Tenancy & Accommodation
| Floor |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Reviews |
Ground
First |
481.89 sq m
199.66 sq m |
(5,187 sq ft)
(2,149 sq ft) |
TESCO STORES
LIMITED (1) |
30 years from
07/12/2006 until
06/12/2036 (2) |
£85,000 rising to a
minimum of £93,847 in
December 2026 and to
a minimum of £103,615
in December 2031 (3) |
06/12/2026
06/12/2031 (4) |
| Ground |
102.18 sq m |
(1,100 sq ft) |
CHEST HEART AND
STROKE SCOTLAND
LIMITED (5) |
10 years from
11/03/2015 until
10/03/2025 (6) |
£30,000 |
|
Total
|
783.73 sq m |
(8,436 sq ft) |
|
|
£115,000 |
|
(1) For the year ending 23rd February 2019, Tesco Stores Limited reported a total turnover of £42,219,000,000, pre-tax profits of £737,000,000 and shareholders funds of £5,623,000,000 (source: SmartSearch 23/04/2020).
(2) The original term was 15 years from 7th December 2006, however the lease was extended on 28th August 2019 by a further 15 years to expire 6th December 2036, subject to a tenant break option in December 2031.
(3) The current rent, under the terms of the lease to Tesco Stores Limited is £79,000 pa, rising to £85,000 pa in December 2021.
The Vendor has agreed to adjust the completion monies so that the property effectively produces £85,000 pa from completion of the sale until the next review in December 2026.
(4) Rent Reviews are based on compounded RPI increases collared and capped at 2% pa and 4% pa.
(5) Chest Heart and Stroke Scotland are Scotlands health charity supporting people and their families across Scotland with chest, heart and stroke conditions (www.chss.org.uk) For the year ending 31st March 2019, Chest Heart and Stroke Scotland Limited reported pre-tax profits of £126,995 and shareholder funds of £7,906,997 (source: SmartSearch 24/04/2020).
(6) The lease is subject to a tenant only break option on 10th March 2021. CHSS have recently acquired additional sites in nearby popular Giffnock this year to compliment the boutique store in Clarkston.
