Let to Wyevale Garden Centres Holdings Ltd until 31st August 2030 (no breaks)
RPI linked Rent Review in 2020 and 5 yearly (3)
Substantial 2.4 acre site providing future development potential (subject to consents)
Rent rising to minimum of £142,640 in 2020 (3)
Lot 6
Auction 14th February 2019
Rent £130,110 per Annum Exclusive
Status Sold
Price £1,855,000
Sector Retail Warehouse
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of a Major Fund Manager
Property Information
Location
Miles
8 miles north of Bournemouth
27 miles west of Southampton
Roads
A31, A348
Rail
Bournemouth Rail
Air
Bournemouth Airpor
Situation
The property is situated on the northern side of Wimborne Road West between Wimborne and Ferndown, just off the A31 which links Dorset with Surrey. The property benefits from being within a predominantly residential area and is located to the west of the Ferndown and Uddens Industrial Estates, which form the largest industrial area in East Dorset.
Tenure
Freehold.
Location
Miles
8 miles north of Bournemouth
27 miles west of Southampton
Roads
A31, A348
Rail
Bournemouth Rail
Air
Bournemouth Airpor
Situation
The property is situated on the northern side of Wimborne Road West between Wimborne and Ferndown, just off the A31 which links Dorset with Surrey. The property benefits from being within a predominantly residential area and is located to the west of the Ferndown and Uddens Industrial Estates, which form the largest industrial area in East Dorset.
Tenure
Freehold.
Description
The property comprises a purpose built garden centre of steel frame construction, providing a large internal retail area with soft play area and restaurant, as well as an external retail area for horiticultural products. Concessions, including Fairy Chic Emporium and Pets Corner, are operated within the property, with Maidenhead Aquatics based within a separate building to the eastern corner of the site. The property benefits from a total site area of 2.4 acres, providing future development potential (subject to consents).
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a purpose built garden centre of steel frame construction, providing a large internal retail area with soft play area and restaurant, as well as an external retail area for horiticultural products. Concessions, including Fairy Chic Emporium and Pets Corner, are operated within the property, with Maidenhead Aquatics based within a separate building to the eastern corner of the site. The property benefits from a total site area of 2.4 acres, providing future development potential (subject to consents).
VAT
VAT is applicable to this lot.
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
Garden Centre/ Ancillary
1,600.51 sq m
(17,228 sq ft)
WYEVALE GARDEN CENTRES HOLDINGS LIMITED (1) (2)
20 years from 01/09/2010 until 31/08/2030 on a full insuring and repairing lease
£130,110
RPI linked reviews on 01/09/2020 and 01/09/2025 (3)
Total
1,600.51 sq m
(17,228 sq ft)
£130,110 rising to minimum of £142,640 in 2020 (3)
(1) Set up in 1932, Wyevale is the biggest garden centre retailer in the UK, with over 100 garden centres. Wyevale Garden Centres vision is to become the leading destination for garden, home and leisure (Source: www.wyevalegardencentres.co.uk 17/01/2019). (2) It is understood that concessions operated within the property include Pets Corner (UK) Limited, Maidenhead Aquatics 4 LLP and Fairy Chic Emporium. We understand that as at November 2017, these produced an income for the tenant of approximately £71,364 p.a. plus turnover rents. Please note, however, that as these concessions do not have a direct relationship with the seller, neither Acuitus nor the seller can offer any warranty with regard to this information and accept no liability for any inaccuracies. Please refer to the legal pack for further information. (3) Rent reviews are linked to RPI and capped at 3.5% per annum exclusive. Based on the most recent RPI figures, the rent will rise to a minimum £142,640 p.a.x. at the 2020 review.
Contacts
Seller's Solicitors
Bryan Cave Leighton Paisner LLP St Magnus House, 3 Lower Thames Street London EC3R 6HE
