Tenancy & Accommodation
| Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Review/
(Reversion) |
Ground
First |
Retail/Ancillary
Ancillary |
221.48 sq m
74.60 sq m |
(2,384 sq ft)
(803 sq ft) |
BOOTS UK
LIMITED (1) |
10 years & 3 days from
29/03/2013 (2)
on a full repairing
and insuring lease |
£31,855.75
(2) with
annual
increases (3) |
31/03/2023 |
Total
|
296.08 sq m |
(3,187 sq ft) |
|
|
£31,855.75 |
|
(1) For the year ending 31st August 2016, Boots UK Limited reported a turnover of £6,876,000,000, pre-tax profits of £523,000,000 and a total net worth of £1,204,000,000 (Source: Experian Group 17/01/2018). Boots is the UK’s leading pharmacy-led health and beauty retailer, with around 2,500 stores in the UK, ranging from local community pharmacies to large destination health and beauty stores. Boots UK is part of the Retail Pharmacy International Division of Walgreens Boots Alliance, Inc, the first global pharmacy led health and wellbeing enterprise (Source: www.boots-uk.com 23/02/2018).
(2) The tenant is currently benefitting from a rent free period expiring 31/03/2019 in exchange for removing the 2020 break option. The seller has agreed to adjust the completion monies so that the unit effectively produces £31,855.75 from the completion of the sale.
(3) The lease provides for annual fixed rental increases of 1.5%. The rent will therefore increase to £32,333.59 p.a.x on 01/04/2019, £32,818.59 p.a.x on 01/04/2020, £33,310.87 on 01/04/2021 and £33,810.53 on 01/04/2022.
