Freehold Convenience Store & Petrol Filling Station Investment
Convenience Store & Petrol Filling Station entirely let to Arthur Foodstores Ltd (wholly owned by ASDA)
Recently extended lease to expire in August 2037 (no breaks)
Rent rising to £241,865 in 2027 and £273,648 in 2032
Convenience Store floor area of approx 263.21 sq m (2,833 sq ft)
Site area of 0.34 Ha (0.83 Acres)
Busy main road location
Lot 9
Auction 27th March 2024
Rent £213,774 per Annum Exclusive
Status Sold Post
Price
Sector Motor Trade, Petrol Station
Auction Venue Live Streamed Auction
On Behalf of a Major Fund
Property Information
Location
Miles
2 miles north east of Nottingham, 15 miles north of Loughborough, 30 miles south of Sheffield, 49 miles north-east of Birmingham
Roads
A60, A610, M1
Rail
Nottingham Railway Station
Air
Birmingham Airport
Situation
Mapperley is a popular residential suburb some 2 miles north east of Nottingham City Centre. The property is prominently located on the corner of Woodthorpe Drive and Woodborough Road (B684), providing direct access to central Nottingham via the A60. The petrol filling station and convenience store serves the Mapperley and Porchester suburbs with the nearest neighbouring petrol station some 3 miles away to the west and south.
Tenure
Freehold.
Location
Miles
2 miles north east of Nottingham, 15 miles north of Loughborough, 30 miles south of Sheffield, 49 miles north-east of Birmingham
Roads
A60, A610, M1
Rail
Nottingham Railway Station
Air
Birmingham Airport
Situation
Mapperley is a popular residential suburb some 2 miles north east of Nottingham City Centre. The property is prominently located on the corner of Woodthorpe Drive and Woodborough Road (B684), providing direct access to central Nottingham via the A60. The petrol filling station and convenience store serves the Mapperley and Porchester suburbs with the nearest neighbouring petrol station some 3 miles away to the west and south.
Tenure
Freehold.
Description
The property comprises a recently rebranded, modern convenience store and petrol filling station with eight pumps beneath a steel canopy and a single storey convenience store of approximately 263.21 sq. m. (2,833 sq. ft.) upon a total site area of 0.34 Ha (0.83 Acres), benefitting from a low site coverage.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a recently rebranded, modern convenience store and petrol filling station with eight pumps beneath a steel canopy and a single storey convenience store of approximately 263.21 sq. m. (2,833 sq. ft.) upon a total site area of 0.34 Ha (0.83 Acres), benefitting from a low site coverage.
VAT
VAT is applicable to this lot.
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Use
Site Area Approx Hectares
Site Area Approx Acres
Tenant
Term
Rent p.a.x.
Rent Review
Petrol Filling Station and Convenience Store
0.34
0.83
ARTHUR FOODSTORES LTD with a guarantee from Co-Operative Group Food Ltd and an AGA from Co-Operative Group Ltd t/a ASDA Express (1) (2)
A term of years from 13/08/2007 until 12/08/2037 (3)
£213,774
Rising to £241,865 on 12/08/2027 Rising to £273,648 on 12/08/2032 (4)
Total
0.34
0.83
£213,774 (4)
(1) Arthur Foodstores Ltd was recently acquired by Asda. Asda acquired 132 sites from the Co-op last year in a £438m deal as part of its long-term strategy to become the UK’s second largest supermarket (www.corporate.asda.com 26/02/2024). (2) The leases are guaranteed by Co-operative Group Food Ltd with an AGA from Co-operative Group Ltd. For the year ending 02/01/2021, Co-operative Group Ltd 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 26/02/2024). (3) The original lease was for a term of 25 years from 13/08/2007 which has been recently extended by way of a reversionary lease for a further 5 years to expire on 12/08/2037. (4) The rent reviews are fixed at 2.5% per annum compounded.
If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
