56, 58, 62 Wolseley Road
Plymouth
Devon
PL2 3BP

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
    11/Dec/2019
  • Rent
    £60,000 per Annum Exclusive
  • Status
    Available
  • Price*
    £875,000
  • Sector
    Supermarket
  • Auction Venue
    The Montcalm Hotel
    2 Wallenberg Place
    London W1H 7TN
Important Auction & Property Update
  • 56, 58, 62 Wolseley Road<br>Plymouth<br>Devon<br>PL2 3BP
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* More information on the term "price" can be found here

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.

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

FloorUseFloor Areas (Approx)TenantTermRent p.a.x. Review
GroundRetail
(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£60,00011/01/2017
outstanding
RPI linked (2)& 5 yearly
First &
Second
Residential
8 Flats
SOVEREIGN
HOUSING
ASSOCIATION
LIMITED
999 years from 20/04/2012Peppercorn 
GroundRetail
Shop
BAYHILL
(PHARMA)
INVESTMENTS
LIMITED
999 years from 19/12/2014Peppercorn 
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 £500 plus VAT (£600 inclusive of VAT) buyer's administration charge payable to Acuitus Limited

Property Documents

  • Solicitors Legal Pack
    Updated Date
    04.12.19
    File Size
    50 MB
    Login to View
  • Catalogue Page
    Updated Date
    20.11.19
    File Size
    1 MB
    View PDF
  • Site Plan
    Updated Date
    20.11.19
    File Size
    2 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
Peter MayoPeter Mayo +44 (0)20 7034 4864 +44 (0)7833 459318Peter.mayo@acuitus.co.uk
George GoucherGeorge Goucher +44 (0)20 7034 4860george.goucher@acuitus.co.uk
Seller's Solicitors
Gateley LLP Ship Canal House, King Street
Manchester
M2 4WU
Rachel Baker 0161 836 7771rachel.baker@gateleylegal.com

Useful Links

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