Prominent Freehold Convenience Store Investment with RPI Linked Rent Reviews
Prominent Freehold investment on Plymouth bypass
Convenience store let to Tesco Plc on a lease expiring 2027
5 yearly upward only reviews to RPI
Includes car parking
Predominantly residential suburb
Lot 40
Auction 11th December 2019
Rent
Status Withdrawn Prior
Price
Sector Supermarket
Auction Venue The Montcalm Hotel 2 Wallenberg Place London W1H 7TN
Property Information
Location
Miles
43 miles south-west of Exeter
120 miles south-west of Bristol
Roads
A38, A386, A388
Rail
Plymouth Railway Station
Air
Exeter International Airport
Situation
Plymouth is the largest city in Devon and Cornwall and one of the largest regional centres in the South West, serving a population of approximately 250,000. Plymouth is situated on the border with Cornwall and is accessible via the A38, connecting the city with Cornwall to the west and Exeter to the east. The property is prominently located 1 mile
to the north-west of Plymouth city centre on
St Budeaux Bypass. The immediate area is residential with retail occupiers nearby including Job Centre and Esso.
Tenure
Freehold.
Location
Miles
43 miles south-west of Exeter
120 miles south-west of Bristol
Roads
A38, A386, A388
Rail
Plymouth Railway Station
Air
Exeter International Airport
Situation
Plymouth is the largest city in Devon and Cornwall and one of the largest regional centres in the South West, serving a population of approximately 250,000. Plymouth is situated on the border with Cornwall and is accessible via the A38, connecting the city with Cornwall to the west and Exeter to the east. The property is prominently located 1 mile
to the north-west of Plymouth city centre on
St Budeaux Bypass. The immediate area is residential with retail occupiers nearby including Job Centre and Esso.
Tenure
Freehold.
Description
The property comprises a ground floor convenience store with 14 car parking spaces. The residential flats on the upper floors and the adjoining shop are let on long leases.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
See legal pack at acuitus.co.uk
Description
The property comprises a ground floor convenience store with 14 car parking spaces. The residential flats on the upper floors and the adjoining shop are let on long leases.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
See legal pack at acuitus.co.uk
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x.
Review
Ground
Retail (Convenience Store)
383 sq m
(4,126 sq ft)
TESCO STORES LIMITED (1)
15 years from 11/01/2012 expiring 10/01/2027 on a full repairing and insuring lease
£60,000
11/01/2017 outstanding RPI linked (2)& 5 yearly
First & Second
Residential
8 Flats
SOVEREIGN HOUSING ASSOCIATION LIMITED
999 years from 20/04/2012
Peppercorn
Ground
Retail
Shop
BAYHILL (PHARMA) INVESTMENTS LIMITED
999 years from 19/12/2014
Peppercorn
Total (Convenience Store only)
383 sq m
(4,126 sq ft)
£60,000
(1) For the year ended 23rd February 2019, Tesco Stores Limited reported a turnover of £42,219,000,000, pre-tax profits of £737,000,000 and a net worth of £5,167,000,000 (Source: Experian 07/11/2019). Tesco trade from 6,800 shops worldwide, of which 3,787 in the UK & ROI (Source: www.tesco.com). (2) Rent Reviews linked to RPI collared at 1% and capped at 4% per annum.
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.