and 360 days commencing on 16 June 2000 and subject to 5 yearly upward only rent reviews. There is a current review outstanding as at 16 June 2005. Unit 2is let toXaman Plc (guaranteed by Computer Solutions and Finance Group Plc), pursuant to an assignment from O2 (UK) Limited. The lease is for a term of 20 years commencing on 31 July 2001 and subject to 5 yearly upward only rent reviews. The tenant has an option the break the lease on 31 July 2016 upon giving the landlord not less than 12 months and 2 days written notice. The next rent review is due on 31 July 2006. The property, comprises two
high-quality detached warehouse units with integral offices and yard areas, totalling some 3,913m2(42,121ft2)
gross.
Unit 1 benefits from an eaves height of approximately 7.13m and unit 2 from 7.88m. The property was constructed circa 2000.
The property is held freehold. Zenith, Downmill Road, Bracknell £7,860,000 £556,712 £787,500 Queensgate House – Bluearc
UK Ltd
15 years from 19 October 2000 Next rent review 19 October 2005. 5 yearly upwards only. 15 year assumed term.
Full repairing and insuring. No more than 4 underlettings or 5 occupancies permitted.
Landlord has responsibility for repairing/maintenance obligations on estate road until adopted, recoupable from tenants. Right to park 47 cars in car parking.
£390,688 rent deposit. Avon House – ING Car Lease UK Limited
10 years from 29 April 1996 The property comprises two
solus office buildings comprising ground and first floor accommodation and totals some 2,809m2(30,238ft2) net.
Built in 1987.
The property is held freehold. A small area of property is subject to exclusive rights to use the car parking spaces therein, in favour of Norsk Data A/S and also rights of way over estate roads. Waterside Park,
Longshot Lane, Bracknell
Estimated
Current Net Estimated Annual Rent Current
Description, Terms of Receivable Net Rental Market Address Age and Tenure Main Tenancies from tenant Value Value
£7,500,000 £598,660
£703,269 The property is let to 15 tenants
on 15 leases expiring between August 2005 and September 2013. Key tenants include DWR Cymru Cyf, who make up 40 per cent. of the rental income as well asWS Atkinsand Lloyds TSB Bank plc Limited. There are nine rent reviews outstanding. The leases are drawn on full repairing and insuring terms with upward only rent reviews. Longcross Court is a modern,
attractive self contained office building totalling 6,226m2
(67,024ft2) net. It provides
office accommodation on five floors with retail
accommodation and a banking hall at ground floor level. It occupies a prominent corner location and is within walking distance of the principal business and shopping districts of Cardiff.
Built in 1982.
The property is held freehold, under two separate titles, one providing Title Absolute and the other Possessory Title. Longcross Court, 47 Newport Road, Cardiff £13,150,000 £738,724 £709,251 The units are let on 4 tenancies;
Phase 1, (Units 1 and 2), are let to NBC Apparel, trading as TK Maxxfor a term until 2024 with a tenant’s option to determine in February 2010 and Unit 3 is let to Internacionale Limiteduntil 2017. Phase 2 is let to DSG Retail Limiteduntil 2018. All leases have five yearly upward only rent reviews.
Phase 3 is effectively sold off for the term of the long lease. Currently NBC Apparel, trading asTK Maxx, provide 44 per cent. of the rental income.
The property comprises 3 separate buildings that have been divided to provide 5 out of town retail units, totalling some 7,066m2(76,067ft2)
gross. There is a large customer car park to the front, with service yards located at the rear of the units. The first of the phases to be completed is known as Phase 3 which we believe was constructed in circa 1980. Phase 1 was the final part of the development which was completed in the mid 1990s. Each unit has been fitted out by the individual retailers to suit their particular requirements, with a trading mezzanine level installed in the TK Maxx unit.
The property is held part freehold and part long leasehold.
The rent payable attributable to the leasehold element of this property is reviewed at 5 yearly intervals to a proportion of the rents receivable from the occupational tenants. In the past, the rent has been reviewed to 12.5 per cent. of the sum of the occupational rents. Please note the rents are ‘receivable’ not ‘received’. We have reflected this in our valuation.
