New lease from October 2020, expiring in January 2023
Modest rebased rent
Property let subject to mutual rolling break options, with 3 months notice, outside the provisions of the Landlord and Tenant Act 1954
Tenant in occupation since 1998
Large double-fronted shop with upper parts - circa 5,229 sq ft
Of interest to investors, owner occupiers and developers with possible change of use opportunities
Nearby occupiers include Holland & Barrett, Next, O2, Trespass, Boots, Superdrug and WHSmith
Lot 28
Auction 28th October 2020
Rent £25,000 per Annum Exclusive
Status Sold
Price £292,000
Sector High Street Retail
Auction Venue Live Streamed Auction
On Behalf of a Real Estate Investment Trust
Property Information
Location
Miles
17 miles north of Bridlington
42 miles north-east of York
Roads
A64, A165, A170
Rail
Scarborough
Air
Durham
Situation
Scarborough is a popular seaside destination on the North East coast of England. The property is located on the north side of the pedestrianised Westborough, opposite the Brunswick Shopping Centre, with retailers including Holland & Barrett, Next, O2 and Trespass. Other nearby retailers include Boots, Superdrug and WHSmith.
Tenure
Freehold.
Location
Miles
17 miles north of Bridlington
42 miles north-east of York
Roads
A64, A165, A170
Rail
Scarborough
Air
Durham
Situation
Scarborough is a popular seaside destination on the North East coast of England. The property is located on the north side of the pedestrianised Westborough, opposite the Brunswick Shopping Centre, with retailers including Holland & Barrett, Next, O2 and Trespass. Other nearby retailers include Boots, Superdrug and WHSmith.
Tenure
Freehold.
Description
The property comprises a large prominent, double-fronted shop with three storeys, arranged as a ground floor shop, with ancillary accommodation on first and second floors.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Band D. Please see legal pack at www.acuitus.co.uk.
Description
The property comprises a large prominent, double-fronted shop with three storeys, arranged as a ground floor shop, with ancillary accommodation on first and second floors.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Band D. Please see legal pack at www.acuitus.co.uk.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Ground First Second
Retail/Ancillary Ancillary Ancillary
205.30 sq m 174.70 sq m 102.90 sq m
(2,209 sq ft) (1,880 sq ft) (1,140 sq ft)
WATERSTONES BOOKSELLERS LIMITED (1)
A term of years from 03/10/2020 expiring 08/01/2023 (2) on a full repairing and insuring lease
£25,000
Total
485.90 sq m
(5,229 sq ft)
£25,000
(1) For the year ending 27th April 2019, Waterstones Booksellers Limited reported a total turnover of £392,776,000, pre-tax profits of £27,702,000 and shareholders funds of £40,159,000 (source: SmartSearch 25/09/2020). (2) The property was let by way of a lease renewal for a term of 10 years from 05/02/2015 expiring on 04/02/2025 with a tenant only break option on 04/02/2020. The lease was re-geared in February 2020 for a term of 3 years at £45,000 pa with mutual break options exercisable on 6 months notice. The tenant served notice to vacate in March 2020, terminating the lease in October 2020. The new lease has been completed commencing on 03/10/2020, to expire on 08/01/2023 subject to mutual rolling break options on 3 months notice. Neither party can exercise the break clause between 1st December and 15th January in any given year of the term.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
