Freehold Supermarket, Retail and Residential Investment
Majority income secured by Co-operative Group Food Limited until March 2028
Four residential flats on ASTs with planning for two further flats granted in 2010
Asset management opportunities and future development potential (subject to consents)
Approximate site area of 0.218 hectares (0.538 acres) with approximately 40 car parking spaces
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 14
Auction 23rd March 2016
Rent £71,300 per Annum Exclusive
Status Withdrawn Post
Price
Sector Supermarket
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
26 miles north-east of Eastbourne, 32 miles south-west of Tunbridge Wells
Roads
A259
Rail
Winchelsea Rail
Air
London Gatwick
Situation
Winchelsea is an attractive coastal town located between Eastbourne and Folkestone. The property is situated to the southeast of the town centre on the western side of Sea Road, the main route from the town to the coast. The property lies adjacent to a public house, with Winchelsea Sands Holiday Park a few minutes’ walk and the seafront within 500 metres.
Tenure
Freehold.
Location
Miles
26 miles north-east of Eastbourne, 32 miles south-west of Tunbridge Wells
Roads
A259
Rail
Winchelsea Rail
Air
London Gatwick
Situation
Winchelsea is an attractive coastal town located between Eastbourne and Folkestone. The property is situated to the southeast of the town centre on the western side of Sea Road, the main route from the town to the coast. The property lies adjacent to a public house, with Winchelsea Sands Holiday Park a few minutes’ walk and the seafront within 500 metres.
Tenure
Freehold.
Description
The property, an unbroken retail parade, comprises a convenience store (with Post Office and ATM) and two retail units with four residential flats above. The property benefits from a site area of approximately 0.218 hectares (0.538 acres) providing parking for some 40 cars.
Planning
Planning consent has been granted in August 2010 for the erection of 2 x two bedroom flats above the supermarket. For further details please go to Rother Council Planning Dept (www.rother.gov.uk Ref: RR/2010/1663/P).
Six Week Completion
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, an unbroken retail parade, comprises a convenience store (with Post Office and ATM) and two retail units with four residential flats above. The property benefits from a site area of approximately 0.218 hectares (0.538 acres) providing parking for some 40 cars.
Planning
Planning consent has been granted in August 2010 for the erection of 2 x two bedroom flats above the supermarket. For further details please go to Rother Council Planning Dept (www.rother.gov.uk Ref: RR/2010/1663/P).
Six Week Completion
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
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x.
Reviews/ (Reversion)
–
Ground
Convenience Store/ Ancillary
381.54 sq m
(4,107 sq ft)
CO-OPERATIVE GROUP FOOD LIMITED (1)
30 years from 31/03/1998 until 30/03/2028
£36,000
31/03/2018 and 31/03/2023
1 – Winchelsea Beach Doctors Surgery
Ground
Medical
22.50 sq m
(242 sq ft)
INDIVIDUAL
10 years from March 2016 (2)
£11,000
(2026)
2 – The Cat’s Whiskers Hairdressers
Ground
Retail
60.40 sq m
(650 sq ft)
3
Ground
Storage
67.80 sq m
(730 sq ft)
Flat 1
First
Residential
2 Bedroom Flat
INDIVIDUALS
12 month AST from 27/04/2015
£6,300
(26/04/2016)
Flat 2
First
Residential
1 Bedroom Flat
INDIVIDUAL
24 month AST from 29/09/2014
£6,000
(28/09/2016)
Flat 3
First
Residential
1 Bedroom Flat
INDIVIDUALS
24 month AST from 29/09/2014
£6,000
(28/09/2016)
Flat 4
First
Residential
1 Bedroom Flat
INDIVIDUALS
24 month AST from 29/09/2014
£6,000
(28/09/2016)
Totals
532.34 sq m
(5,729 sq ft)
£71,300
(1) The Co-operative Group is the UK’s fifth biggest food retailer, operating across the country with almost 2,800 local, convenience and medium-size stores. (Source: www.co-operative.com 24/02/2016) (2) The tenant previously had a lease over the demise from February 2006 and has sublet Unit 1. The lease provides for a three yearly option to determine.
