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Lot 14 Sold Prior

Auction: Thursday 18th April 2024

Unit 6 Meadowland Retail Park, Wisbech Road, March, Cambridgeshire PE15 8HA

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Lot 14

Freehold Retail Warehouse let to Toolstation until 2030 with no Tenant Breaks
6 Week Completion

Situation

Conveniently located in this retail park, accessed off the main Wisbech Road (A141), amongst multiple retailers such as The Original Factory Shop and Screwfix, north-west of the city centre.
March is a Fenland market town which lies about 14 miles east of Peterborough and 25 miles north of Cambridge.

Property

A detached Retail Warehouse. In addition, the property includes 18 Parking Spaces in the retail park.

Accommodation1

Retail Warehouse
Gross Frontage     69'0"
Built Depth            54'0"
Sales Area             Approx. 3,690 sq ft
WC

1Not inspected by Barnett Ross. Area taken from VOA.

VAT is applicable to this Lot

FREEHOLD

 

Tenancy

The entire property is let on a full repairing and insuring lease (subject to a Schedule of Condition) to Toolstation Limited (having over 550 branches) (T/O for Y/E 31/12/2022 £670m, Pre-Tax Profit £15m and Shareholders' Funds £118.5m) for a term of 10 years from 26th June 2020 at a current rent of £29,000 per annum exclusive rising to £31,000 p.a. in June 2024 - see Note.

Rent Review June 2025 (based on RPI (collared and capped at a minimum of £32,581 p.a. and a maximum of £35,937 p.a.)).

Note: A Deed of Variation has been completed to remove the 2025 Break Clause in return for a 5 month rent free period from 25th March 2024 to 24th August 2024 and the Vendor will make up this rent shortfall on completion.

Enquire about this lot:

Photo of Jonathan Ross

Jonathan Ross
020 8492 9449
jross@barnettross.co.uk

Photo of Elliott Greene

Elliott Greene
020 8492 9449
egreene@barnettross.co.uk

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

  • a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
  • b. A single price figure where the 'Reserve' is not to exceed it.
  • c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
  • d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.