Entirely let to Wolseley UK Ltd until 2022 with an option to renew for a further 15 years
Five yearly fixed rental uplifts
Established industrial location
Nearby occupiers include Howdens Joinery, Build Center and Booker Cash and Carry
SPV Available (Stamp Duty Saving)
Lot 38
Auction 8th July 2010
Rent £35,331 per Annum
Status Withdrawn Post
Price
Sector Trade Counter/Builders Merchants
Auction Venue Millennium Hotel 39-44 Grosvenor Square Mayfair London W1K 2HP
Property Information
Location
Miles
12 miles east of Coventry
23 miles north-west of Northampton
35 miles south-east of Birmingham
Roads
M1, M6
Rail
Rugby Railway Station
Air
Coventry Airport, Birmingham International Airport
Situation
The property is situated on the southern side of Somers Road within the established Somers Road Industrial Estate. The property benefits from being approximately 1 mile west of the town centre and within close proximity to the A428 (Coventry Road). Nearby occupiers include Howdens Joinery, Build Center and Booker Cash and Carry.
Tenure
Virtual Freehold. Held from Wolseley UK Ltd for a term of 999 years from 18th January 2007 at a peppercorn rent with an option to purchase the freehold interest for 1 after 18th January 2033
Location
Miles
12 miles east of Coventry
23 miles north-west of Northampton
35 miles south-east of Birmingham
Roads
M1, M6
Rail
Rugby Railway Station
Air
Coventry Airport, Birmingham International Airport
Situation
The property is situated on the southern side of Somers Road within the established Somers Road Industrial Estate. The property benefits from being approximately 1 mile west of the town centre and within close proximity to the A428 (Coventry Road). Nearby occupiers include Howdens Joinery, Build Center and Booker Cash and Carry.
Tenure
Virtual Freehold. Held from Wolseley UK Ltd for a term of 999 years from 18th January 2007 at a peppercorn rent with an option to purchase the freehold interest for 1 after 18th January 2033
Description
The property comprises a PURPOSE BUILT TWO BAY trade counter UNIT providing SHOWROOM, WAREHOUSE AND OFFICE ACCOMMODATION. The property benefits from loading to the front, one roller shutter door, parking to the front of the building and a total approximate site area of 0.14 hectares (0.35 acres.)
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a PURPOSE BUILT TWO BAY trade counter UNIT providing SHOWROOM, WAREHOUSE AND OFFICE ACCOMMODATION. The property benefits from loading to the front, one roller shutter door, parking to the front of the building and a total approximate site area of 0.14 hectares (0.35 acres.)
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground
Warehouse/Showroom/Office
603.18 sq m
(6,493 sq ft)
WOLSELEY UK LTD (1)
15 years from 18/01/2007 to 17/01/2022 on a full repairing and insuring lease (2)
£35,331 (3)
18/01/2012 and 5 yearly thereafter (4)(5)
Totals
603.18 sq m
(6,493 sq ft)
£35,331
(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 32,000 p.a.x. Under the terms of the lease there will be a minimum rental increase to 35,331 p.a.x. on 18th January 2012. The vendor will pay the buyer the difference between the current rent reserved of 32,000 p.a.x. and 35,331 p.a.x. from completion of sale until this date. As a result, the property will produce an income of 35,331 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 35,331 p.a.x. and 18th January 2017 39,008 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.
