Let to Travis Perkins (Properties) Ltd until November 2031 (No Breaks)
5 yearly upward only rent reviews to a minimum of 3% per annum compounded
Rent rising to a minimum of £137,211.68 in 2025 and £159,065.94 in 2030
Tenant option to renew for 25 years (2)
Gross Internal Floor Area of 1,835.10 sq m (19,753 sq ft)
Approx. site area of 0.51 Ha (1.27 Acres) with low 32% site cover
Established industrial estate location
Nearby occupiers include Toolstation, Screwfix, MKM Building Supplies and Howdens
Future option to purchase Freehold for £1 (see legal pack)
Lot 24
Auction 21st September 2023
Rent £118,360 per Annum Exclusive
Status Sold
Price £1,680,000
Sector Trade Counter/Builders Merchants
Auction Venue Live Streamed Auction
On Behalf of a Major Investment Manager
Property Information
Location
Miles
13 miles south west of Lincoln, 16 miles north east of Nottingham
Roads
A1, A46, A17
Rail
Newark Castle Railway Station
Air
East Midlands Airport
Situation
Newark-on-Trent is an attractive market town popular with commuters. The property is conveniently located within the well established Northern Road Industrial Estate adjacent to the A1. The property is situated on the east of Brunel Drive close to the Brownhills Roundabout which connects the A46 and the A1. Nearby occupiers include Toolstation, Screwfix, MKM Building Supplies and Howdens.
Tenure
Long Leasehold. Held for a term of 200 years from 01/12/2006 at a peppercorn ground rent. The lease provides an option to purchase the Freehold for £1 + VAT, subject to conditions being satisfied. Please refer to the legal pack for further information.
Location
Miles
13 miles south west of Lincoln, 16 miles north east of Nottingham
Roads
A1, A46, A17
Rail
Newark Castle Railway Station
Air
East Midlands Airport
Situation
Newark-on-Trent is an attractive market town popular with commuters. The property is conveniently located within the well established Northern Road Industrial Estate adjacent to the A1. The property is situated on the east of Brunel Drive close to the Brownhills Roundabout which connects the A46 and the A1. Nearby occupiers include Toolstation, Screwfix, MKM Building Supplies and Howdens.
Tenure
Long Leasehold. Held for a term of 200 years from 01/12/2006 at a peppercorn ground rent. The lease provides an option to purchase the Freehold for £1 + VAT, subject to conditions being satisfied. Please refer to the legal pack for further information.
Description
The property comprises a ground floor trade counter / warehouse plus a mezzanine level with yard area. The property has a total floor area of 1,835.10 sq m (19,753 sq ft) upon a site area of 0.51 Ha (1.27 Acres), benefitting from a low site coverage of 32%.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor trade counter / warehouse plus a mezzanine level with yard area. The property has a total floor area of 1,835.10 sq m (19,753 sq ft) upon a site area of 0.51 Ha (1.27 Acres), benefitting from a low site coverage of 32%.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
25 years from 01/12/2006 until 30/11/2031 on a full repairing and insuring lease (2) (4)
£118,360
01/12/2025 01/12/2030 (3)
Total
1,835.10
(19,753)
£118,360
(1) For the year ending 31/12/2021 Travis Perkins (Properties) Ltd reported a Turnover of £47,500,000, a Pre-Tax Profit of £23,800,000 and a Net Worth of £112,900,000 (NorthRow 25/08/2023). Travis Perkins is the UK's largest distributor of building materials with a network of over 500 branches and has been helping build Britain for over 200 years (www.travisperkinsplc.co.uk). (2) The lease provides the tenant an option to renew the lease on expiry for a further 25 years at market rent, but otherwise on identical lease terms including the rent review basis. Full information is available within the legal pack. (3) The rent reviews are upwards only to the higher of two thirds of Market Rent (as defined in the lease) or the annual rent payable increased by 3% per annum compounded annually. For further information please refer to the lease available in the legal pack. (4) The lease is subject to a Schedule of Condition.
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.
