For Sale £275,000 for the Long Leasehold
Description
This office has been fully fitted to provide marina facilities to berth holders at Royal Clarence Marina. There are 8 showers alongside WC and laundry facilities. There is a waiting area and an office for the marina staff. The property provides for 24 hour access to the patrons of the marina. There is LED lighting and double glazing. There are 4 car parking spaces.
The tenant has a lease until December 2041 at a current rent of £6,000 per annum with yearly fixed rent increases as below:
December 2022 - December 2023: £6,000.
December 2023 - December 2024: £7,000.
December 2024 - December 2025: £8,000.
December 2025 - December 2026: £9,000.
11th December 2026 increase to: £10,000.
There will then be an upward only open market rent review on 12th December 2026 and every 5th anniversary thereafter.
Tenant Covenant
Clarence Marina, now part of the Aquavista group, is the largest marina operator in the UK with 29 marinas. Aquavista own the adjacent marina facilities on a virtual freehold basis and have invested significant sums into this facility outlining their long-term commitment to the site. This will enable an investor in these onshore facilities to capitalise on the commitment of the tenant at rent review and lease renewal negotiations.
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