New 15 year lease renewal from September 2017 (subject to option)
Tenant in occupation for over 40 years
Approximately 8,355 sq ft
Prime location between Arc Shopping Centre and Buttermarket
Nearby occupiers include Marks & Spencer, Boots the Chemist, Tesco Express & Iceland
Lot 20
Auction 19th October 2017
Rent £160,750 per Annum Exclusive
Status Sold
Price £2,995,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
25 miles north-west of Ipswich
29 miles east of Cambridge
Roads
A14, A134, A143
Rail
Bury St Edmunds Railway Station
Air
London Stansted Airport
Situation
The property occupies one of the finest trading locations on the western side of Cornhill, between The Arc Shopping Centre and Buttermarket. The Arc Shopping Centre houses retailers including Costa, H&M and Debenhams and restaurants including Carluccio's, Nando's and Wagamama. Other nearby retailers include Marks & Spencer, Boots the Chemist, Tesco Express, Superdrug, Starbucks and Sports Direct.
Tenure
Freehold.
Location
Miles
25 miles north-west of Ipswich
29 miles east of Cambridge
Roads
A14, A134, A143
Rail
Bury St Edmunds Railway Station
Air
London Stansted Airport
Situation
The property occupies one of the finest trading locations on the western side of Cornhill, between The Arc Shopping Centre and Buttermarket. The Arc Shopping Centre houses retailers including Costa, H&M and Debenhams and restaurants including Carluccio's, Nando's and Wagamama. Other nearby retailers include Marks & Spencer, Boots the Chemist, Tesco Express, Superdrug, Starbucks and Sports Direct.
Tenure
Freehold.
Description
The property is Grade II listed and comprises a large ground floor shop with further sales accommodation and the town’s Post Office on the first floor and ancillary accommodation on the basement and second floors.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property is Grade II listed and comprises a large ground floor shop with further sales accommodation and the town’s Post Office on the first floor and ancillary accommodation on the basement and second floors.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
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
Review
Ground Basement First Second
Retail/Ancillary Ancillary Post Office/Ancillary Ancillary
15 years from 29/09/2017 until 28/09/2032 (2) on full repairing and insuring terms
£160,750 (3)
29/09/2022 and 5 yearly thereafter
Totals
777.03 sq m
(8,355 sq ft)
£160,750 (3)
(1) For the year ending 31st August 2016, WH Smith Retail Holdings Limited reported a turnover of £175,131,000, pre-tax profits of £75,302,000 and a total net worth of £461,234,000 (Source: Experian Group 17/08/2017). (2) The lease is subject to a tenant option to determine on 29th September 2027. (3) The lease provides for the rent to be £120,562 p.a.x. from 29th September 2017 to 28th September 2018, rising to £160,750 p.a.x. until the rent review on 29th September 2022. The Vendor will adjust the completion monies so that the property will effectively produce £160,750 p.a.x. from completion of the sale until the expiry of the concessionary rental period.
