Tenancy & Accommodation
|
Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Review |
68 |
Ground First |
Retail/Ancillary Ancillary |
86.79 sq m 54.99 sq m |
(934 sq ft) (592 sq ft) |
DONE BROTHERS (CASH BETTING) LIMITED t/a Betfred (1) |
15 years from 30/06/2006 until 29/06/2021 (holding over) |
£40,000 |
- |
70/72 |
Ground First |
Retail/Ancillary Ancillary |
235.33 sq m 90.10 sq m |
(2,533 sq ft) (970 sq ft) |
PIZZA HUT (UK) LIMITED (2) t/a Pizza Hut |
5 years from 29/09/2018 until 28/09/2023 |
Turnover rent based on 10% of turnover £39,839 (3) |
- |
74 |
Ground First |
Retail/Ancillary Ancillary |
25.53 sq m 34.74 sq m
|
(275 sq ft) (374 sq ft) |
HAKIM’S COMMUNICATIONS LIMITED with a guarantee from RAFAY COMMUNICATIONS LIMITED (4) |
10 years from 16/08/2021 until 15/08/2031 (5) |
£13,000 |
16/08/2026 |
Total
|
527.48 sq m |
(5,678 sq ft)(5) |
|
|
£92,839 (3) |
|
(1) For the year ending 27/09/2020, Done Brothers (Cash Betting) Limited reported a turnover of £300,796,000, pre-tax profit of £158,563,000 and a total net worth of £135,153,000 (Source: NorthRow 13/08/2021).
(2) Pizza Hut (UK) Limited filed for CVA on 28th September 2020. Whilst the rent under the terms of the lease was £42,500 per annum, from the commencement of the CVA, Pizza Hut have agreed to pay a 10% turnover rent for the duration of the CVA (paid monthly in arrears). For the period commencing 29/09/2020 and ending 11/07/2021 the turnover rent paid to the landlord was £31,216.68 + VAT.
(3) Adopting an estimated annualised rent assuming Pizza Hut continue to trade at similar levels to that reported between September 2020 and July 2021, the turnover rent paid annually will be approximately £39,839 + VAT. Please see legal pack for full details of the rent, service charge and insurance payments under the CVA.
(4) A rent deposit of £7,800 is held by the Vendor.
(5) The lease is subject to a rent free period of 3 months. The Vendor has agreed to top up the completion monies so that the property produces £13,000 from completion of the sale until the rent free period has passed. Please see Special Conditions of Sale.