Let to Travis Perkins (Properties) Limited until November 2031 (no breaks)
5 yearly upward only rent reviews linked to a minimum of 3% per annum compounded
Rent rising to a minimum of £59,374.54 in 2022 and £68,831.37 in 2027
Approximate site area of 0.68 acres (0.27 hectares)
Future option to purchase freehold for £1 (see legal pack)
Lot 4
Auction 11th July 2019
Rent £51,217 per Annum Exclusive
Status Sold
Price £1,120,000
Sector Trade Counter/Builders Merchants
Auction Venue The Montcalm Hotel 2 Wallenberg Place London W1H 7TN
On behalf of a Major Investment Manager
Property Information
Location
Miles
20 miles east of Leicester
29 miles south-east of Nottingham
Roads
A606, A1, A47
Rail
Oakham
Air
Birmingham International Airport
East Midlands Airport
Situation
Oakham is an affluent county town located in the East Midlands approximately 20 miles east of Leicester. The property is located adjacent to Oakham Railway Station in a mixed commercial and residential area. Nearby occupiers including All Vehicle Parts, Oakham Tyre Company, Tarmac and Millennium Computer Services. The A606 is within close proximity to the property, providing direct access to the A1.
Tenure
Long Leasehold. Held for a term of 200 years from 01/12/2006 at a peppercorn rent. The lease provides an option to purchase the Freehold for £1 + VAT, subject to conditions being satisfied. Please refer to the legal pack for further information.
Location
Miles
20 miles east of Leicester
29 miles south-east of Nottingham
Roads
A606, A1, A47
Rail
Oakham
Air
Birmingham International Airport
East Midlands Airport
Situation
Oakham is an affluent county town located in the East Midlands approximately 20 miles east of Leicester. The property is located adjacent to Oakham Railway Station in a mixed commercial and residential area. Nearby occupiers including All Vehicle Parts, Oakham Tyre Company, Tarmac and Millennium Computer Services. The A606 is within close proximity to the property, providing direct access to the A1.
Tenure
Long Leasehold. Held for a term of 200 years from 01/12/2006 at a peppercorn rent. The lease provides an option to purchase the Freehold for £1 + VAT, subject to conditions being satisfied. Please refer to the legal pack for further information.
Description
The property comprises a ground floor trade counter, warehouse and office plus a mezzanine level. The warehouse has five roller shutter doors with a large storage yard with customer parking. The property benefits from a large site area of 0.68 acres (0.27 hectares) with a low site cover of approximately 21%.
VAT
VAT is applicable to this lot.
EPC
Band C. Available in legal pack.
Description
The property comprises a ground floor trade counter, warehouse and office plus a mezzanine level. The warehouse has five roller shutter doors with a large storage yard with customer parking. The property benefits from a large site area of 0.68 acres (0.27 hectares) with a low site cover of approximately 21%.
VAT
VAT is applicable to this lot.
EPC
Band C. Available in legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground
Mezzanine
Trade Counter, Warehouse & Office Storage
569.80 sq m
149.80 sq m
(6,134 sq ft)
(1,612 sq ft)
TRAVIS PERKINS (PROPERTIES) LIMITED (1)
25 years from 01/12/2006 until 30/11/2031 on a full repairing and insuring lease (2)
£51,217
01/12/2022 and five yearly (3)
Total
719.60 sq m
(7,746 sq ft)
£51,217 rising to a minimum of £59,374.54 in 2022 and £68,831.37 in 2027
(1) For the year ending 31st December 2018, Travis Perkins (Properties) Limited reported a turnover of £92,200,000, pre-tax profits of £52,200,000 and a total net worth of £277,100,000 (Source: beta.companieshouse.gov.uk 31/05/2019). Travis Perkins is the UK's largest distributor of building materials and has been helping build Britain for over 200 years. With 20+ businesses in the Group, they have grown to approximately 29,000+ colleagues across more than 2,000 branches, stores and sites around the UK (Source: www.travisperkinsplc.co.uk 05/06/2019). (2) The lease is subject to a schedule of condition. (3) The rent reviews are upwards only to the higher of two thirds of Market Rent (as defined in the lease) or the annual rent payable increased by 3% per annum compounded annually. For further information please refer to the lease available in the legal pack.
