Tenancy & Accommodation
| Unit |
Floor |
Use |
Floor Areas (Approx) |
Tenant |
Term |
Rent p.a.x |
Reviews |
| 51 |
Ground
Basement |
Bar/Nightclub
Bar/Nightclub |
348.20 sq m
274.70 sq m |
(3,748 sq ft)
(2,957 sq ft) |
STONEGATE PUB COMPANY LIMITED (1) (t/a Reflex), on assignment from Mitchells & Butlers Retail Limited (2)
|
35 years from 24/06/1986
until 25/12/2021 |
£79,524 (3) |
24/06/2016 |
| 55 |
Ground
Basement
First |
Bar/Nightclub
Bar/Nightclub
Bar/Nightclub |
223.90 sq m
46.50 sq m
231.30 sq m |
(2,410 sq ft)
(500 sq ft)
(2,490 sq ft) |
BOOMERANGS BAR
LIMITED |
10 years from 03/09/2010
until 02/09/2020 |
£45,000 |
03/09/2015 |
Westgate
Studios |
First
Second
Third |
28 Artist Studios |
73.90 sq m
280.80 sq m
176.60 sq m
|
(796 sq ft)
(3,023 sq ft)
(1,901 sq ft) |
INDIVIDUALS (4) |
28 separate leases each
on 2 year terms (5) fully
occupied as at 19/09/2013 (6) |
£43,078 (7) |
Various |
| |
First |
Offices |
147.30 sq m
|
(1,586 sq ft) |
VACANT
POSSESSION
|
|
|
|
| Substation |
Ground |
|
59.50 sq m |
(640 sq ft) |
YED PLC |
20 years from 01/12/2004
until 30/11/2024 (8) |
£4,000 |
01/12/2009 (9) |
| Totals |
|
|
1,862.70 sq m |
(20,051 sq ft) |
|
|
£171,602 (gross),
approximately £162,524 (net) (7) |
|
(1) Stonegate Pub Company was established in 2010 and is now the largest privately held managed pub operator in the UK with 540 pubs and bars, owning brands such as Yates's, Slug and Lettuce, Scream, Missoula Bars and much more (Source: www.stonegatepubs.com 21/08/2013).
(2) The lease is pre-1996 and therefore Mitchells & Butlers Retail Limited remains liable as original tenant due to privity of contract. For the year ending 28th September 2012, Mitchells & Butlers Retail Limited reported a turnover of £1,631,000,000, pre-tax profits of £84,000,000 and a total net worth of £2,872,000,000.
(Source: www.riskdisk.com 21/08/2013).
(3) The rent includes two additional sums totalling £2,524 p.a. which rise proportionately with the main rent.
(4) Westgate Studios is the main artist studio provider in the Wakefield District providing affordable studio space. Its artist run, creative community hosts numerous exhibitions and workshops. (Source: www.wdco.org 21/08/2013).
(5) The leases provide a rolling landlord option to determine subject to 3 months’ notice. Additionally there is a tenant's option to determine after either 3 or 6 months (dependent on specific leases) subject to 3 months notice. Full details of all tenancies are available from the Auctioneer and within the legal pack.
(6) Two occupiers of Westgate Studios have exercised their option to break and are due to vacate on 14th and 15th November.
(7) The rent includes electricity, water, service charge, insurance and broadband. The net rent based on the current level of occupancy is approximately £34,000 p.a.x.
(8) As to the substation, the lease provides a tenant option to determine on 3 months’ notice.
(9) The 2009 rent review is outstanding.
