Tenant did not exercise their December 2017 break option and has been in occupation since 1982
Warehouse totalling approx 26,610 sq ft
Approximate site area 1.75 acres with a low site coverage of 35%
Located on a well established industrial estate
Neighbouring occupiers include Toyota, Travis Perkins, ATS and Balfour Beatty
Lot 53
Auction 13th July 2017
Rent £90,000 per Annum Exclusive
Status Sold
Price £780,000
Sector Retail Warehouse
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
40 miles east of Inverness, 65 miles north-west of Aberdeen
Roads
A96, A941
Rail
Elgin Railway Station
Air
Inverness Airport
Situation
The property is situated on the established Chanonry Industrial Estate one mile east of Elgin town centre, just off the main A96 trunk road from Aberdeen to Inverness. The property is located towards the entrance of the estate, on the south side of Chanonry Road South. Nearby occupiers include a Toyota car showroom, Travis Perkins, ATS and Balfour Beatty.
Tenure
Long Leasehold. Held from Moray Council for a term of 125 years from 1st June 1982 at a rent of £9,000 per annum.
The next rent review is on 1st June 2018 and is reviewed on an upwards only basis to the greater of the passing rent and 10% of the total rent received for the calendar year ending on the review date, subject to a minimum of £4,450 per annum.
Location
Miles
40 miles east of Inverness, 65 miles north-west of Aberdeen
Roads
A96, A941
Rail
Elgin Railway Station
Air
Inverness Airport
Situation
The property is situated on the established Chanonry Industrial Estate one mile east of Elgin town centre, just off the main A96 trunk road from Aberdeen to Inverness. The property is located towards the entrance of the estate, on the south side of Chanonry Road South. Nearby occupiers include a Toyota car showroom, Travis Perkins, ATS and Balfour Beatty.
Tenure
Long Leasehold. Held from Moray Council for a term of 125 years from 1st June 1982 at a rent of £9,000 per annum.
The next rent review is on 1st June 2018 and is reviewed on an upwards only basis to the greater of the passing rent and 10% of the total rent received for the calendar year ending on the review date, subject to a minimum of £4,450 per annum.
Description
The property comprises a detached, single storey cash and carry warehouse benefiting from an approximate eaves height of 5.0m (16ft), customer parking for 60 cars and an approximate site area of 0.71 hectares (1.75 acres).There is an electricity sub-station on site.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion (subject to landlord's consent to assign)
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a detached, single storey cash and carry warehouse benefiting from an approximate eaves height of 5.0m (16ft), customer parking for 60 cars and an approximate site area of 0.71 hectares (1.75 acres).There is an electricity sub-station on site.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion (subject to landlord's consent to assign)
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x. (Gross)
Reversion
Ground
Warehouse/ Ancillary
2,472.10 sq m
(26,610 sq ft)
BOOKER LIMITED (1)
40 years from 06/12/1982 on a full repairing and insuring lease (2)
£90,000 (2)
05/12/2022
Total
2,472.10 sq m
(26,610 sq ft)
£90,000
(1) For the year ending 25th March 2016, Booker Limited reported a turnover of £3,767,000,000, pre-tax profits of £115,600,000 and a total net worth of 566,300,000 (Source: Experian Group 15/06/2017). (2) The lease is subject to a tenant option to determine on 5th December 2017. The tenant has not served notice to exercise the 5th December 2017 break clause and under the terms of the lease will benefit from a three month rent free period from 5th December 2017. The seller has agreed to adjust the completion monies so that the property will effectively produce £90,000 p.a.x. (gross) from completion of the sale.
