160 - 164 Mortimer Street, 203 - 207 High Street and 32 - 34 East Street
Herne Bay
Kent
CT6 5DU

Freehold Supermarket and Residential Investment

  • Majority let to Co-operative Group Food Limited with a guarantee from Co-operative Group Limited
  • New 15 year lease (renewal) from September 2017 (subject to options)
  • Includes the town centre’s only Post Office within supermarket
  • Plus three separately accessed one bedroom flats above (let on ASTs )
  • Development potential (subject to leases and consents)
  • Nearby retailers include Iceland, Peacocks and Boots the Chemist
  • Lot
    23
  • Auction
    28/Mar/2018
  • Rent
    £78,340 per Annum Exclusive
  • Status
    Sold Post
  • Price*
     
  • Sector
    Supermarket
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
Important Property Update
  • 160 - 164 Mortimer Street, 203 - 207 High Street and 32 - 34 East Street<br>Herne Bay<br>Kent<br>CT6 5DU
  • Expand
  • Photos
  • Map

Property Information

Location
Miles
8 miles north of Canterbury, 15 miles west of Ramsgate
Roads
A2, A28, A299, M2 (Junction 7)
Rail
Herne Bay Railway Station
Air
London Gatwick Airport
Situation

Herne Bay is a popular seaside town on the North Kent coast, some 8 miles north of Canterbury and with a population of 35,000 people. The property is situated in the heart of the town centre and benefits from customer entrances from both Mortimer Street and High Street, between North and East Streets. Other retailers on Mortimer Street include Iceland, Peacocks and Boots the Chemist, along with branches of Halifax and Barclays banks.

Tenure

Freehold.

Description

The property comprises a large supermarket arranged on the ground and part first floors together with a post office. There are three separately accessed one bedroom flats on the first floor. The property benefits from customer parking accessed via High Street.

VAT

VAT is not applicable to this lot.

Completion Period

Six Week Completion

Tenancy & Accomodation

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReviews
Ground

Part First
Supermarket/
Ancillary
Ancillary
648.85 sq m

177.80 sq m
(6,984 sq ft)

(1,914 sq ft)
CO-OPERATIVE
GROUP FOOD
LIMITED with a
guarantee from
Co-operative
Group Limited (1)
15 years from
29/09/2017 until
28/09/2032 (2)
£62,500 (3)29/09/2022
29/09/2027
Part First
(Flat 1)
Residential -
One bedroom
flat
-
(-)
AN INDIVIDUALAST expired 13/03/2004
(Holding Over)
£4,500-
Part First
(Flat 2)
Residential -
One bedroom
flat
-
(-)
TWO INDIVIDUALSAST for 12 months from
19/02/2017 (Holding
Over)
£5,940-
Part First
(Flat 3)
Residential -
One bedroom
flat
-
(-)
TWO INDIVIDUALSAST for 12 months from
14/09/2016 (Holding
Over)
£5,400-
Total Commercial Area
826.65 sq m
(8,898 sq ft)
  £78,340 

(1) For the year ending 2nd January 2016, Cooperative Group Food Limited reported a turnover of £6,475,500,000, pre-tax profits of £-429,600,000 and a total net worth of £1,385,500,000. For the year ending 31st December 2016, Cooperative Group Limited reported a turnover of £9,472,000,000, pre-tax profits of £-132,000,000 and a total net worth of £2,298,000,000 (Source: Experian Group 28/02/2018).
(2) The lease is subject to tenant options to determine on 29th September 2022 and 29th September 2027. Should the tenant exercise their break option on 29th September 2022, then the tenant is liable for a break penalty in the sum of £15,625.
(3) The tenant is currently benefiting from a rent free period from 24th January 2018 until 24th July 2018. The seller has agreed to adjust the completion monies so that the unit effectively produces £62,500 per annum from completion until the end of the rent free period.

Property Documents

  • Site Plan
    Updated Date
    06.03.18
    File Size
    3 MB
    View PDF
  • Catalogue Page
    Updated Date
    06.03.18
    File Size
    1 MB
    View PDF
  • Common Auction conditions
    Updated Date
    27.03.17
    File Size
    124 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
George WatkinsGeorge Watkins +44 (0)20 7034 4861george.watkins@acuitus.co.uk
Seller's Solicitors
Faraday Court, Faraday Drive
Preston
PR25 3UT
Nicola Fairhurst 01772799601nfairhurst@marsdenrawsthorn.com

Useful Links

By clicking the Submit button I confirm that I would like to register my interest in this Property. Please email me updates when they are published.

If you have a query, please fill in the box below, otherwise click the Submit button.

You have 200 character(s) left.

Are you sure you want to remove this property from My Catalogue?

Are you sure you are no longer interested in this property?

Making the buying and selling of property a seamless experience
Everything you need to know whether you are a buyer or sellerHelp Centre
How can Acuitus Finance help you with bridging finance
How can Acuitus Finance help you with bridging financeObtain bridging finance now