Let to Heron Foods Limited until 2025 (no breaks) (subject to an option to renew for a further 15 year term)
Approximate floor area 461 sq m (4,963 sq ft)
Guaranteed rental increases with rent reviews in line with CPI (subject to a minimum of 1.5% and maximum of 3.5% annum compounded)
Six Week Completion Available
Lot 42
Auction 26th May 2011
Rent £30,000 per Annum Exclusive
Status Sold
Price £390,000
Sector Supermarket/Convenience
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
10 miles west of Doncaster, 8 miles north of Rotherham, 2 miles north-east of Sheffield
Roads
M1, M18, A1(M), A630
Rail
Mexborough Rail Station
Air
Robin Hood Doncaster Sheffield Airport
Situation
Mexborough is a historic market town referenced in the Domesday Book. The town is situated between Rotherham and Doncaster and close to the M1 and M18. The property is prominently situated on the north side High Street. Neighbouring occupiers include Tesco, Greggs, Coral and Specsavers.
Tenure
Virtual Freehold. Held for a term of 999 years from 25th March 2001 at a peppercorn rent
Location
Miles
10 miles west of Doncaster, 8 miles north of Rotherham, 2 miles north-east of Sheffield
Roads
M1, M18, A1(M), A630
Rail
Mexborough Rail Station
Air
Robin Hood Doncaster Sheffield Airport
Situation
Mexborough is a historic market town referenced in the Domesday Book. The town is situated between Rotherham and Doncaster and close to the M1 and M18. The property is prominently situated on the north side High Street. Neighbouring occupiers include Tesco, Greggs, Coral and Specsavers.
Tenure
Virtual Freehold. Held for a term of 999 years from 25th March 2001 at a peppercorn rent
Description
The property comprises double fronted retail accommodation on the ground floor and ancillary accommodation on the first floor. The ground floor provides open well configured retail space.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises double fronted retail accommodation on the ground floor and ancillary accommodation on the first floor. The ground floor provides open well configured retail space.
VAT
VAT is applicable to this lot.
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
Reviews
Ground
First
Retail Ancillary Ancillary
218.23 sq m 5.85 sq m 237.00 sq m
(2,349 sq ft) (63 sq ft) (2,551 sq ft)
HERON FOODS LIMITED (2)
15 years from 23/12/2010 until 2025 on a full repairing and insuring lease (3)
£30,000
25/12/2015 and 5 yearly (1)
Totals
461.08 sq m
(4,963 sq ft)
£30,000
(1) The lease provides for the rent to be increased at rent review in line with the Consumer Price Index (CPI) subject to a minimum compounded annual increase of 1.5% and a maximum of 3.5%. The minimum increases are 2015 £32,319, 2020 £34,816. (2) For the year ending 26th December 2009, Heron Foods Limited reported a turnover of £141,198,000, pre-tax profits of £7,769,000 and a total net worth of £20,185,000. (Source: www.riskdisk.co.uk 27/04/2011) (3) The lease provides an option for the tenant to renew the lease for a further 15 years at expiry of the term at a rental based upon a rent review on the last day of the current term and otherwise upon substantially the same terms as the current lease.