Angouleme Way Retail Park, Bury
Estimated
Current Net Estimated Annual Rent Current
Description, Terms of Receivable Net Rental Market Address Age and Tenure Main Tenancies from tenant Value Value
£4,010,000 £325,702
£326,853 Ground and First Floor and Five
Car Parking Spaces
Let to Cheshire County Council for a term of five years from 7 July 2003 on a full repairing and insuring basis. The tenant can determine the lease any time after the 7 July 2005 upon six months notice.
Second, Third and Fourth Floor and Six Car Parking Spaces Let to Aktiv Kapital (UK) Limitedfor a term of 10 years from 17 September 2002 on a full repairing and insuring basis, subject to 5 yearly upward only rent reviews. The lease includes a tenant’s option to break, subject to 6 months written notice on 17 September 2007. The tenant has provided a rental deposit of £107,742.
The subject property comprises a multi-occupied five storey office building, totalling some 2,091m2(22,516ft2) net.
The building is located in an area which is shortly to be redeveloped.
Internally the building is of a good specification.
In the basement there is a car park where one tenant has the right to use 6 spaces and the other to use 5 spaces. Built circa 1991.
The property is held freehold. Merchants House, Crook Street, Chester £20,430,000 £1,220,500 £1,126,000 The property is let to 6 tenants on
6 leases with one expiring in December 2005 and the others between March 2011 and November 2015. Two of the units are vacant. The leases are drawn on full repairing and insuring terms with upward only rent reviews. Two rent reviews are outstanding. Tesco Stores Limitedprovide c.91 per cent. of the rental income.
Bass Taverns Limited t/a Fortress and Firkin Pub have a lease for a term of 125 years at a peppercorn from 6 March 1979.
The property comprises a supermarket, 5 shop units within an adjoining small retail precinct, a two storey retail unit fronting to Frodsham Street and a public house, fronting the River Dee. The accommodation totals some 7,899m2(48,962ft) 2net.
In addition there are 550 spaces car parking spaces. Built circa 1980.
The property is held freehold. 36-42 Frodsham
Street & Frodsham Square, Chester
£3,640,000 £248,747
£250,000 The property is let to the First
Secretary of Statefor a term of 15 years from 3 March 2003. There is a tenants break option on 3 March 2013.
The subject property comprises of a self-contained office building known as Wren House totalling some 1,291m2
(13,903ft2) net.
The building is rectangular in shape and planned over ground, first and second floors. It allows for multi tenants. The property has its own car parking to the rear. Internally the property comprises suspended ceilings, raised floors and air conditioning. Built circa 1990.
The property is held freehold. Wren House,
Hedgerows Business Park, Chelmsford
Estimated
Current Net Estimated Annual Rent Current
Description, Terms of Receivable Net Rental Market Address Age and Tenure Main Tenancies from tenant Value Value
£9,135,000 £804,803
£772,054 Tolley House (Ground to
Fourth Floors inc), Friday Press Limited– Term from 18 October 1988 expiring 28 August 2011 The October 2003 rent review is outstanding.
Standard provisions for rent review, apart from an assumed term of 25 years, which is longer than the industry standard with upward only reviews every five years.
Citylink House (Ground floor) Tolley Publishing Company Limited
Term from 7 January 1998 and expires on 28 August 2011 Tenant only break on 7 January 2008
Upwards only rent reviews on 7 January 2003 and every 5th anniversary thereof.
Citylink House (First and Second floors) – National Westminster Bank Plc 10 years commencing 28 April 1997 expiring 27 April 2007 No further rent reviews.
Citylink House (Third and Fourth floors) – Royal Bank Invoice Finance Limited Commencing on 26 June 1996 and expiring 28 September 2006. No further rent reviews.
The property comprises two detached office buildings, with a linked single storey reception area under a glazed roof, totalling 4,795m2(48,394ft2)
net.
Internally, the offices have carpeted raised floors, suspended ceilings, comfort cooling and painted walls. There are 11 marked car parking spaces to the rear of the building.
Built in 1986.
The property is held freehold. 15 car spaces are held on a lease in Fairfield multi-storey car park. Either party may terminate on one month’s notice.
