Commercial property for sale in Southern Road, Basingstoke RG21

Key Points

Description

The subject property is currently being used as an auto centre based predominantly on the ground floor, with there being an internal mezzanine at first floor level. The current tenant is trading as Kwik Fit, who have been trading from this site since 1991 .

A brief summary of the current lease terms are below:

- Tenant: European Tyre Enterprise Limited t/a Kwik Fit (company number 07545003, shareholders’ funds at 31st March 2021 stated as £50,751,800)
- Lease Term: 10-year lease term from 31st January 2020
- Annual Rent: £50,000 per annum exclusive payable quarterly in advance
- Break Option: Tenant only break option on 30th January 2025, subject to 6 months prior written notice, up to date payment of annual rent + VAT and vacant possession being provided.
- Rent Review: Upwards only to the greater of the passing rent or the Open Market Rental Value with a rent review date of 31st January 2025.
- Full Repairing and Insuring (Fri) lease
- Permitted Use: Auto centre for the sale, supply storage and fitting of tyres, exhausts, batteries, shock absorbers, clutches, brakes, radiators, oil filters and steering parts together with other motor components, mot testing, servicing and vehicle repair and maintenance and for such other purposes as the landlord may approve (such approval not to be unreasonably withheld or delayed)
- The lease is inside the security of tenure provisions within the Landlord and Tenant Act 1954. There are 2 Licences to Alter.

Viewings

All viewings shall be arranged in advance via Curchod & Co.

Location

Basingstoke is well located approximately 48 miles from Central London and 32 miles from the Port of Southampton an the south coast. The town is approximately 13 miles south of Reading, 15 miles south west of Blackwater Valley towns, 20 miles east of Andover.

VAT

VAT is applicable.