Freehold Convenient Store and Residential Investment
Shop let to Tesco Stores Limited until 2024 (no breaks)
Five yearly RPI linked minimum rental uplifts
Affluent South West London Suburb
Prominent roadside position forming part of a local shopping parade
For the Seller's Legal Pack, please click the Property Documents tab below
For a Buyer's Legal Report please click <a href="/media/32613/buyers legal report v4.pdf" target="_blank" title="Buyers legal report available">here</a>
Lot 19
Auction 11th February 2016
Rent £80,759 per Annum Exclusive
Status Sold
Price £1,350,000
Sector Supermarket
Auction Venue Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On the Instructions of a Major Fund Manager
Property Information
Location
Miles
1.4 miles from south-east Kingston town centre, 12 miles south-west of Central London, 9 miles south-east London Heathrow Airport
Roads
A2043, A308, A3
Rail
Norbiton Rail (29 minutes to Waterloo)
Air
London Heathrow Airport
Situation
The property is situated in the popular residential area of Norbiton, just 1.4 miles south-east of Kingston town centre and less than a mile to Norbiton Rail Station. The property occupies a prominent roadside pitch, forming part of a retail parade. Nearby occupiers include a post office, pharmacy, hairdressers and Vauxhall car dealership.
Tenure
Freehold.
Location
Miles
1.4 miles from south-east Kingston town centre, 12 miles south-west of Central London, 9 miles south-east London Heathrow Airport
Roads
A2043, A308, A3
Rail
Norbiton Rail (29 minutes to Waterloo)
Air
London Heathrow Airport
Situation
The property is situated in the popular residential area of Norbiton, just 1.4 miles south-east of Kingston town centre and less than a mile to Norbiton Rail Station. The property occupies a prominent roadside pitch, forming part of a retail parade. Nearby occupiers include a post office, pharmacy, hairdressers and Vauxhall car dealership.
Tenure
Freehold.
Description
The property comprises a ground floor convenience store with eight self-contained flats arranged over first and second floors. The flats are accessible from both the front and rear of the property.
Six Week Completion
Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor convenience store with eight self-contained flats arranged over first and second floors. The flats are accessible from both the front and rear of the property.
Six Week Completion
Buyer's Legal Report
For the ease and convenience of prospective buyers, to speed up the process of investigating a possible purchase and to minimise the legal costs an independent legal title report is available here.
VAT
VAT is not applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground
Retail/Ancillary
425.30 sq m
(4,578 sq ft)
TESCO STORES LIMITED (1)
15 years from 14/10/2009 until 13/10/2024 on a full repairing and insuring lease
£80,059
24/10/2019 (2)
Uppers
Residential
KINGSMEAD LAND & DEVELOPMENT LTD
999 years from 01/01/2010
£700
(31/12/3008)
Totals
425.30 sq m
(4,578 sq ft)
£80,759
(1) Tesco Stores Ltd is one of the largest supermarket chains in the UK, with over 3,500 stores and over 310,000 employees. (Source: Tesco.com 04/01/2016) (2) The rent review is linked to the Retail Price Index subject to a minimum of 1% and a maximum of 4% compounded per annum. The rent will therefore increase to a minimum of £85,404 pa from 24/10/2019.
