GIA in shell condition: 1425ft² (132.4m²)
As well as fitting the unit out to their own specification and chosen layout, the ingoing party will be responsible for creating a bin store within the demise (a planning requirement).
As a concession towards the ingoing tenant’s fit-out costs, the landlord is prepared to offer a new 10 or 15-year lease, on full repairing and insuring terms – inside the scope of the landlord and tenant act, with the rent for years 1-5, of £45,000 plus VAT, increasing in years 6-10, to £55,000 plus VAT.
Upward only, open market review beyond year 10.
The landlord will allow the ingoing tenant 2 months’ rent free from completion of the lease, for initial fit-out works.
New lease for a 10 or 15-year period.
As the unit is in shell condition, it has not as yet been assessed for business rates –this will be the
responsibility for the ingoing party.
As the unit is in shell condition, and subject to the ingoing tenant’s fit-out requirements, the CEPC will need to be commissioned when the full specification of work is known.