Lease outside the Security of Tenure Provisions of the L&T Act 1954
Attractive Market Town Location
Adjacent to Major Town Centre Car Park
Approximately 1,371.15 sq m (14,759 sq ft)
Nearby occupiers include Tesco, Morrisons, Boots, Greggs and numerous independent retailers
Low rent of only £2.10 psf
Lot 32
Auction 30th March 2023
Rent £31,000 per Annum Exclusive
Status Sold
Price £390,000
Sector Supermarket/Convenience
Auction Venue Live Streamed Auction
On Behalf of a Major Fund
Property Information
Location
Miles
20 miles west of Shrewsbury, 60 miles west of Birmingham, 60 miles south of Liverpool
Roads
A483, A458
Rail
Welshpool Station
Air
Liverpool Airport
Situation
The property is situated in the town centre on the west side of Berriew Street and adjacent to Berriew Street Car Park, one of the town's main car parks. Nearby occupiers include Tesco, Morrisons, Boots, Greggs and numerous independent retailers.
Tenure
Freehold. (4)
Location
Miles
20 miles west of Shrewsbury, 60 miles west of Birmingham, 60 miles south of Liverpool
Roads
A483, A458
Rail
Welshpool Station
Air
Liverpool Airport
Situation
The property is situated in the town centre on the west side of Berriew Street and adjacent to Berriew Street Car Park, one of the town's main car parks. Nearby occupiers include Tesco, Morrisons, Boots, Greggs and numerous independent retailers.
Tenure
Freehold. (4)
Description
The property comprises a ground floor supermarket with sales and ancillary accommodation. The property benefits from a loading yard to the rear and is adjacent to a 450 space public car park (Berriew Street Car Park).
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
Band - B
Description
The property comprises a ground floor supermarket with sales and ancillary accommodation. The property benefits from a loading yard to the rear and is adjacent to a 450 space public car park (Berriew Street Car Park).
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
Band - B
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m (1)
Floor Areas Approx sq ft (1)
Tenant
Term
Rent p.a.x.
Reversion
Ground First
Retail/Ancillary Ancillary
1,148.19 222.96
(12,359) (2,400)
POUNDLAND LIMITED (CRN 02495645) (2)
5 years from 17/08/2021 (3) (4)
£31,000
17/08/2026
Total Approximate Floor Area
1,371.15
(14,759)
£31,000
(1) The floor areas stated above are those published by the Valuation Office Agency (https://www.tax.service.gov.uk/business-rates-find/valuations/start/12168960000) (2) Poundland Limited (CRN 02495645) was incorporated in April 1990 and now trades out of 779 Poundland stores throughout the United Kingdom. For the year ended 26/09/2021 Poundland Limited (CRN 02495645) reported a turnover of £1,544,694,000, a pre-tax profit of £33,478,000 and a shareholders funds of £125,057,000 (Northrow Company Report - 22/02/2023). (3) The lease provides for a tenant option to determine the lease on 17/08/2024 on serving 6 months notice. (4) The property benefits from a lease held from Powys County Council obliging Powys County Council to ensure specific parts of the adjoining car park remain as a car park for the period of the lease, being for a term of 35 years to 07/05/2022 at a rent of £5,000 per annum exclusive. This rent is recharged to Poundland Limited. Currently the lease is holding-over. The sellers solicitor has agreed new wording with the draft lease and underlease contained within the sales legal pack. The buyer can decide whether to enter into another 35 year lease or not (the lease contains an option to renew for this period). (5) The lease is outside the security of tenure provisions 1954 act.
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.
