Tenancy & Accommodation
| Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Reviews |
2-4 Princes St – Ground
First |
Retail
Storage
|
223.56 sq m
243.52 sq m |
(2,406 sq ft)
(2,621 sq ft)
|
UNIBROOK LIMITED
(t/a Walmsley Furnishings) (1)
|
5 years from 24/05/2009 (2) |
£60,000 (3) |
|
6 Princes St – Ground
Mezzanine
First |
Retail Ancillary Storage |
89.31 sq m
24.50 sq m
127.93 sq m |
(961 sq ft)
(264 sq ft)
(1,377 sq ft) |
K ARROWSMITH & G HOLLAND (t/a The Bap Shop) |
15 years from 08/04/2004 |
£33,500 (4) |
08/04/2009 &
08/04/2014 |
8 Princes Street – Ground
First |
Retail
Storage |
96.69 sq m
118.22 sq m |
(1,041 sq ft)
(1,273 sq ft) |
D HOAR & A HOAR
(t/a Play & Party) |
15 years from 01/06/2005 (5) |
£32,500 (6) |
06/2010 & 06/2015 |
10 Princes Street – Ground
First |
Retail
Storage |
84.52 sq m
116.82 sq m |
(910 sq ft)
(1,257 sq ft) |
SCOPE (7) |
5 years from 16/12/2009 (8) |
£12,000 |
|
12 Princes Street – Ground
First |
Retail
Storage |
460.34 sq m
373.40 sq m |
(4,955 sq ft)
(4,019 sq ft) |
COATS PROPERTY MANAGEMENT LTD
(sublet to Farmfoods & Card Sense) (9) (10) |
25 years from 25/03/1987 |
£92,500 |
|
14 Princes Street – Ground
First |
Retail
Storage |
85.58 sq m
123.20 sq m |
(921 sq ft)
(1,326 sq ft) |
GINGER RIDGE LIMITED
(t/a Cash Generator) |
10 years from 04/06/2010 (11) |
£25,000 (12) |
04/06/2015 |
16 Princes Street – Ground
First |
Retail
Storage |
95.05 sq m
125.40 sq m |
(1,023 sq ft)
(1,350 sq ft) |
LA PATISSERIE LTD |
25 years from 25/06/1987 |
£30,000 |
|
| 18 Princes Street – Ground |
Retail |
145.96 sq m |
(1,571 sq ft) |
NEW LEASE UNDER NEGOTIATION (13)
FULL VACANT POSESSION |
|
|
|
| 1-3 Mount Street – First |
Office |
140.65 sq m |
(1,514 sq ft) |
FULL VACANT POSESSION |
|
|
|
| 1-3 Mount Street – Second |
Office |
828.67 sq m |
(8,920 sq ft) |
FULL VACANT POSESSION |
|
|
|
| Substation |
MIDLANDS ELECTRICITY PLC |
25 years from 07/10/1998 |
£366.30 |
07/10/2013 & 5 Yearly (14) |
| Totals |
3,503.32 sq m |
(37,709 sq ft) |
|
|
£285,866.30 |
|
(1) For the year ending 30th April 2010, Unibrook Limited reported a turnover of £25,774,000, pre-tax profits of £106,000 and a net worth of £499,000. (Source: www.riskdisk.com 18/4/2011)
(2) The tenant benefits from a rolling option to determine on providing 6 months' prior written notice.
(3) The tenant is currently paying a rent of £45,000 p.a. The rent will be increased to £50,000 from 24th May 2011, to £55,000 from 24th May 2012 and to £60,000 from 24th May 2013 until the next rent review. The seller has agreed to adjust the completion monies so that the property will effectively produce £60,000 p.a. from completion of the sale.
(4) The tenant is currently benefiting from a rent concession and is paying £27,000 p.a. which will expire on 8th April 2014, at which point the rent will increase to a minimum of £33,500 p.a. The seller has agreed to adjust the completion monies so that the property will effectively produce £33,500 p.a. from completion of the sale.
(5) The tenant benefits from an option to determine on 1st June 2015 on providing 6 months' prior written notice.
(6) The tenant is benefiting from a rent concession and is paying £28,000 which will expire on 1st June 2015, at which point the rent will increase to a minimum of £32,500 p.a. The seller has agreed to adjust the completion monies so that the property will effectively produce £32,500 from completion of the sale.
(7) For the year ending 31st March 2010, Scope reported a turnover of £101,614,000, pre-tax profits of £6,686,000 and a net worth of £27,236,000. (Source: www.riskdisk.com 18/4/2011)
(8) The landlord and the tenant benefit from a rolling option to determine on providing 3 months' prior written notice.
(9) Coats Property Management Ltd is a subsidiary of Coats Holdings Ltd, who for the year ending 31st December 2009 reported a turnover of £67,000, pre-tax profits of £43,878,000 and a net worth of £1,107,564,000. (Source: www.riskdisk.com)
(10) The tenant has sub-let part of the property to Farmfoods Ltd and part fo Amaline Ltd, t/a Card Sense. For further information, please refer to the legal documents.
(11) The tenant benefits from an option to determine on 4th June 2015 on providing 6 months' prior written notice.
(12) The tenant is currently paying a rent of £21,000. Under the terms of the lease, the rent will be increased to £22,000 from 4th June 2011, to £23,000 from 4th June 2012, to £24,000 from 4th June 2013 and to £25,000 from 4th June 2014. The sellar has agreed to adjust the completion monies so that the property will effectively produce £25,000 p.a from completion of the sale.
(13) A new lease with a national retailer is currently under negotiation. For further information, please refer to the Auctioneers.
(14) The rent is reviewed in line with the Retail Price Index.
