Tenancy & Accommodation
| Floor |
Use |
Floor Areas
Approx sq m |
Floor Areas
Approx sq ft |
Tenant |
Term |
Rent p.a.x. |
Rent Review |
Ground
Basement
First |
Retail/Ancillary
Ancillary
Ancillary |
264.28
88.72
19.80 |
(2,845)
(955)
(213) |
TESCO STORES LIMITED (1) |
15 years from 01/11/2022 on a full repairing and insuring lease (2) |
£125,000 (3) |
01/11/2027 and 5 yearly thereafter (4) |
| Total |
|
372.80 (5) |
(4,013) (5) |
|
|
£125,000 |
|
(1) For the year ending 26 February 2022, Tesco Stores Limited reported a turnover of £44,793,000,000, a pre-tax profit of £1,260,000,000 and a net worth of £7,718,000,000 (www.northrow.com).
(2) The lease is subject to a single tenant only option to determine on 01/11/2032. The facade on the second and third floors is not demised to Tesco Stores Limited.
(3) The tenant benefits from a 9 month rent free period until 01/08/2024, after which the tenant will pay the full rent of £125,000 p.a.x. The Seller will pay the Buyer the total rent that would have been due from Completion of the sale until 01/08/2024.
(4) The lease is subject to upward only rent reviews every 5 years (capped at 12.5% for each 5 year period).
(5) The net rentable floor areas as stated in the lease are stated as above. The lease also states the Gross Internal Areas to be: Ground 287.06 sqm (3,089 sq ft); Basement 283.42 sqm (3,050 sq ft); First 257.71 sqm (2,779 sq ft); Total 828.19 sqm (8,920 sq ft) - please see lease.
