Prominent Convenience Store (and Post Office) Investment
Let to AF Blakemore and Son Limited (t/a Spar) until 2033
Lease extended for 15 years from December 2018 (no breaks)
Imminent Rent Review in December 2018
Tenant in occupation for at least 25 years
First time on the market for circa 20 years
Lot 32
Auction 5th December 2018
Rent £20,900 per Annum Exclusive
Status Sold
Price £380,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
5 miles north-east of Doncaster town centre, 30 miles north-east of Sheffield
Roads
A630, M18
Air
Leeds Bradford International Airport
Situation
The property is prominently situated at the junction of Marlowe Road and Church Road, within a predominantly residential neighbourhood. Junction 4 of the M18 is approximately four miles to the south-west, which connects the M1 to the M62.
Tenure
Long Leasehold. Held for a term of 999 years from completion at a peppercorn rent. The Buyer has an option to purchase the freehold of the whole of Marlowe Road Shopping Precinct (outlined green) for £1 within 12 months of completion of the sale - please see legal pack.
Location
Miles
5 miles north-east of Doncaster town centre, 30 miles north-east of Sheffield
Roads
A630, M18
Air
Leeds Bradford International Airport
Situation
The property is prominently situated at the junction of Marlowe Road and Church Road, within a predominantly residential neighbourhood. Junction 4 of the M18 is approximately four miles to the south-west, which connects the M1 to the M62.
Tenure
Long Leasehold. Held for a term of 999 years from completion at a peppercorn rent. The Buyer has an option to purchase the freehold of the whole of Marlowe Road Shopping Precinct (outlined green) for £1 within 12 months of completion of the sale - please see legal pack.
Description
The property comprises a well-configured ground floor convenience store, which includes a Post Office.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a well-configured ground floor convenience store, which includes a Post Office.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
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
Reviews
Ground
Convenience Store/Ancillary
234.86 sq m
(2,528 sq ft)
AF BLAKEMORE AND SON LIMITED t/a Spar (1)
15 years from 25/12/2018 until 24/12/2033 on an effectively full repairing and insuring lease (2)
£20,900 (3)
25/12/2018 and five yearly thereafter
Total
234.86 sq m
(2,528 sq ft)
£20,900 (3)
(1) For the year ending 30th April 2017, AF Blakemore and Son Limited reported a turnover of £1,299,653,000, pre-tax profits of £7,354,000 and a total net worth of £70,319,000 (Source: Experian Group 07/11/2018). (2) The tenant currently occupies by way of a lease for a term of 25 years from 25/12/1993 expiring on 24/12/2018. A reversionary lease has completed, extending the term for a further 15 years from expiry of the current lease. The tenant also has an option to renew for a further 15 years in 2033. (3) The tenant will benefit from an 18 month rent-free period from 25/12/2018. The Vendor has agreed to adjust the completion monies so that the property will effectively produce £20,900 p.a. from completion of the sale until the end of the rent-free period.
