Tenancy & Accommodation
| Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Reviews |
Ground
First |
Convenience
Store
Two x
1 bedroom
flats |
140.66 sq m
-
|
(1,514 sq ft)
(-)
|
BESTWAY RETAIL
LIMITED
with a guarantee
from BESTWAY
WHOLESALE
LIMITED (1) |
20 years from
15/08/2014 until
14/08/2034 on a
full repairing and
insuring lease |
£34,648 (2) |
2.25% annually
compounded
increase on
15/08/2019 and
5 yearly
thereafter |
Total
|
140.66 sq m |
(1,514 sq ft) |
|
|
£34,648 (2) |
|
(1) Bestway Retail Limited operates approximately 182 stores and supplies approximately 500 further convenience stores which are operated by other operators. For the year ending 30th June 2017, Bestway Wholesale Limited reported a turnover of £1,651,048,000, pre-tax profits of £6,354,000 and a total net worth of £85,255,000 (Sources: www.bestwaywholesale.co.uk and Experian Group 07/11/2018). The lease is guaranteed by Bestway Wholesale Limited until Bestway Retail Limited posts two consecutive years’ net profit at Companies House exceeding £10 million.
(2) The current rent passing is £31,000 p.a.x., which will rise to £34,648 p.a.x. on 15/08/2019. The Vendor has agreed to adjust the completion monies so that the property will effectively produce £34,648 p.a. from completion of the sale until 15/08/2019.
