Jack's by Tesco Stores
Kennedy Way
Immingham
North East Lincolnshire
DN40 2AB

Substantial Modern Supermarket Investment

  • 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
    24/Oct/2019
  • Rent
    £771,007 per Annum Exclusive
  • Status
    Available
  • Price*
    £9,000,000
  • Sector
    Supermarket
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    London W1H 7TN
Important Auction & Property Update
  • Jack's by Tesco Stores<br>Kennedy Way<br>Immingham<br>North East Lincolnshire<br>DN40 2AB
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* More information on the term "price" can be found here

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.

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

FloorUseGross Internal Floor Areas (Approx)TenantTermRent p.a.xReviews
GroundSupermarket
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.

Property Documents

  • Solicitors Legal Pack
    Updated Date
    18.10.19
    File Size
    91 MB
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  • Catalogue Page
    Updated Date
    02.10.19
    File Size
    1 MB
    View PDF
  • Site Plan
    Updated Date
    02.10.19
    File Size
    1 MB
    View PDF
  • Common Auction conditions
    Updated Date
    19.09.19
    File Size
    150 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF
  • Money Laundering Regs
    Updated Date
    19.09.19
    File Size
    36 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
George GoucherGeorge Goucher +44 (0)20 7034 4860george.goucher@acuitus.co.uk
Seller's Solicitors
Napthens Solicitors 7 Winckley Square
Preston
Lancashire
PR1 3JD
Marc Appleton 01772 904220marc.appleton@napthens.co.uk

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