Let to Bejam Group Limited t/a Iceland until 2030 (subject to option) with guarantee
5 yearly rental increases rising to a minimum of £144,463.85 in 2025 (1)
Affluent and historic spa town
Nearby occupiers include Co-operative Food, Boots, KFC and Oxfam
Lot 7
Auction 11th July 2018
Rent £127,685 per Annum Exclusive
Status Sold
Price £1,700,000
Sector Supermarket/Convenience
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
22 miles south-east of Manchester, 24 miles west of Sheffield
Roads
A6, A54
Rail
Buxton Rail Station
Air
Manchester Airport
Situation
Buxton is a popular tourist destination surrounded by the Peak District National Park. The property occupies a prominent position on Spring Gardens, close to its junction with the A53 and the town centre car park in the heart of the town centre. Nearby occupiers include Co-operative Food, Boots, KFC and Oxfam.
Tenure
Freehold.
Location
Miles
22 miles south-east of Manchester, 24 miles west of Sheffield
Roads
A6, A54
Rail
Buxton Rail Station
Air
Manchester Airport
Situation
Buxton is a popular tourist destination surrounded by the Peak District National Park. The property occupies a prominent position on Spring Gardens, close to its junction with the A53 and the town centre car park in the heart of the town centre. Nearby occupiers include Co-operative Food, Boots, KFC and Oxfam.
Tenure
Freehold.
Description
The property comprises a substantial ground floor retail unit with first floor ancillary accommodation, together with an area of land which is currently used for car parking and loading. The tenant also occupies a parcel of land to the east of the site, which is used for further car parking and does not form part of the sale. The property has an approximate site area of 0.29 acres (0.118 hectares).
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 ground floor retail unit with first floor ancillary accommodation, together with an area of land which is currently used for car parking and loading. The tenant also occupies a parcel of land to the east of the site, which is used for further car parking and does not form part of the sale. The property has an approximate site area of 0.29 acres (0.118 hectares).
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
Reviews
Ground First
Retail Ancillary
665.9 sq m 145.9 sq m
(7,168 sq ft) (1,571 sq ft)
BEJAM GROUP LIMITED t/a Iceland (1) guaranteed by Ice Acquisitions Ltd
25 years from 28/02/2005 until 27/02/2030 (2)
£127,685.07
28/02/2020 (3) 28/02/2025
Total
811.8 sq m
(8,739 sq ft)
£127,685.07 (3)
(1) Bejam Group Limited is a subsidiary of Iceland Topco Limited. Iceland acquired Bejam in 1989. Iceland Foods is a unique British food retailer with over 900 stores throughout the UK (Source: about.iceland.co.uk & Experian Group 28/06/2018). (2) The lease provides an option to determine on 27/02/2025. (3) The lease provides five yearly rent reviews, reviewed to the basic rent plus 2.5% annual compounded increases or Open Market Rental Value as defined in the lease, whichever is greater. The current passing rent is £112,855, rising to a minimum of £127,685.07 on 28/02/2020 and £144,463.85 on 28/02/2025. The seller has agreed to adjust the completion monies so that the unit will effectively produce £127,685.07 p.a.x. from completion of the sale.
Contacts
Seller's Solicitors
Philip Ross Solicitors 34 Queen Anne St London W1G 8HE +44 (0) 20 7785 9151
