Heritable Supermarket Investment in Edge of City Centre Location
Let to Tesco Stores Ltd on a 15 year lease expiring 2025 (no breaks)
Tenant option to extend the lease by 15 years on expiry
RPI rental increases (estimated rent as at March 2012 of £59,785 p.a.x.) (3)
Prominent roadside location between the city centre and Glasgow’s affluent West End
Six Week Completion Period Available
Lot 5
Auction 24th May 2012
Rent £55,000 per Annum Exclusive
Status Sold Prior
Price
Sector Supermarket
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
0.25 miles west of Glasgow city centre
Roads
M8 (connects to Glasgow Airport and Edinburgh), A814 Clydeside Expressway (Junction 13)
Rail
Charing Cross low level Railway Station (direct to Glasgow Central and Queen Street)
Air
Glasgow International Airport
Situation
The property is situated on North Street beside the M8 motorway and between the main city centre junctions 18 and 19. The property benefits from its proximity to the surrounding area’s residential population and the western city centre office area.
There is on-street parking outside the property and a multistorey car park on Elmbank Crescent, Charing Cross.
Tenure
Heritable. (Scottish Equivalent of English Freehold)
Location
Miles
0.25 miles west of Glasgow city centre
Roads
M8 (connects to Glasgow Airport and Edinburgh), A814 Clydeside Expressway (Junction 13)
Rail
Charing Cross low level Railway Station (direct to Glasgow Central and Queen Street)
Air
Glasgow International Airport
Situation
The property is situated on North Street beside the M8 motorway and between the main city centre junctions 18 and 19. The property benefits from its proximity to the surrounding area’s residential population and the western city centre office area.
There is on-street parking outside the property and a multistorey car park on Elmbank Crescent, Charing Cross.
Tenure
Heritable. (Scottish Equivalent of English Freehold)
Description
The property comprises a ground floor open plan retail unit with prominent frontage onto North Street and Kent Road.
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 a ground floor open plan retail unit with prominent frontage onto North Street and Kent Road.
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)
Tenant
Term
Rent p.a.x
Reviews
Ground
Retail
454.32 sq m
(4,890 sq ft)
TESCO STORES LTD (1)
15 years from 19/04/2010 until 19/04/2025 (2)
£55,000
19/04/2015 and 19/04/2020 (3)
Totals
454.32 sq m
(4,890 sq ft)
£55,000
(1) For the year ending 26th February 2011, Tesco Stores Ltd reported a turnover of £40,149,000,000, pre-tax profits of £2,243,000,000 and a net worth of £6,654,000,000 (Source: Experian 24/02/2012). (2)There is a tenant option to extend the lease by 15 years upon expiry. (3)The rent is subject to RPI linked rent reviews in years 5 and 10. Based on the most recent RPI data (March 2012) this would reflect a current rent of £59,785 per annum (Source: www.statistics.gov.uk).
