127 Albert Street Fleet Hampshire GU51 3SN

127 Albert Street
Fleet
Hampshire
GU51 3SN

Freehold Trade Counter Investment

Recently let to Screwfix Direct Limited - a part of Kingfisher Plc
New 10 year lease from August 2017 (subject to option)
Newly Refurbished Trade Counter
Approximately 8,083 sq ft plus parking
Town Centre Location Close to The Hart Shopping Centre
Mixed Commercial and Residential Location with Future Change of Use Potential (subject to lease and consents) - see "Planning" below
Popular and Affluent Hampshire Market Town

Lot
32
Auction
19th October 2017
Rent
£72,495 per Annum Exclusive
Status
Sold
Price
£1,230,000
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

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Freehold Trade Counter Investment

Recently let to Screwfix Direct Limited - a part of Kingfisher Plc
New 10 year lease from August 2017 (subject to option)
Newly Refurbished Trade Counter
Approximately 8,083 sq ft plus parking
Town Centre Location Close to The Hart Shopping Centre
Mixed Commercial and Residential Location with Future Change of Use Potential (subject to lease and consents) - see "Planning" below
Popular and Affluent Hampshire Market Town

Lot 32
Auction 19th October 2017
Rent £72,495 per Annum Exclusive
Status Sold
Price £1,230,000
Sector
Trade Counter/Builders Merchants
Auction Venue
The Radisson Blu Portman Hotel
22 Portman Square
London W1H 7BG

Property Information

Location

Miles: 5 miles north of Farnham,; 12 miles north-west of Guildford
Roads: A31, A331, M3
Rail: Fleet Railway Station
Air: London Heathrow Airport

Situation

The property is situated in a prominent location in a mixed commercial and residential area on the western side of Albert Street, close to its junction with Upper Street and behind Fleet Road which is the town's principal retail thoroughfare. The Hart Shopping Centre is located nearby with retailers including Waitrose, Boots the Chemist, Costa, WHSmith, Card Factory and Clarks. Other nearby occupiers include Jewson, Prezzo and Pizza Express.

Tenure

Freehold.

Location

Miles: 5 miles north of Farnham,; 12 miles north-west of Guildford
Roads: A31, A331, M3
Rail: Fleet Railway Station
Air: London Heathrow Airport

Situation

Tenure

Freehold.

Description

The property will comprise a newly refurbished ground floor trade counter arranged as three bays. The property will benefit from customer parking for 8-10 cars at the front. The target opening date is 5th December 2017.

VAT

VAT is not applicable to this lot.

Planning

A Pre-Application Report was submitted to Hart District Council in March 2017 to demolish the building and to redevelop the site to provide 14 x 2 bed flats in a four storey building with associated car parking. The proposed development was accepted in principle in June 2017.

Completion Period

Eight week completion

EPC

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

Description

VAT

VAT is not applicable to this lot.

Planning

Completion Period

Eight 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	Trade Counter	750.98 sq m	(8,083 sq ft)	SCREWFIX DIRECT LIMITED (1)	10 years from 18/08/2017 until 17/08/2027 (2) on a full repairing and insuring lease (3)	£72,495 (4)	18/08/2022
Total		750.98 sq m	(8,083 sq ft)			£72,495 (4)

(1) For the year ending 31 January 2016, Screwfix Direct Limited reported a turnover of £1,057,373,000, pre-tax profits of £91,053,000 and a total net worth of £348,231,000 (Source: Experian Group 13/09/2017). Screwfix (who have over 400 trade counters nationwide) are a wholly owned subsidiary of Kingfisher Plc, with their other brands including B&Q, Castorama, Brico Depot, and Koçtas. They operate from some 1,200 stores throughout 10 European countries (Source: www.kingfisher.com 13/09/2017).
(2) The lease is subject to a tenant option to determine on 18th August 2022.
(3) The lease is full repairing and insuring, subject to a photographic Schedule of Condition.
(4) A 12 month rent-free period was granted, expiring on 18th August 2018. The Vendor has agreed to adjust the completion monies so that the property will effectively produce £72,495 p.a. from completion of the sale.