Entirely let to Tesco Stores Limited - a wholly owned subsidiary of Tesco Plc
25 year lease from September 2014, expiring in September 2039 (subject to option) (2)
Five yearly upward only rent reviews to RPI (with collar of 1% pa and cap of 4% pa)
Approximately 45,286 sq ft on large site of about 4.09 acres
Open A1 planning consent
Car parking for over 300 cars
Developed in 2014, forming part of Immingham town centre
Important and thriving port town
Lot 14
Auction 24th October 2019
Rent
Status Withdrawn Prior
Price
Sector Supermarket
Auction Venue The Montcalm Hotel 2 Wallenberg Place London W1H 7TN
Property Information
Location
Miles
8 miles north-west of Grimsby
36 miles north-east of Lincoln
Roads
A15, A16, A18, A180, M180
Rail
Habrough Station
Air
Humberside Airport
Situation
Immingham is a historic shipping town located on the south bank of the River Humber. The town benefits from good road communications and is served by the A180 and the M180 just 9 miles to the west. The property is situated in a prominent location on Kennedy Way, which forms part of the town centre for Immingham, in an easily accessible location between Pelham Road and Washdyke Lane. Other nearby retailers include Aldi, Poundstretcher, Farmfoods and B&M Bargains.
Tenure
Long Leasehold. From North East Lincolnshire borough council for a term of 999 years from 30th November 1995, thus giving some 975 years unexpired, at a peppercorn rent. A small part of the property is held freehold - please see title documentation.
Location
Miles
8 miles north-west of Grimsby
36 miles north-east of Lincoln
Roads
A15, A16, A18, A180, M180
Rail
Habrough Station
Air
Humberside Airport
Situation
Immingham is a historic shipping town located on the south bank of the River Humber. The town benefits from good road communications and is served by the A180 and the M180 just 9 miles to the west. The property is situated in a prominent location on Kennedy Way, which forms part of the town centre for Immingham, in an easily accessible location between Pelham Road and Washdyke Lane. Other nearby retailers include Aldi, Poundstretcher, Farmfoods and B&M Bargains.
Tenure
Long Leasehold. From North East Lincolnshire borough council for a term of 999 years from 30th November 1995, thus giving some 975 years unexpired, at a peppercorn rent. A small part of the property is held freehold - please see title documentation.
Description
The property comprises a large purpose built, single storey building developed in 2014, the majority of which has been recently refitted as Jack's, Tesco's new discount trading fascia. Part of the property has been sublet to T J Morris t/a Home Bargains. The property benefits from a large site comprising approximately 4.09 acres (1.65 hectares) with parking provisions for 308 cars.
VAT
VAT is applicable to this lot.
Completion Period
60 Day Completion Available
EPC
Band B. See legal pack at acuitus.co.uk
Description
The property comprises a large purpose built, single storey building developed in 2014, the majority of which has been recently refitted as Jack's, Tesco's new discount trading fascia. Part of the property has been sublet to T J Morris t/a Home Bargains. The property benefits from a large site comprising approximately 4.09 acres (1.65 hectares) with parking provisions for 308 cars.
VAT
VAT is applicable to this lot.
Completion Period
60 Day Completion Available
EPC
Band B. See legal pack at acuitus.co.uk
Tenancy & Accommodation
Floor
Use
Gross Internal Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground
Supermarket
4,207.17 sq m
(45,286 sq ft)
TESCO STORES LIMITED (1) t/a Jack’s
25 years from 05/09/2014 until 04/09/2039 (2) on a full repairing and insuring lease
£771,007 (3)
05/09/2019 (3) and 5 yearly thereafter
Total Site Area
4,207.17 sq m 1.65 hectares
(45,286 sq ft) (4.09 acres)
£771,007
(1) For the year ending 24th February 2018, Tesco Stores Limited reported a turnover of £41,367,000,000, pre-tax profits of £417,000,000 and a total net worth of £4,071,000,000 (Source: Experian Group 25/09/2019). Jack's is a discount supermarket chain launched by Tesco, with 10 stores to date and between 10 and 15 stores planned for new locations (Source: BBC Business 19/09/2018). Part of the property is sub let to T J Morris Limited (trading as Home Bargains). (2) The lease is subject to a tenant only option to determine on 5th September 2029. (3) The current rent passing which was payable from 26th February 2015 in the lease is £679,290 p.a.x. Under the terms of the lease, there was a rent review on 5th September 2019 which is currently under review with the tenant. The rent review in the lease provides for a minimum increase of 1% and a maximum increase of 4% with the rent review linked to the Retail Price Index. The landlord has calculated the new passing rent to be £771,007 p.a.x. but currently awaits confirmation from Tesco Stores Limited that this figure is agreed.