Modern Freehold Tyre and Exhaust Centre
Modern Freehold Tyre and Exhaust Centre
The property is situated in the Hendon area of North London, approximately 8 miles from Central London in an established trade and retail location. The property is at the northern end of the slip road onto the A5 from Staples Corner, a junction off the A406 (North Circular Road). Both are major communication routes to the wider motorway network. Junction 1 of the M1 is also adjacent at Staple Corner.
Freehold.
The property is situated in the Hendon area of North London, approximately 8 miles from Central London in an established trade and retail location. The property is at the northern end of the slip road onto the A5 from Staples Corner, a junction off the A406 (North Circular Road). Both are major communication routes to the wider motorway network. Junction 1 of the M1 is also adjacent at Staple Corner.
Freehold.
The property comprises a modern purpose built, single storey vehicle repair workshop and premises. Internally, the property comprises workshop area, receptions and ancillary staff accommodation. In addition there is parking for approximately 7 cars. The site is some 0.129 hectares (0.32 acres) with a site coverage of some 47%.
VAT is applicable to this lot.
The EPC will be available to view online in the solicitor’s legal pack.
The property comprises a modern purpose built, single storey vehicle repair workshop and premises. Internally, the property comprises workshop area, receptions and ancillary staff accommodation. In addition there is parking for approximately 7 cars. The site is some 0.129 hectares (0.32 acres) with a site coverage of some 47%.
VAT is applicable to this lot.
The EPC will be available to view online in the solicitor’s legal pack.
| Floor | Use | Floor Areas (Approx) | Tenant | Term | Rent p.a.x | Reviews | |
|---|---|---|---|---|---|---|---|
| Ground | Workshop Reception/ Ancillary |
619.92 sq m |
6,673 sq ft) |
KWIK-FIT (GB) LTD (1) guaranteed by KWIKFIT HOLDINGS LTD (2) |
25 years from 01/12/2008 until 2033 (3) |
£81,227 (4) | 01/12/2013 and 5 yearly (5) |
| Totals | 619.92 sq m |
(6,673 sq ft) |
£81,227 | ||||
(1) For the year ending 31st December 2010 Kwik Fit (GB) Limited reported a turnover of £526,865,000, a pre-tax profit of £268,519,000 and
a total net worth of £277,740,000. (Source www.riskdisk.com 06/03/2012)
(2) For the year ending 31st December 2010 Kwik-Fit Holdings Limited reported a pre-tax profit of £282,369,000 and a total net worth of
£334,022,000. (Source www.riskdisk.com 06/03/2012)
(3) There is a tenant only option to extend the lease for a further term of 15 years from the 20th March 2032 to the 19th March 2047.
(4) Under the terms of the lease, the current rent reserved is £70,067 per annum exclusive. The Seller will pay the Buyer the difference between the current rent reserved and £81,227 p.a.x. from completion of the sale to and including 30th November 2013. As a result the property will produce an income of £81,227 p.a.x. from the completion of the sale.
(5) The lease provides for five yearly rent reviews with guaranteed 3% per annum compound uplifts at the first two reviews and open
market reviews thereafter.
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