Cooperative Convenience Store, 112 Homerton High Street Hackney London E9 6JA

Cooperative Convenience Store, 112 Homerton High Street
Hackney
London
E9 6JA

Central London Convenience Store Investment

Let to Co-operative Food Group Limited until December 2027 (No Breaks)
December 2022 break option not exercised
Rent Review in line with Retail Price Index (RPI) subject to a minimum of 1% per annum and a maximum of 3% per annum compound
Popular and busy inner London location
Modern Ground floor Retail Space
Close to Stratford Olympic Park and 3 miles north of the city of London

Lot
14
Auction
22nd September 2022
Rent
£76,576 per Annum
(2)
Status
Withdrawn Post
Price
Sector
High Street Retail
Auction Venue
Live Streamed Auction

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Central London Convenience Store Investment

Let to Co-operative Food Group Limited until December 2027 (No Breaks)
December 2022 break option not exercised
Rent Review in line with Retail Price Index (RPI) subject to a minimum of 1% per annum and a maximum of 3% per annum compound
Popular and busy inner London location
Modern Ground floor Retail Space
Close to Stratford Olympic Park and 3 miles north of the city of London

Lot 14
Auction 22nd September 2022
Rent £76,576 per Annum (2)
Status Withdrawn Post
Price
Sector
High Street Retail
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 3 miles north of the City of London, 3 miles from London docklands, 2 miles from Stratford and the Olympic park
Roads: A10,A12
Rail: Homerton Railway Station, Stratford International Railway Station
Air: London City Airport, London Heathrow Airport and London Gatwick Airport.

Situation

The London Borough of Hackney has over recent years has benefitted from significant investment residential redevelopment transforming parts of Hackney to a highly fashionable, cosmopolitan hub.

The property is situated on the South side of the busy Homerton High street (A109) at its junction with Rosina Street. Homerton University Hospital is situated 150 metres to the North and a short walk from Homerton Railway and only 500 metres to the west of Hackney Central. The immediate locality has also benefitted from the development of the Queen Elizabeth Olympic park which is approximately 1 mile to the East. Neighboring occupiers include Nike Factory shop, Burberry and The Gunfactory.

Tenure

Virtual Freehold. Held for a term of 999 years at a fixed peppercorn rent.

Location

Miles: 3 miles north of the City of London, 3 miles from London docklands, 2 miles from Stratford and the Olympic park
Roads: A10,A12
Rail: Homerton Railway Station, Stratford International Railway Station
Air: London City Airport, London Heathrow Airport and London Gatwick Airport.

Situation

Tenure

Virtual Freehold. Held for a term of 999 years at a fixed peppercorn rent.

Description

The property comprises self contained ground floor retail accommodation that forms part of a modern and attractive Residential building.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

The property comprises self contained ground floor retail accommodation that forms part of a modern and attractive Residential building.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas Approx sq m	Floor Areas Approx sq ft	Tenant	Term	Rent p.a.x.	Rent Review (Reversion)
Ground	Retail	361	(3,886)	CO-OPERATIVE FOOD GROUP LIMITED (IP26715R) (1)	Term of 15 Years from 19/12/2012 until 18/12/2027 (4)	£76,576 (2)	19/12/2022 (18/12/2027) (2)
Total Approximate Floor Area		361	(3,886) (3)			£76,576 (2)

(1) ) Co-operative Group Limited is a British consumer co-operative with a family of retail businesses including food retail, wholesale, e-pharmacy, insurance and legal services, and funeral care. The Co-operative Group has over 65,000 employees across the UK and over 2,500 food and convenience stores. For the year ending 02/01/2021 Co-operative Group Limited reported a Turnover of £11,472,000,000, a Pre-Tax profit of £127,000,000 and a Net Worth of £1,564,000,000 (NorthRow 26/08/2022).
(2) The current rent reserved under the terms of lease is £72,860 per annum exclusive. the lease provides for the rent to be reviewed on 19/12/2022 in line with the Retail Price Index subject to a minimum of 1% per annum compounded and a maximum of 4% per annum compounded, Therefore the rent will increase to a minimum of £76,576 p.a.x. on 19/12/20222. The Seller will pay the Buyer the difference between the current rent reserved of £72,860 and £76,576 p.a.x. from completion of the sale until 19/12/2022. Therefore the property would produce £76,576 p.a.x. from the completion of the sale.
(3) The floor area stated above are those published by the Valuation Office Agency (www.voa.gov.uk).
(4) The tenant has not exercised their December 2022 option to determine the lease.

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.