Ground floor let to Tesco Stores Ltd until 2024 (no breaks)
Guaranteed rental increase with rent review linked to the Retail Price Index (RPI) (subject to a minimum of 1% and a maximum of 4%)
Prominent and busy town centre location
Neighbouring occupiers include Santander, Maplin, Britannia Building Society, Barclays and British Heart Foundation
Lot 33
Auction 9th July 2014
Rent £67,000 per Annum Exclusive
Status Sold
Price £925,000
Sector Supermarket
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
11 miles west of Brighton, 25 miles east of Crawley, 54 miles south of Central London
Roads
A27, A24
Rail
Worthing Rail Station (direct to London Victoria)
Air
Gatwick Airport
Situation
Worthing is a south coast seaside town located 11 miles west of Brighton. The property is well situated in the town centre on the west side of Chapel Road, a busy retail location in close proximity to The Guildbourne Shopping Centre. Neighbouring occupiers include Santander, Maplin, Britannia Building Society, Barclays and British Heart Foundation.
Tenure
Freehold.
Location
Miles
11 miles west of Brighton, 25 miles east of Crawley, 54 miles south of Central London
Roads
A27, A24
Rail
Worthing Rail Station (direct to London Victoria)
Air
Gatwick Airport
Situation
Worthing is a south coast seaside town located 11 miles west of Brighton. The property is well situated in the town centre on the west side of Chapel Road, a busy retail location in close proximity to The Guildbourne Shopping Centre. Neighbouring occupiers include Santander, Maplin, Britannia Building Society, Barclays and British Heart Foundation.
Tenure
Freehold.
Description
The property comprises ground floor retail and ancillary accommodation with self-contained office accommodation on the first, second and third floors.
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 ground floor retail and ancillary accommodation with self-contained office accommodation on the first, second and third floors.
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
440.00 sq m
(4,736 sq ft)
TESCO STORES LTD (1)
15 years from 21/01/2009 until 2024
£65,437
21/01/2019 (increase linked to RPI subject to a minimum of 1% and a maximum of 4% per annum compounded) (2)
First, Second & Third
Office
332.00 sq m
(3,574 sq ft)
INDIVIDUAL
199 years from completion of the sale
£1,563
Totals
772.00 sq m
(8,310 sq ft)
£67,000
(1) For the year ending 23rd February 2013, Tesco Stores 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 10/06/2014) (2)The lease provides for the rent to be increased inline with the Retail Price Index (RPI) subject to a minimum of 1% and a maximum of 4% per annum compounded annually.
