Freehold Long-Let Supermarket and Office Investment
Let to Farmfoods Limited and Tillison Consulting Limited
New 15 year Lease to Farmoods until 2038 (no breaks)
Approximately 1,749.15 sq m (18,828 sq ft)
Large Rear Car Park with Approximately 86 Spaces
Forms Part of Established Local Retail Parade
Lot 9
Auction 9th May 2024
Rent £112,800 per Annum Exclusive
Status Available
Guide* £1,400,000 - £1,450,000
Sector Supermarket
Auction Venue Live Streamed Auction
Property Information
Location
Miles
6 miles north-east of Portsmouth, 15 miles west of Chichester, 23 miles east of Southampton
Roads
A3 (Junction 2&3), M27, A27
Rail
Havant and Bedhampton Railway Station
Air
Southampton Airport
Situation
The property is situated on London Road at its junction with Park Lane, approximately 1 mile north of Waterlooville Town Centre. The property forms part of an established local retail parade with its immediate surroundings being predominantly residential.
Tenure
Freehold.
Location
Miles
6 miles north-east of Portsmouth, 15 miles west of Chichester, 23 miles east of Southampton
Roads
A3 (Junction 2&3), M27, A27
Rail
Havant and Bedhampton Railway Station
Air
Southampton Airport
Situation
The property is situated on London Road at its junction with Park Lane, approximately 1 mile north of Waterlooville Town Centre. The property forms part of an established local retail parade with its immediate surroundings being predominantly residential.
Tenure
Freehold.
Description
The property comprises a supermarket arranged on the ground and part-first floors with separately accessed office accommodation on the part-first floor.
The property also benefits from parking to the rear of the property for approximately 86 cars.
VAT
VAT is applicable to this lot.
Note
The Special Conditions of Sale provide for the Buyer in addition to the purchase price, to pay to the Seller 1% plus VAT of the sale price.
Completion Period
5 Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a supermarket arranged on the ground and part-first floors with separately accessed office accommodation on the part-first floor.
The property also benefits from parking to the rear of the property for approximately 86 cars.
VAT
VAT is applicable to this lot.
Note
The Special Conditions of Sale provide for the Buyer in addition to the purchase price, to pay to the Seller 1% plus VAT of the sale price.
Completion Period
5 Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m (1)
Floor Areas Approx sq ft (1)
Tenant
Term
Rent p.a.x.
Rent Review (Reversion)
Ground Part-First
Supermarket Ancillary
1,026.10 420.00
(11,045) (4,521)
FARMFOODS LIMITED (CRN:SC030186) (2)
15 years from 24/10/2023
£100,000
24/10/2028 24/10/2033 (23/10/2038)
Part-First
Office
303.05
(3,262)
TILLISON CONSULTING LIMITED (CRN: 06607868)
7 years from 02/07/2020 (3)
£12,800 increasing annually to £14,600 in 2026 (4)
02/07/2025 (01/07/2027)
Total Approximate Floor Area
1,749.15
(18,828)
£112,800 increasing to £114,600 (4)
(1) The above floor areas have been taken from the Valuation Office Agency (https://www.gov.uk/find-business-rates) (2) For the year ending 31/12/2022 Farmfoods Ltd reported a turnover of £942,446,000, pre-tax profit of £22,225,000 and a net worth of £142,075,000 (Source: Northrow 19/04/2024) (3) The lease is subject to a tenant option to determine the lease on 01/07/2025 (4) As to the first floor offices, the lease provides for following fixed increases in rent; from 02/07/2024 to £13,400pax, from 02/07/2025 to £14,000 pax, and from 02/02/2026 to £14,600pax.
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.
