Tenancy & Accommodation
| Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Reviews |
Ground
First
Second |
Retail
Ancillary
Not in Use |
640.82 sq m
259.02 sq m
No Access |
(6,898 sq ft)
(2,788 sq ft) |
HERON FOODS
LTD (1) |
17.5 years from
06/01/2014 until
2031 on a full
repairing and
insuring lease with
a tenant option to
renew until 2041 |
£53,500 (2) |
2019, 2024, 2029
rental increases by
CPI (subject to
minimum of 1% and
a maximum of 3%) 5
yearly compounded
annually |
Totals
|
899.84 sq m |
(9,686 sq ft) |
|
|
£53,500 (2) |
|
(1) Heron Foods now operate from over 250 stores nationwide (www.heronfoods.com). Heron Foods were recently acquired by the national multiple discount retailer B&M, a company listed on the London Stock Exchange (www.bandmretail.com). For the year ending 31st December 2016, Heron Foods Ltd reported a turnover of £274,440,000, pre-tax profits £8,727,000 and a total net worth of £34,544,000 (Source: Experian Group 08/01/2018).
(2) The current rent reserved under the terms of the lease is £50,000 per annum exclusive (pax). The lease provides for fixed minimum rental increases linked to the Consumer Price Index (CPI), subject to a minimum of 1% and a maximum of 3%. On the basis of current data, the rent will increase to a minimum of £53,500 pax and a maximum of £58,000 pax in 06/01/2019. The Seller will pay the Buyer the difference between the current rent reserved £50,000 pax and £53,500 pax from completion of the sale until 06/01/2019. Therefore, the property will produce £53,500 pax from completion of sale.
