Withdrawn
Withdrawn Prior
Sold
Sold Prior
Sold Post
The property comprises a high yielding investment let to Medivet with Terms agreed for a lease renewal.
Arranged as a vet practice to the ground floor and basement, the property includes residential upper parts sold off on a long leasehold basis.
The ground floor and basement are let to Medivet Group Limited on a lease expiring 28/09/2028 and producing £28,400 per annum. Terms are agreed for a new 15 year lease paying £30,400 per annum.
The upper parts produce a total ground rent of £600 per annum.
The total annual rent is therefore £29,000 per annum, which is set to increase to £31,000 per annum following renewal. The Vendor will "top up" the rent to £31,000 for one year upon completion.
Medivet Group is a leading European veterinary services provider with over 500 practices across the UK and Western Europe. In 2021, CVC Capital Partners acquired a majority stake in Medivet at a valuation of over £1bn, supporting further expansion of its geographical footprint.
The property occupies a prime pitch with a frontage to the pedestrianised Sun Street, the principal retail amenity in Waltham Abbey. The street is characterised by a mix of boutique and national retailers.
Tenure
Freehold
Tenancy
The property is let to Medivet Group Limited on a lease expiring 28/09/2028 and producing £28,400 per annum.
The lease is on full repairing and insuring terms and includes an outstanding open market rent review from September 2024.
Terms have been agreed with the tenant for a new 15 year lease paying £30,400 per annum. The renewal will include tenant break options in years 7, 10 & 13 with 5-yearly upward only, open market rent reviews from year 10. Please review the Legal Pack for more information.
The upper parts are sold off on a long leasehold basis and producing a total ground rent of £600 per annum.
The Vendor will "top up" the annual rent to a total £31,000 per annum for one year following completion.
Rent
Notes
We understand the property is elected for VAT. It is anticipated the sale can be treated as a Transfer of a Going Concern (TOGC).