Tenancy & Accommodation
| Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Reviews |
Ground
Ground
Ground |
Warehouse
Trade Counter
Office |
743.10 sq m
107.59 sq m
101.42 sq m
|
(7,996 sq ft)
(1,158 sq ft)
(1,091 sq ft) |
WOLSELEY
UK LTD (1) |
15 years from 18/01/2007 to 17/01/2022 on a full repairing and insuring lease (2) |
£65,030 (3) |
18/01/2012 and 5 yearly thereafter (4)(5) |
| Totals |
|
952.11 sq m |
(10,245 sq ft) |
|
|
£65,030 |
|
(1) Wolseley UK Ltd is a FTSE 100 company, the largest specialist trade distributor of plumbing and heating products to professional contractors and a leading supplier of building materials to the professional market. They operate from 4,400 branches in 25 countries worldwide and have 47,000 employees (Source: www.wolseley.com 07/06/2010) (2) Please note that the lease is subject to a Schedule of Condition. The landlord's repairing covenant is also qualified by the same schedule of condition. (3) The current rent reserved is 58,900 p.a.x. Under the terms of the lease there will be a minimum rental increase to 65,030 p.a.x. on 18th January 2012. The vendor will pay the buyer the difference between the current rent reserved of 58,900 p.a.x. and 65,030 p.a.x. from completion of sale until this date. As a result, the property will produce an income of 65,030 p.a.x. (4) Under the terms of the lease there will be fixed rental increases equivalent to 2% per annum compound every five years. The fixed rental increases are as follows: 18th January 2012 65,030 p.a.x. and 18th January 2017 71,799 p.a.x. The rent review on 18th January 2022 is to open market value. (5) Please note, the tenant will have an option to renew the lease at open market value upon lease expiry, subject to a new 15 year lease on similar terms. The option is subject to a minimum of 12 months' notice.
