The remaining lease on the Monty Smith garage and car showroom in Windsor Road Penarth has been put on the market with offers invited of over £250,000 – plus VAT.
What’s up for sale is the remainder of the existing lease on premises – a period of 42 years. The freeholder of the property is not prepared to sell the freehold or to extend the period of the lease – according the estate agents JLL who are handling the sale.
The “For Sale” sign appeared on the property yesterday. The premises comprise 13,500 sq ft (1,254 sq m) on approximately a quarter of an acre of land.
The estate agents describe the property as being “ a part two and part single storey car
showroom, with workshop and storage facilities extending with a front courtyard and a canopy above. The first floor is accessed via a vehicle ramp from the forecourt and has
been used as a showroom, with sections partitioned to form offices, stores and toilets.”
The description says that “the property is held via a Long Leasehold interest of 99 years (less 1 day) from 1st June 1959 with a lease expiry of 31st May 2058, subject to an annual rent of £34 per annum. “
The agents say “The freeholder has been approached to establish the following
- Extending the lease term beyond the remaining 42 years
- Selling the freehold interest
- Altering the use clause within the lease.
The agents say “The freeholder has clarified that they wish to retain control of the site
and are not willing to consider any of the above at this stage. The lease states that the Lessee will not use or permit the demised premises to be used for any other purpose other than as a service station and showroom.”
This would appear to rule out the use of the premises (originally the “Windsor Kinema“) as a supermarket – despite the rumoured interest of both Marks & Spencer and Waitrose in establishing supermarkets in Penarth.
The full story of the Monty Smith closure was reported last year by PDN – see http://tinyurl.com/jml8nrt