Auction Venue Millennium Hotel 39-44 Grosvenor Square Mayfair London W1K 2HP
Property Information
Location
Burnham-on-Crouch
An attractive and historic commuter town
Miles
23 miles south-east of Chelmsford
25 miles north of Southend-on-Sea
52 miles east of Central London
Rail
London Liverpool Street
Air
Stansted Airport
Situation
This store is prominently situated on Station Road in a mainly residential area approximately 1/2 mile south of the railway station and 1/2 mile north of the main shopping thoroughfare
Tenure
Freehold.
Location
Burnham-on-Crouch
An attractive and historic commuter town
Miles
23 miles south-east of Chelmsford
25 miles north of Southend-on-Sea
52 miles east of Central London
Rail
London Liverpool Street
Air
Stansted Airport
Situation
This store is prominently situated on Station Road in a mainly residential area approximately 1/2 mile south of the railway station and 1/2 mile north of the main shopping thoroughfare
Tenure
Freehold.
Description
A large modern detached single storey CONVENIENCE STORE with ANCILLARY/STAFF AND STORAGE ACCOMMODATION. There is a large car park to the front and side of the store with designated spaces for approximately 27 cars. VATVAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
A large modern detached single storey CONVENIENCE STORE with ANCILLARY/STAFF AND STORAGE ACCOMMODATION. There is a large car park to the front and side of the store with designated spaces for approximately 27 cars. VATVAT 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
Rent/Review
Ground
Retail
370.09 sq m
(3,984 sq ft)
TESCO STORES LTD (1)
25 years from 29/09/2006 until 2031 (3)
£47,800
September 2011 5 yearly (2)
Totals
370.09 sq m
(3,984 sq ft)
(1) For the year ending 28th February 2009 Tesco Stores Ltd reported a turnover of ?38,027,000,000, pre-tax profits of ?1,748,000,000 and a net worth of ?5,475,000,000. (Source: www.riskdisk.com 28/04/2010) (2) The lease provides for rent reviews every 5 years in line with the change in the retail price index from July 2006. The lease also contains full repairing and insuring covenants. The RPI as at July 2006 (relevant review date) was 198.5. As at March 2010 the RPI stood at 220.7. If the rent review had taken place in March 2010 the rent would have increased to ?53,145.89 p.a.x. (Source: www.statistics.gov.uk) (3) The tenant has an option to determine the lease at the expiry of the fifteenth year, upon a minimum of 12 months' notice.
