New 5 year lease (renewal) from August 2022 (subject to option)
Re-based rent (previously let at £83,500 p.a.)
Store includes Pharmacy
Tenant committed to refurbishment and partial store re-fit (1)
Approximately 6,895 sq ft
Nearby occupiers include WHSmith, Specsavers, Boots the Chemist, Greggs, Costa, JD Sports and Wilko
Lot 4
Auction 15th December 2022
Rent £50,000 per Annum Exclusive
Status Sold Prior
Price
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
6 miles south-east of Chichester, 26 miles west of Brighton
Roads
A259, A27, A3
Rail
Bognor Regis Train Station
Air
London Gatwick
Situation
The property is located on the west side of the pedestrianised London Road, Bognor Regis' prime retailing thoroughfare. Nearby occupiers include WHSmith, Specsavers, Boots the Chemist, Greggs, Costa, JD Sports and Wilko. The town's main shoppers car park and a large Morrisons Supermarket are located immediately to the rear of the property.
Tenure
Freehold.
Location
Miles
6 miles south-east of Chichester, 26 miles west of Brighton
Roads
A259, A27, A3
Rail
Bognor Regis Train Station
Air
London Gatwick
Situation
The property is located on the west side of the pedestrianised London Road, Bognor Regis' prime retailing thoroughfare. Nearby occupiers include WHSmith, Specsavers, Boots the Chemist, Greggs, Costa, JD Sports and Wilko. The town's main shoppers car park and a large Morrisons Supermarket are located immediately to the rear of the property.
Tenure
Freehold.
Description
The property comprises a large shop arranged on the ground and first floors, to include a Pharmacy.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Band C
Description
The property comprises a large shop arranged on the ground and first floors, to include a Pharmacy.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Band C
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Ground First
Retail/Ancillary Ancillary
399.11 241.46
(4,296) (2,599)
SUPERDRUG STORES PLC (t/a Superdrug) (2)
5 years from 12/08/2022 (3) on a full repairing and insuring lease
£50,000
Total
640.57
(6,895)
£50,000
(1) As part of the recent lease renewal negotiations, Superdrug have agreed to enter into a refurbishment and partial store re-fit of the property and will be investing in excess of £130,000 into the property. (2) Superdrug Stores plc currently operate in over 750 stores across the UK (www.superdrug.com) - a part of A.S. Watson Group of Companies. For the year to 01/2021, Superdrug Stores plc reported a turnover of £1.16 billion, pre-tax profits of £45.28 million and shareholders funds of £345.4 million. (www.northrow.com) (3) The lease is subject to a tenant only option to determine on 12/08/2025. If the tenant operates the break clause, a 6 month rent penalty is payable to the landlord.
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.
