Withdrawn
Withdrawn Prior
Sold
Sold Prior
Sold Post
The property comprises a high yielding retail investment opportunity let to William Hill and occupying a prime pedestrianised pitch.
Arranged across ground and basement floors with a flat to the upper parts (sold off on a long leasehold basis), the property is let to William Hill Organization Limited on a recently renewed 15 year lease expiring 09.01.2038 and paying £15,000 per annum.
The tenant is a long standing occupier, and has displayed confidence in the location by their long term renewal. Furthermore the lease includes a CPI linked rent review in 2028 with a "cap and collar" of 2.5%-5% p.a. Therefore the minimum rent in 2028 will increase to £16,900 per annum.
The property occupies a prime pedestrianised pitch in the heart of Colwyn Bay, a popular coastal town and tourist destination. The street is characterised by a number of local and national retailers and hosts weekly markets.
Tenure
Freehold
Tenancy
The ground floor and basement is let to William Hill Organization Limited on a recently renewed 15 year lease expiring 09.01.2038 and paying £15,000 per annum.
The lease is on full repairing and insuring terms, and includes a CPI linked review (cap and collar 2.5%-5% p.a.) in 2028. The minimum rent following this review will be £16,900 p.a. The lease also includes an upward only open market rent review in year 10.
The lease includes a tenants break option 10.01.2033 with six months notice.
The upper parts comprise residential accommodation and are sold off on a 999 year long leasehold at a peppercorn rent.
Rent
Notes