Tenancy & Accommodation
| Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Reviews |
| 1-9 |
Industrial
|
4,818 sq m |
(51,860 sq ft)
|
MIDDLESBROUGH
COUNCIL (3)
|
A term from 01/01/1982
until 2026 |
£138,118.68 |
Annually to RPI
(1) (4) |
| Totals |
|
4,818 sq m |
(51,860 sq ft) |
|
|
£138,118.68 |
|
(1) The lease provides for annual rent reviews on 1st January in line with the change in the retail price index (subject to a maximum increase 4.2% and a minimum increase of 2.5%).
(2) Under the terms of the lease the current rent is £132,551.52 per annum exclusive. In January 2012 the rent will rise to £138,118.68 per annum exclusive. (Applying the 4.2% Retail Price Index cap to the current rent reserved). The seller will pay the buyer the net difference between the current rent reserved and £138,118.68 per annum exclusive from completion of the sale until January 2012. As a result the property will produce an income of £138,118.68 per annum exclusive from completion of the sale.
(3) The tenant underlets most of the units. Further details are available from the Auctioneers. The Council have confirmed a recent subletting of Unit 9 as at 1st March 2011 at a rent equating to £3.97 per square foot rising in year 3 of £4.39 per square foot (excluding mezzanine areas.)
(4) The lease also provides for an additional rent to be paid by the Council equivalent to 50% of rent received by them from underlettings in excess of the current rent plus £15,000 until 31st December 2012. From 1st January 2012, the additional rent is 50% of the rents received from underlettings in excess of the current rent.
(5) The floor area includes approximately 986.4 sq m (10,618 sq ft) of mezzanine accommodation.
