LOT 30


Location Estimated Resident Population: 259,000 Miles: 3 miles north-west of Norwich City Centre 38 miles north of Ipswich


Roads: A11, A47, A146, A147


Position The property is located on the main outer ring road, Mile Cross Lane (A1042), between Mason Road and Curtis Road, about 3 miles north-west of Norwich City Centre.


Nearby: Comet, Screwfix, Enterprise Rent-A-Car, T J Hughes, Jewson and HSBC


Description TRADE COUNTER/SHOWROOM arranged on the ground floor only. The property benefits from car parking to the front for about 33 cars.


Present Accommodation (approximate areas) (3) Floor Ground


Accommodation Trade Counter/Ancillary Total Commercial Area


Tenure Freehold.


Tenant MAGNET LIMITED (1)


Lease Term: 35 years from 24th June 1989 (by way of lease extension) (2)


Basis: FRI Rent: £109,750 per annum Reviews: 2014 and 2019 Expiry: June 2024


VAT is applicable to this lot – please see Special Conditions of Sale.


Rent £109,750 pa ON THE INSTRUCTIONS OF


Prominent Freehold Trade Counter Investment • Let to Magnet Limited


Gross Internal Areas


1,423.23 sq m 1,423.23 sq m


(15,320 sq ft) (15,320 sq ft)


(1) Magnet are one of the leading manufacturers and suppliers of kitchen products in the UK, with about 200 kitchen showrooms nationwide. For the year to 12/10, Magnet Limited reported a turnover of £386.5 million, pre-tax profits of £3.3 million and a net worth of £32.4 million. (Source: www.magnet.co.uk and One Source One-Stop Report)


(2) The property was originally let to Magnet Joinery Limited for a term of 25 years from 24th June 1989, but the lease has recently been extended for a further term of 10 years, thus expiring in 2024. A 9 month rent free period was granted as a result of the lease extension. The Vendor has agreed to ‘top-up’ the rent from completion of the sale until the expiry of the rent free period – please see Special Conditions of Sale. (3) Areas provided by the Vendor


The Special Conditions of Sale and a legal pack are available from the Seller’s Solicitors and are available online at www.cbre.co.uk/auctions. Seller’s Solicitor Farrer & Co. t: 0203 375 7000. e: mark.gauguier@farrer.co.uk Ref:MGauguier Esq.


43


• Lease expires June 2024 (Lease extension/No breaks)


• Ring Road location close to Comet, Screwfix, T J Hughes and Jewson


• 30 working day completion available


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