The premises and lease-terms

PinPoint Music occupies the premises at 1e Leigh Road, Eastleigh, Hants S050 9FG, England
      The property consists of the following:
     Ground (shop) Floor accomodation of 20' width x 19'8" (max) depth providing a useable retail area of approximately 345 sq feet. The store area is fronted by a full length aluminium shop-front with an inset door opening. The store is fitted out in "International Display" racking with storage supplied by "Lift UK". A 3/4 width counter provides ample sales space for staff and customers alike. The store is fully carpeted and lit, with a suspended ceiling above. An illuminated sign projects from the front fascia providing visibility to the public from Market Street and/or the Bus station.
      The first floor provides a further 334 sq feet of office and/or storage space. Although spartan at present, there is nevertheless cope for expansion from the ground floor, given proper and legal agreement from the local authorities.
      The second floor provides a further 277 sq feet of space and houses the building's washroom, toilet and kitchen facilities.The free space on this floor is currently used as a storage facility.
      The entire premises are fully alarmed (under contract with a recognised installer/provider) with a numerical exit-entry pad connected to a status-monitering station. Following a (happily) unsuccesful burglary attempt on the premises in 1995, the alarm system was significantly upgraded to provide cover for any 'weak' areas in the premises. The building also gains advantage from being situated between the branches of two major banks, so extra external security is also in place such as anti-climb devices.
      The premises are currently held in Steve Gibbs' name on the remainder of a ten-year lease (renewed from a previous lease) first taken out in 1993 with National Westminster Bank's property division in Crawley, Sussex. The lease is on a non-reparing and insuring basis, with the next rent review being due in December 1998. The current rent payable is £8500 inclusive. The landlords have expressed a written willingness (dependent on circumstance) to provide any new owner of PinPoint Music Ltd with a brand new lease. This is likely to be at similarly favourable terms, and they may be willing to accept (for instance) a new 5/10 years lease at a reduced rental of perhaps £7500 per annum.
      Steve wishes it to be made clear that he requires the adoption of a new lease to be part and parcel of any sale agreement of the business, thereby freeing him from any ongoing liability/responsibility for the existing lease.