Entirely let on a renewed lease to Magnet Ltd until 2024 (Subject to Option)
Prominent position with excellent frontage to Outer Circle Road
Approximately 917 sq m (9,871 sq ft) 0.40 hectares (0.99 acres)
Established out of town retail location with nearby occupiers including Wickes, Topps Tiles, Kwik Fit and Volkeswagen Car Dealership
On site car parking
Six Week Completion
Lot 46
Auction 11th July 2013
Rent £55,000 per Annum Exclusive
Status Sold
Price £625,000
Sector Trade Counter/Builders Merchants
Auction Venue Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
1.5 miles east of the City Centre, 36 miles north-east of Nottingham, 40 miles south-east of Sheffield
Roads
B1308, A158, A15, A46, A1
Rail
Lincoln Mainline Railway Station
Air
East Midlands Airport
Situation
The property is prominently situated on Outer Circle Road, Lincoln’s primary out of town retail location. Nearby occupiers include Wickes, Topps Tiles, Kwik Fit and numerous car dealerships while The Carlton Centre, situated to the north of the property, houses tenants inlcuding Halfords, Boots, Argos and Poundstretcher.
Tenure
Freehold.
Location
Miles
1.5 miles east of the City Centre, 36 miles north-east of Nottingham, 40 miles south-east of Sheffield
Roads
B1308, A158, A15, A46, A1
Rail
Lincoln Mainline Railway Station
Air
East Midlands Airport
Situation
The property is prominently situated on Outer Circle Road, Lincoln’s primary out of town retail location. Nearby occupiers include Wickes, Topps Tiles, Kwik Fit and numerous car dealerships while The Carlton Centre, situated to the north of the property, houses tenants inlcuding Halfords, Boots, Argos and Poundstretcher.
Tenure
Freehold.
Description
The property comprises a single storey retail warehouse and showroom benefiting from loading access to the side and a large service yard and car park to the front.
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 single storey retail warehouse and showroom benefiting from loading access to the side and a large service yard and car park to the front.
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/(Reversion)
Ground Ground
Showroom Warehouse
217 sq m 700 sq m
(2,336 sq ft) (7,535 sq ft)
MAGNET LTD (1)
10 years from 29/09/2014 on a full repairing and insuring lease (2) (3)
£55,000
29/09/2014 & 29/09/2019 (28/09/2024)
Totals
917 sq m
(9,871 sq ft)
£55,000
(1) For the year ending 31st December 2011, Magnet Ltd reported a turnover of £345,856,000, pre-tax profits of £6,932,000 and a total net worth of £29,258,000. (Source: www.riskdisk.com 10/06/2013) (2) This is a reversionary lease. The property is currently let to the tenant on a lease dated 29th September 1989 expiring 28th September 2014. On the commencement of the reversionary lease the tenant will pay half rent for a period of 6 months (until 29 March 2015). The seller has agreed to adust the completion monies so that the property will effectively produce £55,000 from completion of the sale until the expiry of the rent reduction period. (3) There is a tenant only option to determine the lease on 28th September 2019 on no less than 6 months prior written notice. If the break option is not instigated then the tenant shall be granted a further 3 months rent free commencing on the 29th September 2019.
