Let to The Factory Shop Limited until 2025 (no breaks)
Prominent position with good frontage to the A12
Rent rising to a minimum of £115,863 p.a.x in March 2020 (2)
Future development opportunity (subject to consents)
Lot 83
Auction 19th October 2017
Rent £102,406 per Annum Exclusive
Status Withdrawn Prior
Price
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
45 miles north-east of Ipswich, 8 miles south-west of Lowestoft
Roads
A12
Air
Norwich International Airport
Situation
Wrentham is an attractive village located near to the famous Suffolk coastal town of Southwold. The property occupies a prominent position on London Road (A12), which leads onto High Street approximately 100 metres to the north. The property is situated in a predominantly residential area with Meadowlands, a new residential development, located diagonally opposite the site.
Tenure
Freehold.
Location
Miles
45 miles north-east of Ipswich, 8 miles south-west of Lowestoft
Roads
A12
Air
Norwich International Airport
Situation
Wrentham is an attractive village located near to the famous Suffolk coastal town of Southwold. The property occupies a prominent position on London Road (A12), which leads onto High Street approximately 100 metres to the north. The property is situated in a predominantly residential area with Meadowlands, a new residential development, located diagonally opposite the site.
Tenure
Freehold.
Description
The property comprises a substantial building with retail accommodation on ground and storage accommodation to the upper level. The property benefits from a site area of approximately 0.87 acres (0.354 hectares) and 33 marked car parking spaces, with capacity for more.
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 comprises a substantial building with retail accommodation on ground and storage accommodation to the upper level. The property benefits from a site area of approximately 0.87 acres (0.354 hectares) and 33 marked car parking spaces, with capacity for more.
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
First
Retail/ Ancillary Ancillary
1,122.55 sq m
627.65 sq m
(12,083 sq ft)
(6,756 sq ft)
THE FACTORY SHOP LIMITED t/a The Original Factory Shop (1)
25 years from 24/03/2000 until 24/03/2025
£102,406
24/03/2020 (2)
Total
1,750.20 sq m
(18,839 sq ft)
£102,406
(1) For the year ending 27th March 2016, The Factory Shop Limited reported a turnover of £184,496,000, pre-tax profits of £6,015,000 and a total net worth of £48,706,000 (Source: Experian Group 25/019/2017). The Original Factory Shop was established back in 1969 and now has over 200 stores across the UK (Source: www.tofs.com 25/09/2017). (2) The lease provides for the rent to be reviewed to Open Market Rental Value or increase by 2.5% per annum compounded, whichever is the greater. Therefore, the rent will increase to a minimum of £115,863 pa on 24/03/2020.
Contacts
Associate Auctioneers
Bidwells LLP 25 Old Burlington Street London W1S 3AN
