The historical market town of Tamworth, with a catchment population in excess of 89,000, is situated approximately 12 miles east of Walsall, 13 miles north-east of Birmingham, and 24 miles west of Leeds. The town benefits from excellent road communications being approximately 5 miles west of Junction 10 of the M42 motorway, via the major A5 trunk road, which in turn provides easy access to the M6, M69, M40 and M1 motorways.
Situation
The property is located on the Linchfield Road Industrial Estate approximately 1 mile to the west of Tamworth town centre, on the north side of Apollo, one of the main roads running through the estate. Nearby occupiers include Kimberly-Clarke, Powelectrics and Scolmore International.
Description
The property, a substantial cash and carry warehouse building, comprises warehouse accommodation on the ground floor and canopied loading area with a roller shutter door to the rear. In addition, the property benefits from car parking for some 38 cars and an approximate site area of 0.66 hectares (1.64 acres).
Accommodation
All measurements are approximate. Interested parties are advised to carry out their own surveys.
Warehouse
27,190 sqft
2,526.03 sqm
TOTAL
27,190 sqft
2,526.03 sqm
Site Area
1.64 acres
0.66 hectares
Tenancy
Let to Giant Booker Ltd, formerly Booker PLC, guaranteed by Giant Bidco Ltd, for a term of 25 years from 28th February 2005 until 2030 on a full repairing and insuring lease. There is a tenant only option to determine the lease on 28th February 2025.
Reviews
Next review on 28th February 2020 and 2025.
The rent is reviewed on a 5 yearly basis to the greater of either the Open Market Rental Value or the current rent reserved per annum with compounded increases of 2.5% per annum. Therefore, minimum rental increases are as follows:
February 2020 - £151,124 pa exclusive
February 2025 - £170,983 pa exclusive
Covenant Profile
For the year ended 24 March 2017, Giant Booker Ltd, reported a turnover of £10.5m with a pre-tax profit of £5.7m. (Source: Experian)
Net Yield
5.80%
VAT
VAT will be payable but subject to meeting the necessary criteria, the sale may be treated as a transfer of a going concern (TOGC).
EPC
Energy Performance Certificate (EPC) available upon request
Legal Costs
Each party to bear their own legal costs
Listed Features
- Warehouse
- Parking
- Security Shutters
- No FRI Lease
