Let on a Renewed Lease to Crew Clothing Co. Limited until 2028 (Subject to Option)
High Street Location in Attractive and Historic Market Town
Approximately 326.60 sq m (3,515 sq ft)
Nearby Occupiers Include Boots, Holland & Barrett, White Stuff, Fat Face and an Eclectic Mix of Local Retailers
Lot 41
Auction 13th July 2023
Rent £30,000 per Annum Exclusive
Status Sold
Price £380,000
Sector High Street Retail
Auction Venue Live Streamed Auction
Property Information
Location
Miles
35 miles north-west of Birmingham
Roads
A5, A49, A458
Rail
Shrewsbury Station
Air
Birmingham Airport
Situation
Shrewsbury is an attractive and historic market town, and the largest town in Shropshire. The property is situated in the heart of the town centre on the east side of High Street close to its junction with Grope Lane. Neighbouring occupiers include Boots, Holland & Barrett, White Stuff, FatFace and an eclectic mix of local retailers.
Tenure
Freehold.
Location
Miles
35 miles north-west of Birmingham
Roads
A5, A49, A458
Rail
Shrewsbury Station
Air
Birmingham Airport
Situation
Shrewsbury is an attractive and historic market town, and the largest town in Shropshire. The property is situated in the heart of the town centre on the east side of High Street close to its junction with Grope Lane. Neighbouring occupiers include Boots, Holland & Barrett, White Stuff, FatFace and an eclectic mix of local retailers.
Tenure
Freehold.
Description
The property is an attractive Grade II listed period building comprising a ground floor retail accommodation with ancillary accommodation in the basement and on the first, second and third floors.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
See legal pack
Description
The property is an attractive Grade II listed period building comprising a ground floor retail accommodation with ancillary accommodation in the basement and on the first, second and third floors.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
See legal pack
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m (1)
Floor Areas Approx sq ft (1)
Tenant
Term
Rent p.a.x.
(Reversion)
Ground Basement First Second Third
Retail Ancillary Ancillary Ancillary Ancillary
114.43 47.43 68.78 51.06 44.90
(1,232) (511) (740) (550) (483)
CREW CLOTHING CO. LIMITED (2) (crn:03265824)
Let for a term of 5 years from 20/03/2023 on a Full Reparing and Insuring lease (3)
£30,000
(20/03/2028)
Total Approximate Floor Area
326.60
(3,516)
£30,000
(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/8096313000) (2) Crew Clothing Co. is a UK-based clothing retailer that specialises in luxury British casual wear for men, women and children - with 105 stores across the UK (www.crewclothing.co.uk). For the year ending 26/12/2021, Crewe Clothing Co. Limited, reported a turnover of £82,728,000, pre-tax profits of £17,112,000 and a net worth of £22,284,000 (Northrow Company Report - 05/06/2023). (3) The lease provides for a tenant option to determine the lease on 20/03/2026. In the event the tenant exercises their tenant option to determine the lease, the tenant will pay a penalty of £15,000 to the landlord. The tenant has been in occupation of the property since January 2016. The lease provides for a 3 month rent free period from the start of the fourth year of the term in the event the tenant does not exercise their option to determine the lease on 20/03/2026. Please see legal pack for more information.
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.
