Let to Westgate Properties (Anglia) Limited (guaranteed by Anglia Regional Co-operative Society Limited) until 2027 (subject to option)
Modern supermarket situated in prominent neighbourhood location
Approximate site area of 0.20 hectares (0.49 acres)
Tenant option to extend the term for an additional 20 years
Six Week Completion
Lot 24
Auction 13th February 2014
Rent £72,000 per Annum Exclusive
Status Sold
Price £1,160,000
Sector Supermarket/Convenience
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
6.5 miles south-west of Norwich City Centre, 38.5 miles north of Ipswich, 58 miles north-east of Cambridge
Roads
B1113, A140, A47, A11
Rail
Norwich Railway Station (Approximately 1 hour 50 mins to London Liverpool Street)
Air
Norwich International Airport, Stansted Airport
Situation
Mulbarton is an established residential subvrb some 6 miles south-west of Norwich City Centre. The property is prominently situated on the southern side of Cuckoofield Lane at its junction with Bromedale Avenue. The property benefits from being adjacent to a new housing development of 380 dwellings and site with outline planning consent for another 180 dwellings.
Tenure
Freehold.
Location
Miles
6.5 miles south-west of Norwich City Centre, 38.5 miles north of Ipswich, 58 miles north-east of Cambridge
Roads
B1113, A140, A47, A11
Rail
Norwich Railway Station (Approximately 1 hour 50 mins to London Liverpool Street)
Air
Norwich International Airport, Stansted Airport
Situation
Mulbarton is an established residential subvrb some 6 miles south-west of Norwich City Centre. The property is prominently situated on the southern side of Cuckoofield Lane at its junction with Bromedale Avenue. The property benefits from being adjacent to a new housing development of 380 dwellings and site with outline planning consent for another 180 dwellings.
Tenure
Freehold.
Description
The property comprises a modern ground floor retail unit trading as a supermarket and benefits from a large car park with approximately 26 cars and an approximate site area of 0.20 hectares (0.49 acres).
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 modern ground floor retail unit trading as a supermarket and benefits from a large car park with approximately 26 cars and an approximate site area of 0.20 hectares (0.49 acres).
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
565.82 sq m
(6,090 sq ft)
WESTGATE PROPERTIES (ANGLIA) LIMITED (guaranteed by Anglia Regional Co-operative Society Limited) (1) (2)
20 years from 16/04/2007 until 2027 on a full repairing and insuring lease (3) (4) (5)
£72,000
16/04/2017 16/04/2022 16/04/2025
Totals
565.82 sq m
(6,090 sq ft)
£72,000
(1) Anglia Regional Co-Operative have merged with Midlands Co-Operative on 1st December 2013 and have adopted a new name ‘Central England Co-Operative’ from 25th January 2014 (Source: www.midlands.coop). (2)The tenant has sublet the entire property to Anglia Regional Co-Operative Society Limited who is the guarantor. (3)The lease provides for a tenant option to determine the lease on 15/04/2022 subject to 12 months’ written notice. (4)The lease includes a tenant option to extend the term by an additional 20 years (please see a copy of the lease available in the legal pack for further information). (5)The lease entitles the landlord to require the tenant to purchase the freehold of the property in circumstances where the tenant has made an application for a licence to underlet (please see a copy of the lease available in the legal pack for further information).
