Convenience Store Investment
Convenience Store Investment
Hove is a popular town on the south coast of England, immediately to the west of Brighton. The property is situated in a predominantly residential area on the southern side of the Droveway, which links with the A23 to the east.
Virtual Freehold. Held from Tesco Stores Limited for a term of 999 years from 29th September 2006 at a peppercorn rent.
Hove is a popular town on the south coast of England, immediately to the west of Brighton. The property is situated in a predominantly residential area on the southern side of the Droveway, which links with the A23 to the east.
Virtual Freehold. Held from Tesco Stores Limited for a term of 999 years from 29th September 2006 at a peppercorn rent.
The property comprises a ground floor retail unit which forms part of a larger building. The property also benefits from on-site parking for approximately 8 cars.
Six Week Completion.
VAT is applicable to this lot.
The EPC will be available to view online in the solicitor’s legal pack.
The property comprises a ground floor retail unit which forms part of a larger building. The property also benefits from on-site parking for approximately 8 cars.
Six Week Completion.
VAT is applicable to this lot.
The EPC will be available to view online in the solicitor’s legal pack.
| Floor | Use | Floor Areas (Approx) | Tenant | Term | Rent p.a.x | Reviews | |
|---|---|---|---|---|---|---|---|
| Ground | Retail | 196.2 sq m |
(2,112 sq ft) |
TESCO STORES LTD (1) | 25 years from 29/09/2006 until 28/09/2031 on a full repairing and insuring lease (2) | £26,603 | 30/09/2016 and 5 yearly (3) |
| Totals | 196.2 sq m |
(2,112 sq ft) |
£26,603 | ||||
(1) For the year ending 23/02/2014, Tesco Express Ltd reported a turnover of £42,662,000,000, pre-tax profits of £921,000,000 and a total
net worth of £3,113,000,000. (Source: www.riskdisk.com 11/09/2014)
(2)The lease provides a tenant only option to determine on the fifteenth anniversary of the term.
(3)The rent reviews are linked to RPI with the next review in 2016. RPI has increased from 234.7 in July 2011 to 256.0 in July 2014 equating
to a 9.07% increase. An equivalent increase in the rent would provide a rental income of £29,015 p.a.
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