CityLink House and Tolley House, Addiscombe Road, Croydon £20,030,000 £1,595,459 £1,342,448 The Business Park is well let to 9
tenants under 24 tenancies. Essex County Counciland Linklaters provide the majority of the income. There are currently 5 vacant units. Six of the tenancies have options to break, 2 in 2006, 1 in 2008 and 3 in 2012. There are 5 outstanding rent reviews. The property comprises seven
modern, self contained office buildings and one warehouse unit. The area equates to 13,916m2(149,801ft2) net.
The Business Park is a development of office and industrial buildings located to the north of Colchester Town Centre.
The properties were built in the 1990s.
The property is held on various long leases for 250 years from 1 February 1991. There are 6 separate leases held between the company and Colchester Borough Council.
The annual rent payable is equivalent to 15 per cent. of the Net Income for each relevant period (31 March each year).
Colchester Business Park, Colchester
Estimated
Current Net Estimated Annual Rent Current
Description, Terms of Receivable Net Rental Market Address Age and Tenure Main Tenancies from tenant Value Value
£7,840,000 £657,611
£410,393 Ground Floor.
Suite 19 let to the Bank of Englandon an FRI lease from 17 April 1998 to 16 April 2013 Second Floor
Suite 2/1 & 2/2 let to Black & Veatch Contracting Ltdon an FRI lease from 10 October 2001 to 09 October 2011. The tenant benefits from a break option at 9 October 2006.
Fourth Floor
Suite 4/1 & 4/2 let toLloyds TSB Bank plcon an FRI lease from 7 July 1987 to 15 May 2010. Sixth Floor
Suite 6/3 let to APL CO PTE Limitedon an FRI lease from 23 May 2005 to 23 May 2010 at a passing rental of £14,850pa. Please note that Angels Realisation 1 Limited t/a Slug and Lettuce, who have a leasehold interest in the ground and basement (unit 23 –25), has recently gone into administration.
The building was Grade A listed in 1970 and is well located in the City Centre. The property is currently multi let, with primarily office use on upper floors and commercial use at ground and basement levels. At basement level there is a car park providing 16 spaces that is accessed via North Court Lane East. The property totals some 4,458m2(47,994ft2) net.
Built circa 1908.
The property is held freehold. Queens House, 17-29 St Vincent Place, Glasgow £3,788,000 £249,300 £228,150 Unit 1 – Kwik Save Stores
Limited trading as Somerfield An effective FRI lease from 26 May 1994 expiring 25 May 2019 with 5 yearly reviews.
Units 2/3 – Iceland Foods Ltd An effective FRI lease from 25 July 1994 expiring 24 July 2019 with 5 yearly reviews.
The building comprises a single storey building currently used as three retail units totalling some 2,315m2(24,929ft2) net.
The property provides 100 car parking spaces.
Built circa 1980.
The property is held freehold. 477 Alexandra
Parade, Glasgow
£2,590,000 £158,500
£157,500 Kwiksave Stores Limited
trading as Somerfield The property is let on a single lease, guaranteed by Somerfield Corporation Ltd.
The lease is for 25 years from 12 December 1997, and the current rent is £157,500, reviewed on 12 December 2002. The next review is 12 December 2007.
The property comprises a single storey supermarket totalling some 1,413m2
(15,211ft2) net.
Internally, the property has been fitted out in Somerfield’s corporate style.
Built mid to late 1990s. The building is noted as being heritable. 100 Gorgie Park Road, Edinburgh £5,700,000 £289,000 £320,000 Next plc
The property is let in its entirety to Next plc from 13 September 1999 until 27 November 2024. There is a review outstanding from 28 November 2004.
The rent review clause is generally standard for a lease of this type, however, there is a provision for a “hypothetical staircase.”
The property comprises a High Street retail unit over ground, first and second floors, totalling 989m2(9,668 ft2) net. The
property is well located within the City.
Retailing is carried out from the ground and first floors with staff accommodation and storage on the second floor. There is a passenger lift serving all floors, and internally the property has been fitted out in the tenant’s corporate style. Built in 1999.
The property is held freehold. 72/78 Murraygate,
Dundee
Estimated
Current Net Estimated Annual Rent Current
Description, Terms of Receivable Net Rental Market Address Age and Tenure Main Tenancies from tenant Value Value
£4,917,000 £328,700
£321,650 The property is let to 7 tenants
under 7 leases expiring between 2005 and May 2017.
Key tenants include Ann Summers Limited, who make up 27 per cent. of the income, and Alliance and Leicester Plc, who provide 26 per cent. of the income.
The second floor is currently vacant.
The property comprises basement, ground and two upper floors of accommodation. There are six retailers at ground and part of the first floors. The offices are located at part first floor and second floors. The building totals some 293m2(3,157ft2) net.
Internally, the offices are fitted out with plaster painted ceilings and walls with solid floors with carpet finishes. The retail units vary in terms of quality and style but in the main are fitted out in the standard corporate style of the occupying tenant.
Built early 1960s.
The property is held freehold. 6/12 Parliament Row & 3/15 Tontine Square, Hanley £5,184,000 £360,700 £427,500 The property is let to Robert
Arthur Adams, John Robert Parker and Robert Gilbert Saxon for a term of 25 years from 25 March 1986 expiring on 24 March 2011. The lease is drafted on full repairing and insuring terms and there are 5 yearly upward only rent reviews with the next review due on 25 March 2006. At review there is a 25 year assumed term. The entire property has been sub- underlet to the First Secretary of State.
A 5 storey office building arranged over ground and 3 upper floors together with a basement car park (10 parking spaces equating to a ratio of 1:1,915ft2). The building totals
some 1,779m2(19,158ft2) net.
Leys House occupies a secondary office location north of the town centre. The interior is fitted out to a reasonable specification.
Built in 1985.
The property is held leasehold from the Council of the Borough of Guildford for a term of 150 years from 10 January 1984 at a rent geared to 5 per cent. of the actual rent or rent receivable, which is currently £22,500 per annum. There are 5 yearly upwards only reviews with the next on 25 March 2006. In assessing the market rent at review there is an assumed term of 25 years.
The headlease is drafted on full repairing and insuring terms. Leys House, 86/88
Woodbridge Road, Guildford
Estimated
Current Net Estimated Annual Rent Current
Description, Terms of Receivable Net Rental Market Address Age and Tenure Main Tenancies from tenant Value Value
£8,250,000 £590,176
£590,176 Single let to Scottish Provident
Life Assurance Limiteduntil 22 November 2016 on FRI terms with 3 yearly rent reviews.
A supplemental lease in relation to the expansion land has been completed and is dated 14 July 2005. The term of the
supplemental lease coincides with the remaining term of the principal lease and will expire on
22 November 2016. The landlord can resume possession of the expansion land for the purposes of the erection of a further building. In that case, the landlord must give the tenant not less than 6 months notice at which time the tenant has to surrender the expansion land. The property comprises a
modern detached office building on 4 levels totalling some 2,507m2(26,988ft2) net.
The building is located in an out of town business park. The internal specification includes raised floors, suspended ceilings, fluorescent lighting and comfort cooling throughout.
The accommodation is configured with 2 main wings and 2 smaller wings radiating from the central core. 107 delinearated surface car parking spaces, plus 3 occupied by a bicycle shed. There are a further 46 car parking spaces on the expansion land. Built mid 1990s.
The property is held freehold. Provident House, Ballacottier Business Park, Douglas, Isle of Man £5,545,000 £327,321 £307,835 Unit 1, 26/28 Victoria Lane –
Northworld Limited An effective 25 year FRI lease from 25 March 1988 expiring 24 March 2013 with 5 yearly upward only reviews (25 March 2008). Unit 2, 22/24 Victoria Lane – Jonathan James (Mansfield) Limited
An effective 25 year FRI lease from 29 September 1987 expiring 28 September 2012 with 5 yearly upward only reviews (29 September 2007)
Unit 3, 18/20 Victoria Lane – Argos Limited
An effective 25 year FRI lease from 29 September 1987 expiring 28 September 2012 with 5 yearly upward only reviews (29 September 2007).
An additional lease in respect of the storage area at first floor level from 29 August 1997, expiring 28 September 2012.
The property comprises three fully glazed retail units on the ground floor with two upper floors used for storage/staff facilities. The building totals some 1,943m2(20,915ft2) net.
Built late 1980’s. The property is held long leasehold under three separate leases for terms of 999 years from 25 March 1870, 29 March 1889 and 29 September 1911. The annual rents originally reserved for the long leasehold interests are £60.25, £7.14 and £50.68 per annum respectively.
Units 1-3,18-28