1 The Overcliffe Gravesend Kent DA11 0EE

1 The Overcliffe
Gravesend
Kent
DA11 0EE

Freehold Supermarket Investment

Entirely let to Iceland Foods Limited until February 2030 (no breaks)
2025 tenant break option removed
5 yearly fixed rental increases at 2.5% per annum compounded
Approximately 14,235 sq ft
Nearby occupiers include Tesco (Metro), Debenhams, Argos and WH Smith
High speed rail link to London St Pancras
For the Seller's Legal Pack, please click the Property Documents tab below

Lot
23
Auction
23rd March 2016
Rent
£108,759 per Annum Exclusive
Status
Sold
Price
£2,310,000
Sector
Supermarket
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP

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Freehold Supermarket Investment

Entirely let to Iceland Foods Limited until February 2030 (no breaks)
2025 tenant break option removed
5 yearly fixed rental increases at 2.5% per annum compounded
Approximately 14,235 sq ft
Nearby occupiers include Tesco (Metro), Debenhams, Argos and WH Smith
High speed rail link to London St Pancras
For the Seller's Legal Pack, please click the Property Documents tab below

Lot 23
Auction 23rd March 2016
Rent £108,759 per Annum Exclusive
Status Sold
Price £2,310,000
Sector
Supermarket
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP

Property Information

Location

Miles: 7 miles east of Dartford, 26 miles east of Central London
Roads: A2, M2, M20, M25
Rail: Gravesend Railway Station
Air: London Gatwick Airport

Situation

The property occupies a prominent corner position on the north side of The Overcliffe, at its junction with Stuart Road and close to New Road in Gravesend town centre. Nearby occupiers include Tesco (Metro), Primark, Debenhams, Argos, WH Smith and Holland & Barrett.

Tenure

Freehold.

Location

Miles: 7 miles east of Dartford, 26 miles east of Central London
Roads: A2, M2, M20, M25
Rail: Gravesend Railway Station
Air: London Gatwick Airport

Situation

Tenure

Freehold.

Description

The property comprises a ground floor supermarket with a dentist (sublet) on the ground and entire first floor. In addition, the property benefits from a large car park to the rear with parking for approximately 50 cars.

Six Week Completion

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is 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	Fixed Rental Uplifts/(Reversion)
Ground Ground First	Supermarket/Ancillary Dentist (sublet) Dentist (sublet)	931.21 sq m 206.04 sq m 185.30 sq m	(10,023 sq ft) (2,217 sq ft) (1,995 sq ft)	ICELAND FOODS LIMITED (1)	25 years from 28/02/2005 on a full repairing and insuring lease	£108,759 rising to £123,051 in Feb 2020 and to £139,220 in Feb 2025	28/02/2020 28/02/2025 (27/02/2030)
Totals		1,322.43 sq m	(14,235 sq ft)			£108,759

(1) For the year ending 27th March 2015, Iceland Foods Limited reported a turnover of£2,682,021,000, pre-tax profits of £58,794,000 and a total net worth of £709,630,000. (Source: Experian Group 15/02/2016). Part of the property on the ground and first floor has been sublet to a dentist trading as Healthcare Elite Dental Care on a sublease expiring 25th February 2030.