Heritable (Scottish Equivalent to English Freehold) Foodstore Investment
Let to The Co-Operative Group Ltd for 15 years from completion
Tenant's option to extend the lease for a further 15 years
Five yearly rent reviews fixed at 2.5% per annum annually compounded
On-site parking
Prominently located on one of Dundee's main arterial routes
Surrounding occupiers include Lloyds Bank, Royal Bank of Scotland, Ladbrokes and Alliance Pharmacy
Lot 10
Auction 8th July 2010
Rent £117,000 per Annum
Status Sold Post
Price
Sector Supermarket/Convenience
Auction Venue Millennium Hotel 39-44 Grosvenor Square Mayfair London W1K 2HP
Property Information
Location
Estimated Residential Population
154,674
Miles
0.8 miles north-east of Dundee city centre
Roads
A929, A90, A92
Rail
Dundee Rail Station
Air
Dundee Airport
Situation
The property is prominently located on Albert Street, an established retail thoroughfare and one of Dundee's main arterial routes. Surrounding occupiers include Lloyds Bank, Royal Bank of Scotland, Ladbrokes and Alliance Pharmacy.
Tenure
Heritable. (Scottish Equivalent to English Freehold)
Location
Estimated Residential Population
154,674
Miles
0.8 miles north-east of Dundee city centre
Roads
A929, A90, A92
Rail
Dundee Rail Station
Air
Dundee Airport
Situation
The property is prominently located on Albert Street, an established retail thoroughfare and one of Dundee's main arterial routes. Surrounding occupiers include Lloyds Bank, Royal Bank of Scotland, Ladbrokes and Alliance Pharmacy.
Tenure
Heritable. (Scottish Equivalent to English Freehold)
Description
The property comprises a PURPOSE BUILT FOOD STORE with GROUND FLOOR RETAIL ACCOMMODATION and ANCILLARY/ STORAGE ACCOMMODATION at first floor level. The property benefits from approximately 13 dedicated car parking spaces and a service yard to the rear. The store is to be rebranded as a Co-Operative.
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 PURPOSE BUILT FOOD STORE with GROUND FLOOR RETAIL ACCOMMODATION and ANCILLARY/ STORAGE ACCOMMODATION at first floor level. The property benefits from approximately 13 dedicated car parking spaces and a service yard to the rear. The store is to be rebranded as a Co-Operative.
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 First First
Retail Staff Office/Storage
983.27 sq m 110.34 sq m 289.90 sq m
(10,584 sq ft) (1,188 sq ft) (3,121 sq ft)
THE CO-OPERATIVE GROUP LTD (2)
15 years from completion on a new full repairing and insuring lease
£117,000 (1)
2015 and 5 yearly
Totals
1,383.51 sq m
(14,893 sq ft)
£117,000
(1)The rent is subject to fixed increases at 2.5% per annum compounded. (2)For the year ending 2nd January 2010, Co-Operative Group Limited reported gross sales of 13,673,800,000, pre-tax profits of 294,800,000 and total equity and liabilities of 75,124,800,000. (Source: www.co-operative.coop as at 07/06/2010) The Co-Operative Group, the UK's largest mutual retailer, has completed its 1.565bn acquisition of the Somerfield Supermarket chain. (Source: www.co-operative.coop 02/03/2009)
Contacts
Associate Auctioneers
JLL 150 St Vincent Street Glasgow G2 5ND 0141 221 9032
