Prominently positioned solus retail warehouse.
( Agency Pilot Software ref: 11548 )
Location
Corby has a population of approximately 54,927. It is located 23 miles to the north east of Northampton and 23 miles south west of Peterborough. Birmingham is 60 miles to the west and London is 90 miles south east.
Accommodation
Ground Floor Warehouse/Sales 2,325.83 sq m (25,035 sq ft )
Ground Floor Offices/Staff 102.29sq m ( 1,101sq ft )
First Floor Offices/Staff 89.56 sq m (964 sq ft )
TOTAL (GIA) 2,517.68 sq m (27,100sq ft )
Terms
TENURE The property is held long leasehold at a ground rent of £100 per annum for a term of 999 years expiring 11/05/2991 (approx. 970 years unexpired).
TENANCY The property is let to Argos Limited for a term of 5 years from 31/12/2019 on FRI terms at a rent of £187,000 per annum equating to £74.27 per sq m (£6.90 per sq ft). The tenant has an option to break the lease on 23/06/2022 on giving not less than 6 months notice. The lease is within the security of tenure provisions of the Landlord and Tenant Act 1954. The tenant has been in occupation of the property since 1995.
COVENANT INFORMATION Argos Limited is a market leading, multi-channel retailer of general merchandise products for the home. It’s successful internet and mobile channels are supported by a network of over 1,000 stores and collection points with over 29 million store customers and almost 1 billion on-line visitors a year. The company trades from the property as Clearance Bargains selling Argos clearance products including electrical items, televisions, whitegoods, toys, bicycles, jewellery and other household items. Argos Limited is wholly owned by J Sainsbury’s Plc, a FTSE 100 company
EPC The property has a rating level of C. A copy of the certificate is available on request.
VAT We understand that the property is elected for VAT and therefore VAT will be payable on the purchase price. It is envisaged that the sale will be dealt with as a Transfer of a Going Concern (TOGC)
Specification
- Clear eaves height of 5.58m (18ft)
- Two roller-shutter doors (one used as customer entrance)
- Secure concrete surfaced yard
- Site area of 2.31 acres (0.94 hectares)