Let to T J Morris Ltd t/a Home Bargains on a lease expiring 2025
Includes 49 space car park and loading area
Comprises 21,593 sq ft on a 0.78 acre site
Tenant in occupation since 2006
Mixed commercial and residential location
VAT-free investment
Lot 24
Auction 24th October 2019
Rent £100,000 per Annum Exclusive
Status Sold Prior
Price
Sector High Street Retail
Auction Venue The Montcalm Hotel 2 Wallenberg Place London W1H 7TN
On Behalf of Wesleyan Assurance Society
Property Information
Location
Miles
8 miles south-west of Nottingham
9 miles south-east of Derby
24 miles north of Leicester
Roads
A52, A6005, M1 (Junction 25)
Rail
Long Eaton
Air
Nottingham Airport
Situation
The property is in a mixed residential/commercial area and occupies a substantial site within the town centre on Tamworth Road, immediately south-west of High Street, the town's principal retail thoroughfare. Tamworth Road (B6540) is one of the main arterial roads in the town. The property has frontages to both Tamworth Road and Albert Road. The car park to the property is accessed via Albert Road and the town's main car park on Beaconsfield Street is located 80 metres to the east. Occupiers nearby including Lloyds Bank, Iceland, Nationwide, Thomson and Costa Coffee, amongst a number of other traders.
Tenure
Freehold.
Location
Miles
8 miles south-west of Nottingham
9 miles south-east of Derby
24 miles north of Leicester
Roads
A52, A6005, M1 (Junction 25)
Rail
Long Eaton
Air
Nottingham Airport
Situation
The property is in a mixed residential/commercial area and occupies a substantial site within the town centre on Tamworth Road, immediately south-west of High Street, the town's principal retail thoroughfare. Tamworth Road (B6540) is one of the main arterial roads in the town. The property has frontages to both Tamworth Road and Albert Road. The car park to the property is accessed via Albert Road and the town's main car park on Beaconsfield Street is located 80 metres to the east. Occupiers nearby including Lloyds Bank, Iceland, Nationwide, Thomson and Costa Coffee, amongst a number of other traders.
Tenure
Freehold.
Description
The property comprises a large shop with storage, staff and ancillary accommodation. The property benefits from a car park with 49 marked spaces, as well as a loading area. The property fronts both Tamworth Road and Albert Road.
VAT
VAT is not applicable to this lot.
Planning
The property may benefit from conversion to residential use, subject to the current occupation and the necessary consents/permissions. Interested parties are referred to Erewash Borough Council. www.erewash.gov.uk
EPC
See legal pack at acuitus.co.uk
Description
The property comprises a large shop with storage, staff and ancillary accommodation. The property benefits from a car park with 49 marked spaces, as well as a loading area. The property fronts both Tamworth Road and Albert Road.
VAT
VAT is not applicable to this lot.
Planning
The property may benefit from conversion to residential use, subject to the current occupation and the necessary consents/permissions. Interested parties are referred to Erewash Borough Council. www.erewash.gov.uk
EPC
See legal pack at acuitus.co.uk
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground First
Retail Ancillary
1,021 sq m 985 sq m
(10,991 sq ft) (10,602 sq ft)
T J MORRIS LIMITED t/a Home Bargains (1)
10 years from 03/11/2015 expiring 02/11/2025 on a full repairing & insuring lease
£100,000
03/11/2020
Total
2,006 sq m
(21,593 sq ft)
£100,000
(1) TJ Morris Ltd, trading as Home Bargains, is one of the UK's fastest growing discount retailers. TJ Morris was established over 40 years ago by Tom Morris. Since opening his first store in Liverpool, Tom has grown the business organically to become one of the biggest privately owned companies in the UK. The company now boasts over 500 stores and employs more than 22,000 staff. It is the largest employer on Merseyside and is the largest independent grocer in the country (Source:www.homebargains.co.uk). For the year ended 30th June 2018, T J Morris Ltd reported a turnover of £2,143,267,097, pre-tax profits of £202,700,562 and a net worth of £911,755,756 (Source: Experian 25.09.2019).
