Tenure / Tenancies
The property is held freehold, under two titles, namely LN214353 and
LN79770.
The property is currently cleared and hoarded and benefits from two
tenancies.
Electricity Substation
The site is subject to a lease in favour UK Power Networks for a period of 60 years from 28th November 1972 (approximately 21 years unexpired). The rent passing is fixed at £3 per annum for the duration of the lease.
Tenancy at Will
M.P.B Structures Ltd currently occupy the site as a tenant at will. They are currently paying £2,000 per week, which is payable monthly in advance.
Advertising Hoardings
The lease with the tenant of the advertising hoardings, Clear Channel, has expired. In the past 18 months they produced £309,246, which was paid in advance.
Adopted Highway and Footpaths
Within the freehold title is an area in the south eastern corner of the site
that is adopted highway. In order to fully implement the existing
consented scheme a stopping up order may be required.
In addition to this there a number of adopted pavements that form part
of the freehold title.