The property has been measured by BKR Floor plans and provides the following net initial floor areas:
|Net Frontage Stonehills||6’11”||18.87 m|
|Gross Frontage Stonhills||6’32”||19.25m|
|Net Frontage Stonebank||110’5”||33.65 m|
|Gross Frontage Stonebank||112’11”||34.42 m|
|Net Frontage Wigmores N||82’5”||25.12 m|
|Gross Frontage Wigmores N||84’8”||25.81 m|
|Ground Floor NIA||816.59 sq m||8,790 sq ft|
|Basement NIA||207.63 sq m||2,235 sq ft|
|Ground Floor GIA||840.28||9,045 sq ft|
|Basement GIA||224.07||2,412 sq ft|
|Zone A||65.49 sq m||705 sq ft|
|Zone B||132.38 sq m||1,425 sq ft|
|Zone C||145.48 sq m||1,566 sq ft|
|Remainder||473.23 sq m||5,094 sq ft|
|Ground ITZA||2,446 UNITS|
|Total NIA||1,024.22 sq m||11,025 sq ft|
|Total GIA||1,064.36 sq m||11,457 sq ft|
A measured survey and set of floor plans are available to download. This will be assigned to a purchaser at a cost of £745 + VAT.
Virtual Freehold. A new 999 year long leasehold, from completion of this transaction at a peppercorn rent.
The property is let to Poundland Limited on a full repairing and insuring lease, subject to a Schedule of Condition, for a term of 10 years, from 10th October 2023, expiring 9th October 2033. The lease is subject to a tenant only break option at the end of the 6th year, subject to 6 months written notice.
Therefore there are 10 years unexpired and 6 years to the break clause.
The passing rent is £120,000 per annum. There is a fixed rental uplift to £130,000 per annum effective at the end of the 5th year.
Poundland have the benefit of a 3-month rent free period, followed by 30 months at half rent from 10th October 2023.
The vendor will top up the rent by way of an adjustment to the completion sum so that a purchaser will effectively receive £120,000 per annum from completion.
There is a service charge cap amounting to £3,000 per annum subject to RPI reviews.
Poundland Limited (Co. No. 02495645) has reported the following figures:
|25th September 2022||26th September 2021|
Poundland is a British variety store founded in 1990 and operates from over 800 stores. The company is regarded as one of the most well-known and robust retailers and is Britain’s fastest-growing clothing retailer with full PEP&CO ranges in over 350 stores.
Poundland are rolling out frozen and chilled food to over 500 stores and have launched homewares goods in all stores.
For further information visit www.poundland.co.uk.
The property has not been elected for VAT and therefore VAT is not applicable on the purchase price.
We are instructed to seek offers of £1,415,000 (One Million Four Hundred and Fifteen Thousand Pounds), subject to contract, reflecting a Net Initial Yield of 8%, and a guaranteed Reversionary Yield of 8.66% from year 5, assuming standard purchaser’s costs of 6.06%.
Please note that a purchaser will be re-charged the costs of the measured survey (£745 + VAT), the searches (£2,077.94) which are provided in the data room and a transaction fee of 1% + VAT.
Poundland are a highly secure tenant with revenues in excess of £1.5 billion;
Low rent of £10.47 per sq ft / £112.74 per sq m
Combined frontages totalling 250 feet / 77.6 metres (net)
Brand new 10 year lease
The town benefits from low vacancy rates
The store is set to be the dominant discount store in the town
10 year lease with a break at the end of the 6th year
- VAT Free investment
Fixed rental increase at the end of the 5th year
Highly attractive net initial yield of 8% and guaranteed reversionary yield of 8.66%