The property was constructed approximately 50 years ago and comprises a detached two-storey building of concrete frame construction with brick external walls under a flat roof. Externally there is a dedicated service yard at the rear with staff parking, accessed off Chapel Street.
The building is divided into three premises: two ground floor retail units with first floor storage let to Greggs plc and Meridian Realisations Ltd (in administration) and first floor offices let to Iliffe Media Publishing Ltd
Investment to Buy Investment - Retail High Street
Retail Unit 1
The property is let to Greggs plc for a term of ten years on effective full repairing and insuring terms from 25 December 2015, although the tenant has been in occupation since at least 2003. The passing rent is
£34,000 per annum.
There was a tenant-only break option in December 2020 which was not exercised. There is also an outstanding rent review from December 2020 yet to be implemented.
Retail Unit 2
The unit is currently let to Meridian Realisations Ltd (in administration) for a term of 10 years on effective FRI terms from 25 December 2014 at a passing rent of £45,000 per annum.
The administrator (Deloitte) granted a licence to occupy to a new com- pany, M&Co Trading Ltd, which is run by the former owners of Mackays Stores Ltd and trades under the M&Co brand. This licence has been ter- minated by the administrator who has subsequently stopped paying rent.
The vendor has been approached by the administrator regarding a sur- render agreement but has thus far not entertained such a proposal.
A purchaser may have the ability to obtain vacant possession quickly but must seek their own legal advice in this matter.
First Floor Offices
The property is let to Iliffe Media Publishing Ltd on a 10-year lease on effective full repairing and insuring terms from 12 July 2013 at a passing rent of £12,000 per annum (the rent was left unchanged at the last rent review on 24 June 2018).