Let to Tesco Stores Limited on a new 20 year FRI Lease until 2031 (subject to option)
Guaranteed Rental Increases with Rent Reveiws to RPI (subject to a minimum of 1% and a maximum of 4%)
Attractive and affluent historic spa town
14 car parking spaces
The property is held in a Single Asset Company which could be available by separate negotiation
Nearby occupiers include Royal Bank of Scotland, Lloyds Pharmacy and Lloyds TSB Scotland
Lot 36
Auction 10th July 2012
Rent £50,000 per Annum Exclusive
Status Sold Prior
Price
Sector Supermarket/Convenience
Auction Venue Millennium Hotel 39-44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
3.8 miles north of Stirling 31 miles north-east of Glasgow
Roads
M9, A9, A84, A91
Rail
Bridge of Allan
Air
Glasgow Airport, Edinburgh Airport
Situation
The attractive and highly affluent spa town of Bridge of Allan is home to Stirling University and is a popular Edinburgh and Glasgow commuter town. The property is prominently located on the south side of Henderson Street, the town’s primary retail thoroughfare.
Tenure
Heritable.
Location
Miles
3.8 miles north of Stirling 31 miles north-east of Glasgow
Roads
M9, A9, A84, A91
Rail
Bridge of Allan
Air
Glasgow Airport, Edinburgh Airport
Situation
The attractive and highly affluent spa town of Bridge of Allan is home to Stirling University and is a popular Edinburgh and Glasgow commuter town. The property is prominently located on the south side of Henderson Street, the town’s primary retail thoroughfare.
Tenure
Heritable.
Description
The property comprises a ground floor retail unit benefiting from a car park accommodation, some 14 car parking spaces.
Note
Sainsburys offered to lease this unit for a rent of £55,000 per annum exclusive, however the Vendor signed this lease with Tesco as they committed to undertake a substantial amount of additional development works amounting to an estimated £100,000 of additional capital expenditure beyond their standard fit out.
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 retail unit benefiting from a car park accommodation, some 14 car parking spaces.
Note
Sainsburys offered to lease this unit for a rent of £55,000 per annum exclusive, however the Vendor signed this lease with Tesco as they committed to undertake a substantial amount of additional development works amounting to an estimated £100,000 of additional capital expenditure beyond their standard fit out.
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
369.50 sq m
(3,977 sq ft)
TESCO STORESLIMITED (1)
20 years from 2nd November 2011 until 2031 (2)
£50,000
2nd November 2016
Totals
369.50 sq m
(3,977 sq ft)
£50,000
(1) For the year ending 26th February 2011 Tesco Stores Limited reported a turnover of £40,149,000,000., pre-tax profits of £2,243,000,000 and a net worth of £6,954,000,000. (Source: www.riskdisk.com) (2)The lease provides for a tenant option to determine the lease on the expiry of the 10th year subject to 12 months written notice and a penalty equivalent to 12 months rent.
