Five-yearly RPI linked minimum rental uplifts with rent rising to a minimum of £52,500 p.a. in 2019
Large car park site area of approximately 0.15 hectares (0.37 acres)
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 42
Auction 7th July 2016
Rent £50,000 per Annum Exclusive
Status Sold
Price £795,000
Sector Supermarket/Convenience
Auction Venue The Radisson Blu Portman Hotel 22 Portman Squafre London W1H 7BG
Property Information
Location
Miles
25 miles south-west of Worcester, 65 miles south-west of Birmingham
Roads
A49, A438, M5, M50
Rail
Hereford Railway Station
Air
Birmingham Airport
Situation
Hereford is a a popular cathedral city in the West Midlands. The property is located less than a mile from Hereford city centre, occupying a prominent position on Whitecross Road (A438), one of the key arterial routes into Hereford centre. The surrounding area is predominantly residential with a few local retailers also located nearby.
Tenure
Freehold.
Location
Miles
25 miles south-west of Worcester, 65 miles south-west of Birmingham
Roads
A49, A438, M5, M50
Rail
Hereford Railway Station
Air
Birmingham Airport
Situation
Hereford is a a popular cathedral city in the West Midlands. The property is located less than a mile from Hereford city centre, occupying a prominent position on Whitecross Road (A438), one of the key arterial routes into Hereford centre. The surrounding area is predominantly residential with a few local retailers also located nearby.
Tenure
Freehold.
Description
The property comprises a ground floor convenience store with ancillary accommodation on the first and second floors and benefits from an on-site ATM. There is no access to the second floor. The
property benefits from a site area of approximately 0.15 hectares (0.37 acres), providing parking for approximately 20 cars.
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 ground floor convenience store with ancillary accommodation on the first and second floors and benefits from an on-site ATM. There is no access to the second floor. The
property benefits from a site area of approximately 0.15 hectares (0.37 acres), providing parking for approximately 20 cars.
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
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Reviews
Ground First
Retail Ancillary
286.85 sq m 58.75 sq m
(3,088 sq ft) (632 sq ft)
TESCO STORES LIMITED (1)
20 years from 10/01/2014 until 10/01/2034 on a full repairing and insuring lease (2)
£50,000
10/01/2019, 10/01/2024 and 10/01/2029 (3)
Total
345.60 sq m
(3,720 sq ft)
£50,000
(1) Tesco is one of the largest supermarket chains in the UK, with over 3,500 stores and over 310,000 employees. (Source: www.tescoplc.com 07/06/2016) (2) The lease provides an option to determine on 10/01/2024. (3) The rent reviews are linked to the Retail Price Index to a minimum of 1% and a maximum of 4% compounded per annum. The rent will therefore increase to a minimum of £52,550 pa in January 2019, £55,231 pa in January 2024 and £58,048 pa in January 2029.
Contacts
Seller's Solicitors
Rooks Rider Challoner House, 19 Clerkenwell Close London EC1R 0RR 0207 689 7001
