Tenancy & Accommodation
| Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Ground
Part First
Part First/
Second |
Retail
Ancillary
Residential -
Seven Flats |
662.93 sq m
53.51 sq m
- |
(7,136 sq ft)
(576 sq ft)
(-) |
ICELAND FOODS
LIMITED (1) with a
guarantee from Iceland
Topco Limited (2) |
25 years from
28/02/2005 until
27/02/2030 (3) on a full
repairing and insuring
lease |
£81,685 (4)
rising to £92,419
in February 2020 (4)
and rising to £104,564
in February 2025 (4) |
Total Commercial Area
|
716.44 sq m |
(7,712 sq ft) |
|
|
£81,685 rising to
£92,419
in 2020 |
(1) For the year ending 25th March 2016, Iceland Foods Limited reported a turnover of £2,658,332,000, pre-tax profits of £58,172,000 and a total net worth of £740,354,000 (Source: Experian Group 15/06/2017).
(2) For the year ending 25th March 2016, Iceland Topco Limited reported a turnover of £2,674,700,000, pre-tax profits of £66,700,000 and shareholders’ funds of £337,700,000 (Source: Financial Statement for Year Ending March 2016).
(3) The lease provides for a tenant option to determine on 28th February 2025, subject to twelve months’ prior written notice.
(4) The tenant is paying half rent for six months from March 2017. The Vendor has agreed to adjust the completion monies so the property effectively produces £81,685 per annum from completion of the sale. The lease provides for fixed rental increases of 2.5% annually
compounded.
NB: Please note the flats have been sublet and sold off on long leases.
