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Boots the Chemists buy and sell in Fishponds Road, Bristol

23 October, 2007

Boots the Chemists have just completed the sale of their former store in Fishponds Road after buying part of the store in a back to back deal.

Boots have occupied 743/745 Fishponds Road for a period of time but they always owned the freehold of number 743 and occupied 745 on a lease. Consequently, earlier this year when it was decided to close the branch, it was decided rather than returning the unit back as two separate units, Boots decided to buy the freehold of 745 and then sale the two interconnecting units as one large unit following the decision that the branch was no longer suitable for the chemists operations.

Boots purchased 745 Fishponds Road for £305,000. They were occupying the store on a 15 year lease with 4 years unexpired. They sold the new larger freehold interest to property investment company, Grange Estates, who will be letting the vacant unit.

Jason Herbert of Hartnell Taylor Cook LLP, who advised Boots said: “This was a slightly complicated transaction but it was decided that by purchasing the freehold of 745, it would be the cleanest deal for Boots because their interest in both properties would be disposed of along with removing any future repair and re-instatement liabilities. Alternative options, such as sub-letting the property could result in Boots being liable for the rent and rates if the new tenant disappeared in the future.”

Hartnell Taylor Cook LLP advised Boots the Chemists on the purchase of 745 and the sale of 734/745 Fishponds Road. The vendor, a private investor, of 745 and the purchaser of 743/745 were unrepresented.