The property is held freehold

Tenancy & Accommodation

The property is let on effective full repairing and insuring terms and produces a net income of £429,750 pa. as set out on the tenancy schedule.

Specific points to note in respect of the Tenancy Schedule are:

  • The weighted average unexpired lease term (WAULT) is 16.7 years (15.9 years to break).
  • Lease terms are agreed with Movers & Shapers and solicitors are finalising an agreement for lease. A planning application has been submitted to London Borough of Richmond. It is anticipated that this lease will be in place before completion.
  • There are 13 residential flats on the upper parts and 14 car parking spaces which are to be retained by way of a single 250 year leaseback to the vendor at a peppercorn rent. These newly completed residential apartments could be included in the sale, further information is available upon request.
  • Movers & Shapers Service Charge for the first 5 years capped at £12,000 pa (compared to 2014/15 payment of £2,270), thereafter increases capped at RPI.

Any outstanding rent free periods in respect of Movers & Shapers and Countrywide will be topped-up by the vendor at completion.


Tenancy schedule

Tenant Covenant Information

Tesco Stores Limited (Co. No. 00519500) – Experian Delphi Score 83/100

Tesco is the third largest retailer in the world and the UK’s dominant supermarket operator, with a market share estimated to be in excess of 30%. The company trades from over 3,100 stores across the UK, employing over 310,000 people.

For the year ending February 2013, Tesco Stores Limited reported a sales turnover of £42,662,000,000; a profit before tax of £921,000,000; and a Net Worth of £3,113,000,000. In addition, over 65% of the wider Tesco Group’s sales and profits are generated by the UK business.

The company (00519500) has a Commercial Delphi Score of 83 out of 100 and is described as having a ‘Low Risk’ in terms of business failure (Experian).

Countrywide Estate Agents t/a Fitz-Gibbon Limited (Co. No. 00789476) – Experian Delphi Score 93/100

Fitz Gibbon have been in occupation since 1997 and were acquired by Countrywide in 2013. Countrywide is one of the UK’s largest estate agency groups. It provides a range of property services, employing around 11,300 people nationwide across 1,300 offices operating under nearly 50 different high street brands, one of which is Fitz-Gibbon Ltd.

For the year ending December 2012, Countrywide Estate Agents reported a sales turnover of £300,106,000 and a profit before tax of £24,397,000.

The company (00789476) has a Commercial Delphi Score of 93 out of 100 and is described as having a ‘Low Risk’ in terms of business failure (Experian).

S & S Play & Learn Limited t/a Gymboree (Co. No. 07970124)

S & S Play & Learn Limited was incorporated in 2012, and is a franchisee t/a Gymboree whose UK operations began in January 2000 and since has grown to over 50 franchises across the UK. They encourage learning and development of children through a variety of activities such as music, song, dance and imaginative play.

The lease is guaranteed by S & S Education Limited (Co. No. 06869050) which has an Experian Delphi Score 84/100 and is described as having a ‘Low Risk’ in terms of business failure (Experian).

Movers & Shapers TW Limited

The parent company and guarantor is Movers and Shapers Ltd (Co. No. 06865909) whose principal activity is the retail of health and fitness products and the provision of fitness services. The company has been trading since 2009 and currently operates from eight locations across London and the south-east. The founders and shareholders include the co-founder of LA Fitness Plc and the previous Chief Executive of Holmes Place Plc. Further information can be found at www.moversandshapers.co.uk

C & S Nunez t/a Streets

Streets florist and greengrocer are family run businesses who have over 20 years’ experience. They specialise in creating floral arrangements using seasonal flowers and providing fresh fruit and vegetable boxes.