Tenancy & Accommodation
| Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Reviews/(Reversion) |
Part Ground
|
Retail
|
418 sq m
|
(4,500 sq ft)
|
MULTI-TILE LIMITED (1)
|
15 years from 04/01/2008 until 03/01/2023
on a full repairing and insuring lease |
£85,158 (2) |
04/01/2013 and
annually thereafter (3)
|
| Part Ground |
Retail
|
220 sq m
|
(2,367 sq ft)
|
MAGNET LIMITED (4)
|
15 years from 19/02/2008 until 18/02/2023
on a full repairing and insuring lease |
£57,935 (5) |
19/02/2018 (6)
|
Ground/First/
Second |
|
Not Measured
|
CREST NICHOLSON(CHILTERN) LIMITED
|
155 years from 24/06/2006 until
23/06/2161 (7) |
£4,400 |
24/06/2031 and 25 yearly thereafter (8)
|
| Totals |
|
638 sq m |
(6,867 sq ft) |
|
|
£147,493 |
|
(1) For the year ending 1st October 2011, Multi-Tile Limited reported a turnover of £12,953,126, pre-tax profits of £7,166,337 and a total net worth of £127,359,214. (Source: www.riskdisk.com 31/05/2012)
(2) The current rent is £83,081 p.a.x. The seller has agreed to adjust the completion monies so that the property will effectively produce £85,158 p.a.x. from completion of the sale.
(3) Under the terms of the lease there are annual RPI fixed increases to a minimum of 2.5% and maximum of 7%. The rental income is therefore due to increase to a minimum of £85,158 p.a.x or a maximum of £88,897 p.a.x. on 4th January 2013.
(4) For the year ending 31st December 2010, Magnet Limited reported a turnover of £386,548,000, pre-tax profits of £5,674,000 and a total net worth of £32,427,000. (Source: www.riskdisk.com 31/05/2012)
(5) The current rent is £49,975 p.a.x. The seller has agreed to adjust the completion monies so that the property will effectively produce £57,935 p.a.x. from completion of the sale.
(6) Under the terms of the lease there are fixed rental increases of 3% per annum, compounded annually at the end of the fifth and tenth year. The rent will therefore be £57,935 p.a.x. from 19th February 2013 and £67,162 p.a.x. from 19th February 2018.
(7) The freehold of the entire property is being sold subject to a headlease held by Crest Nicholson (Chiltern) Limited for 155 years from 24th June 2006 until 23rd June 2161. Also included in the sale is an underlease held from Crest Nicholson (Chiltern) Limited of the ground floor commercial units, for a term of 155 years (less 3 days) from 24th June 2006 until 20th June 2161 at a peppercorn rent which has been sub-let to Multi-Tile Limited and Magnet Limited as per the schedule above.
(8) Under the terms of the lease, the rent is to double at each review.
