4) The tenant benefits from an option to dermine on 30th July 2015 on providing 6 months' prior written notice. If the option to determine is not exercised by the tenant then the tenant will benefit from a rent concession and will pay half rent for a 6 month period.
(5) The tenant is benefiting from a rent concession and is paying a rent of £18,463 p.a which will expire on 29th July 2011. From 30th July 2011 the rental income will increase to £36,926 p.a until the next review. The seller has agreed to adjust the completion monies so that the property will effectively produce £36,926 p.a. from completion of the sale.
(6) The tenant is currently benefiting from a rent free period expiring on 31st August 2011. From 1st September 2011 until 21st December 2013, the tenant will pay a rent of £15,750 p.a. The rent will then increase from 22nd December 2013 to £31,500 p.a. until the next rent review. The seller has agreed to adjust the completion monies so that the property will effectively produce £31,500 p.a. from completion of the sale.
(7) The floor areas for Units 1 & 2 on the ground floor and the dental accommodation on the second floor have been agreed between parties following a joint referencing.
