Tenancy & Accommodation
| Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Review
(Reversion) |
Ground
First
Basement |
Retail
Ancillary
Ancillary |
553.00 sq m
535.70 sq m
214.50 sq m |
(5,952 sq ft)
(5,766 sq ft)
(2,309 sq ft) |
POUNDWORLD RETAIL
LIMITED (1) |
10 years from
13/11/2015 (2) on
a full repairing
and insuring
lease |
£95,000 (3) |
13/11/2020
(12/11/2025) |
|
1,303.20 sq m |
(14,027 sq ft) |
|
|
£95,000 (3) |
|
(1) For the year ending 31st March 2016, Poundworld Retail Limited reported a turnover of £462,689,000, pre-tax profits of negative £5,405,000 and a total net worth of £7,048,000 (Source: Experian Group 12/01/2018).
(2) The lease is subject to a tenant option to determine on 13/11/2020.
(3) Under the terms of the lease, the current rent reserved is £47,500 per annum exclusive, up to and including 22nd April 2018. From 23rd April 2018, the rent increases to £95,000 per annum exclusive (p.a.x.). The Seller will pay the buyer the difference between £47,500 p.a.x. and £95,000 p.a.x. from completion of the sale until 23rd April 2018. Therefore, the property will produce £95,00 p.a.x. from completion of the sale.
(4) The lease provides for a rent to be reviewed upward only.
