Let to Salvation Army Trading Company Limited until 2033 (subject to option)
Tenant in occupation since 2013
Affluent Town Centre Location
Nearby occupiers include Marks & Spencer, Tesco Express, Sports Direct, JD Sports, Superdrug, Boots the Chemist, The Body Shop, Holland & Barrett and H. Samuel
Let to Salvation Army Trading Company Limited until 2033 (subject to option)
Tenant in occupation since 2013
Affluent Town Centre Location
Nearby occupiers include Marks & Spencer, Tesco Express, Sports Direct, JD Sports, Superdrug, Boots the Chemist, The Body Shop, Holland & Barrett and H. Samuel
Lot 48
Auction 13th July 2023
Rent £24,000 per Annum Exclusive (3)
Status Sold
Price £153,000
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
22 miles north-west of Ipswich, 25 miles east of Cambridge
Roads
A11, A14, A134, A143, M11 (Junction 10)
Rail
Bury St Edmunds Railway Station
Air
Stansted Airport
Situation
The property is situated on the eastern side of Cornhill, within the historic heart of Bury St Edmunds Town Centre. Neighbouring occupiers include Marks & Spencer, Tesco Express, Sports Direct, JD Sports, Superdrug, Boots the Chemist, The Body Shop, Holland & Barrett, Iceland, JD Wetherspoon, Haart Estate Agents and H. Samuel.
Tenure
Long Leasehold. Held for a term of 106 years from 08/10/1988 until 2094 at a current rent reserved of £6,000 per annum exclusive subject to rent reviews at 11 year intervals. The 2021 rent review is outstanding.
Location
Miles
22 miles north-west of Ipswich, 25 miles east of Cambridge
Roads
A11, A14, A134, A143, M11 (Junction 10)
Rail
Bury St Edmunds Railway Station
Air
Stansted Airport
Situation
The property is situated on the eastern side of Cornhill, within the historic heart of Bury St Edmunds Town Centre. Neighbouring occupiers include Marks & Spencer, Tesco Express, Sports Direct, JD Sports, Superdrug, Boots the Chemist, The Body Shop, Holland & Barrett, Iceland, JD Wetherspoon, Haart Estate Agents and H. Samuel.
Tenure
Long Leasehold. Held for a term of 106 years from 08/10/1988 until 2094 at a current rent reserved of £6,000 per annum exclusive subject to rent reviews at 11 year intervals. The 2021 rent review is outstanding.
Description
The property comprises an attractive ground floor retail unit that forms part of the historic Grade II listed corn exchange building, now an attractive shopping mall.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
Band C
Description
The property comprises an attractive ground floor retail unit that forms part of the historic Grade II listed corn exchange building, now an attractive shopping mall.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
Band C
Tenancy & Accommodation
Floor
Use
Floor Areas sq m (1)
Floor Areas sq ft (1)
Tenant
Term
Rent p.a.x.
Rent Review (Reversion)
Ground
Retail
105.10
(1,131)
SALVATION ARMY TRADING COMPANY LIMITED (CRN: 02605817) (t/a Salvation Army) (2)
20 years from 12/07/2013 to 2033 (3)
£24,000 (3)
12/07/2028 and 2030 (12/07/2033)
Total Approximate Floor Area
105.10
(1,131)
£24,000 (3)
(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/170774012) (2) The Salvation Army Trading Company is a Christian Charity that has 650 churches and community centres as well as over 400 charity shops across the UK. (www.salvationarmy.org.uk) (3) The property has been let for a term of 20 years by virtue of a lease for a term of 10 years from 12/07/2013 until 11/07/2023 at a current rent reserved of £21,000 per annum exclusive and a reversionary lease from 12/07/2023 until 11/07/2033 at an initial rent reserved of £24,000 per annum exclusive. The reversionary lease is subject to a tenant option to determine the lease on 12/07/2028 and 12/07/2030.
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.
