Tenancy & Accommodation
| Accommodation |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Review |
Ground
First |
Retail
Ancillary |
139.80 sq m
72.10 sq m |
1,505 sq ft
776 sq ft |
BOOTS UK
LIMITED (1) |
20 years and 4 months
from 22/03/2005 until
21/07/2025 on a full
repairing and insuring
lease (2) (3) |
£25,004 |
22/07/2020 |
Total
|
211.90 sq m |
(2,281 sq ft) |
|
|
£25,004 |
|
(1) For the year ending 31st August 2018, Boots UK Limited reported a turnover of £6,790,000,000, pre-tax profits of £398,000,000 and a total net worth of £875,000,000 (Source: Experian Group 19/09/2019). Boots is the largest pharmacy health and beauty chain in the UK and as at 31st August 2018 had 2,485 stores across the UK
(Source: www.boots-uk.com/about-boots-uk/about-boots/boots-in-numbers/ 20/09/2019).
(2) The current lease is for a term of 15 years and four months expiring 21/07/2020, however a 5 year reversionary lease has been signed from expiry of the current term until 21/07/2025 at a rent of £25,000 p.a.x.
(3) For the purpose of clarification, the current passing rent is £25,004 p.a.x. At the commencement of the reversionary lease on 22/07/2020, the rent will reduce slightly to £25,000 p.a.x and the tenant will benefit from a six month rent free period.The seller has agreed to adjust completion monies so the sale will effectively produce £25,000 p.a.x from commencement of the reversionary lease.
