Withdrawn
Withdrawn Prior
Sold
Sold Prior
Sold Post
The property comprises a prime retail unit situated on a popular pedestrianised street in Eastbourne. Adjacent to the rail station and opposite The Beacon Shopping Centre, the property offers 3,998 sq ft (371.41 sq m) accommodation across basement, ground, first and second floors.
The property is let in its entirety to CeX (Franchising) Limited. The lease was agreed for a term of 10 years from 13/11/2013 and the tenant is therefore holding over. We understand the tenant wishes to renew the lease and has recently approached the Vendor regarding this, please see the tenancy section for further information.
Terminus Road is an extremely popular retail location with low vacancy. The street was pedestrianised alongside the extension of the Beacon Shopping Centre in 2018 which comprises over 90 retail and leisure units. The street is the main arterial route between the rail station and Eastbourne seafront and pier.
Tenure
Freehold
Tenancy
The property is let in its entirety to CeX (Franchising) Limted. The tenant is one of the principal covenants within the CeX business and has a Dun & Bradstreet rating of 4A1.
The lease was agreed for a term of 10 years from 13/11/2013 and the tenant is therefore holding over. The current passing rent is £40,000 per annum.
The lease is within the Security of Tenure provisions of the Landlord and Tenant 1954 Act and we understand that the tenant wishes to renew.
Tenant Financials - December 2022
Turnover - £35,776,217
Pre Tax Profit - £2,728,673
Total Assets - £25,520,150
New Lease
The Tenant has approached the Vendor looking to agree a
lease on the below headline terms:
The Vendor is proceeding with negotiations on this lease but we anticipate it will not be completed prior to completion of the sale.
Rent
Notes
We understand the property is elected for VAT
Please note Savills have not inspected the property, therefore any photos, plans, areas or drawings are for illustrative purposes only. Purchasers should rely on their own enquiries.