Kwik- Fit, Kingsbury Road Kingsbury London NW9 9PE

Kwik- Fit, Kingsbury Road
Kingsbury
London
NW9 9PE

Modern Freehold Tyre Depot Investment

Entirely let to Kwik-Fit (GB) Limited (guaranteed by Kwik-Fit Holdings Limited) until 2033
Tenant option to renew for a further 15 years
Minimum rental uplifts for the first two rent reviews
Prominently located on Kingsbury Road (A4140) opposite Roe Green Park
Six Week Completion

Lot
6
Auction
11th July 2013
Rent
£76,295 per Annum Exclusive
Status
Sold
Price
£1,630,000
Auction Venue
Millennium Hotel
44 Grosvenor Square
London W1K 2HP

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Modern Freehold Tyre Depot Investment

Entirely let to Kwik-Fit (GB) Limited (guaranteed by Kwik-Fit Holdings Limited) until 2033
Tenant option to renew for a further 15 years
Minimum rental uplifts for the first two rent reviews
Prominently located on Kingsbury Road (A4140) opposite Roe Green Park
Six Week Completion

Lot 6
Auction 11th July 2013
Rent £76,295 per Annum Exclusive
Status Sold
Price £1,630,000
Sector
Motor Trade, Petrol Station
Auction Venue
Millennium Hotel
44 Grosvenor Square
London W1K 2HP

Property Information

Location

Miles: 3 miles east of Harrow, 3.5 miles north of Wembley, 8.5 miles north-west of Central London
Roads: A4006, A4140, Edgware Road (A5), A406 North Circular Road, M1 (junction 1 & 2)
Rail: Kingsbury Underground Station (Jubilee Line)
Air: London Heathrow Airport, London Luton Airport

Situation

Kingsbury is a popular north-west London suburb. The property is situated in a prominent position on the south side of the busy Kingsbury Road (A4006). Situated in a largely residential area opposite Roe Green Park.

Tenure

Freehold.

Location

Miles: 3 miles east of Harrow, 3.5 miles north of Wembley, 8.5 miles north-west of Central London
Roads: A4006, A4140, Edgware Road (A5), A406 North Circular Road, M1 (junction 1 & 2)
Rail: Kingsbury Underground Station (Jubilee Line)
Air: London Heathrow Airport, London Luton Airport

Situation

Tenure

Freehold.

Description

The property comprises a ground floor tyre depot with reception area, storage and staff accommodation. The property also benefits from a forecourt with marked car parking spaces for approximately 13 cars and 3 vehicle access doors.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

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	Review
Ground	Tyre & Exhaust Centre	394.45 sq m	(4,246 sq ft)	KWIK-FIT (GB) LIMITED (1) Guaranteed by Kwik- Fit Holdings Limited (2)	25 years from 01/12/2008 until 2033 on a full repairing and insuring lease	£76,295 (4)	01/12/2013 (3) and 5 yearly
Totals		394.45 sq m	(4,246 sq ft)			£76,295

(1) For the year ending 31/03/2012, Kwik-Fit (GB) Limited reported a turnover of £639,453,000, pre-tax profits of negative £14,333,000 and a total net worth of £94,467,000. (Source: www.riskdisk.com 13/06/2013)
(2) For the year ending 31/03/2012, Kwik-Fit Holdings Limited reported pre-tax profits of £174,094,000 and a total net worth of £111,407,000.
(Source: www.riskdisk.com 13/06/2013).
(3) The lease provides for open market rent reviews 5 yearly with guaranteed minimum 3% per annum compounded uplifts at the first two reviews.
(4) The current rent reserved under the terms of the lease is £65,813 per annum exclusive. The lease provides for the rent to be increased to a minimum of
£76,295 per annum exclusive on 01/12/2013. The seller will pay the buyer the difference between the current rent reserved of £65,813 per annum exclusive and £76,295 per annum exclusive from completion of the sale until 30/11/2013. Therefore the property will produce £76,295 per annum exclusive from completion of the sale.