Tenancy & Accommodation
| Unit |
Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Review/
(Reversion) |
| 39 |
Ground |
Retail |
234.02 sq m |
(2,519 sq ft) |
SPORTSWIFT
LIMITED (1)
t/a Card Factory |
5 years from
29/06/2018 (2) |
£35,000 |
(28/06/2023) |
| 41 |
Ground |
Retail |
148.92 sq m |
(1,603 sq ft) |
STORMFRONT
RETAIL LIMITED (4) |
10 years from
14/09/2011 (5) |
£42,500 |
14/09/2016 (6) |
| 40 |
First |
Office |
185.62 sq m |
(1,998 sq ft) |
VACANT
POSSESSION |
|
|
|
| 40 |
Second |
Office |
185.06 sq m |
(1,992 sq ft) |
PINKGREEN
CREATIVE LIMITED
(3) |
5 years from
10/11/2015 |
£19,920 |
(09/11/2020) |
| Total |
753.62 sq m |
(8,112 sq ft) |
|
|
£97,420 |
|
(1) For the year ending 31 January 2018, Sportswift Limited reported a turnover of £403,120,000, pre-tax profits of £73,877,000 and a total net worth of £47,253,000 (Source: Experian Group 07/11/2018). Card Factory is the leading specialist retailer of greetings cards, gift dressings and party products in the UK with over 900 stores in both the UK and Ireland, with new stores opening every year (Source: www.cardfactory.co.uk 07/11/2018).
(2) The tenant is currently benefitting from a rent free period due to expire on 05/04/2019. The seller has agreed to adjust the completion monies so that the unit will effectively produce £35,000 from the completion of sale. The lease provides an option to determine on
28/06/2021. If the tenant does not exercise this option, they will benefit from paying a peppercorn rent between 29/06/2021 and 28/12/2021.
(3) Pink Green is an integrated creative agency delivering brand and marketing campaigns through film, digital and print (Source: https://pink.green/ 08/11/2018).
(4) Stormfront is the UK’s largest Apple premium reseller with 23 stores nationwide (Source: https://stormfront.co.uk 07/11/2018).
(5) Stormfront Retail Limited did not exercise their November 2018 break option and the notice period has now passed.
(6) The 2016 rent review is outstanding.
