Property marketed by:
FOR SALE
TOWN CENTRE MOTOR TRADE INVESTMENT
LET TO KWIK-FIT (GB) LTD
CURRENT RENT £61,441.52 PER ANNUM RISING TO
£71,227.56 PER ANNUM
* LET TO KWIK-FIT (GB) LTD WITH GUARANTEE FROM KWIK-FIT HOLDINGS LTD
* MINIMUM RENTAL UPLIFT ON 20TH MARCH 2017 TO £71,227.56 OR OPEN MARKET VALUE
* LEASE EXPIRES MARCH 2032 WITH NO BREAK CLAUSES
* OFFERS INVITED IN EXCESS OF £1.12M BASED UPON 6% AFTER PURCHASES COSTS OF 5.85%
LOCATION-
The property occupies a prominent main road location on the eastern side of Chesterfield Road South, the A6191 being close to Tesco Extra at the junction of Rosemary Street, the Mansfield inner ring road and within a short distance of Clumber Street and the Four Seasons Shopping Centre on Westgate.
The property is immediately opposite to St. Philip Neri Catholic Church and close to West Nottinghamshire College at the junction of Paulsons Drive.
Mansfield is a thriving north Nottinghamshire town located some 25 miles north of Nottingham, 15 miles south east of Chesterfield with good road communications to the M1 Motorway along the A38 Sutton Road and also to Junction 29 along Chesterfield Road, the A617. The town has also undergone extensive regeneration over the course of the last few years including the development of the nearby St. Peter’s Way Retail Park and Portland Retail Park where national multiple retailers are represented including Next, Boots, Sports Direct and Currys PC World.
DESCRIPTION-
The property is a substantial single storey building of brick construction under an insulated profile clad north light roof arranged on ground floor and providing a large workshop and tyre fitting bay set back behind a forecourt providing off-street parking for some 15 cars. There is a customer reception office and waiting area with staff canteen and rest room facilities on ground floor.
A side driveway parallel to Paulsons Drive provides access to the remaining rear single storey workshop accommodation which is effectively only utilised for storage purposes having goods loading access by means of a sliding timber door to the side driveway.
ACCOMMODATION-
Ground Floor
Front Tyre and Exhaust Centre 1068.3 sq.m. 11,500 sq.ft.
Rear Storage Warehouse 478.4 sq.m. 5,150 sq.ft.
______ ___________
1,546.7 sq.m. 16,650 sq.ft.
Outside-
Front forecourt parking for approx. 15 cars.
LEASE -
Term-
25 years from the 20th March 2007 expiring on 19th March 2032 without break clauses.
Rent-
£61,441.52 per annum payable quarterly in advance.
Rent Review-
The rent is subject to upward only rent review to a minimum of either open market value or £71,227.56 on 20th March 2017 with further rent reviews to open market value only on 20th March 2022 and at 5 yearly intervals thereafter.
The specified floor area for the purposes of establishing market rent for the purposes of the 2022 rent review onwards is based upon a gross internal area of 1,512 sq.m.
Repair-
Full repairing and insuring basis.
Option to Renew-
The tenant will have the right at any time prior to 19th March 2031 to give written notice to the landlord to renew the lease for a further 15 years expiring on 19th March 2047.
Tenant Covenant-
The property is let to Kwik-Fit (GB) Ltd, Company Number 01009184 who reported a turnover for the year to 31st March 2015 of £472m with a gross profit of £74m. The company have a total of 618 automotive repair centres as at 31st March 2015 (source – Companies House).
The lease is guaranteed by Kwik-Fit Holdings Ltd as surety, Company Number 00362333 who were incorporated on the 12th July 1940 and are an investment holding company providing funding to its UK subsidiaries within the Kwik-Fit Group. The company had fixed asset investments of £28.3 million as at 31st March 2015 with a profit for the year to March 2015 before tax of £11,000.
ENERGY PERFORMANCE CERTIFICATE-
The property has an Energy Performance Certificate issued on 3rd March 2010 showing the property with an Energy Performance Asset Rating within Band D at 96 CO2 emissions.
VAT-
The rent and purchase price is quoted exclusive of VAT which is payable.
PRICE-
Offers invited in excess of £1,120,000 for the benefit of the freehold interest subject to the rental income of £71,227 per annum under the terms of the existing lease.
COSTS-
Each party to be responsible for the payment of their own legal costs.
VIEWING-
By arrangement with the agents.
