Morrisons 90 High Street Southend on Sea Essex SS1 1JN

Morrisons
90 High Street
Southend on Sea
Essex
SS1 1JN

Freehold Convenience Store Investment

Entirely let to WM Morrison Convenience Stores Ltd (guaranteed by WM Morrison Supermarkets plc) until 2028 (subject to option)
Five yearly RPI linked rent reviews
Situated in a prominent position on the pedestrianised High Street
Nearby occupiers include McDonald’s, KFC, The Perfume Shop, Moss Menswear and Specsavers

Lot
10
Auction
22nd May 2014
Rent
£87,500 per Annum Exclusive
Status
Sold Post
Price
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On behalf of a Major Fund

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Freehold Convenience Store Investment

Entirely let to WM Morrison Convenience Stores Ltd (guaranteed by WM Morrison Supermarkets plc) until 2028 (subject to option)
Five yearly RPI linked rent reviews
Situated in a prominent position on the pedestrianised High Street
Nearby occupiers include McDonald’s, KFC, The Perfume Shop, Moss Menswear and Specsavers

Lot 10
Auction 22nd May 2014
Rent £87,500 per Annum Exclusive
Status Sold Post
Price
Sector
Supermarket/Convenience
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP
On behalf of a Major Fund

Property Information

Location

Miles: 20 miles south-east of Chelmsford, 41 miles south-west of Colchester, 43 miles east of London
Roads: A1160, A13, A127
Rail: Southend Central Station
Air: London Southend Airport

Situation

The property is situated in a prominent location on the eastern side of the High
Street and approximately 100 metres from Southend Central Station which
provides direct services to Central London in less than an hour. Nearby
occupiers include McDonalds, KFC, The Perfume Shop, Moss Menswear and
Specsavers.

Tenure

Freehold.

Location

Miles: 20 miles south-east of Chelmsford, 41 miles south-west of Colchester, 43 miles east of London
Roads: A1160, A13, A127
Rail: Southend Central Station
Air: London Southend Airport

Situation

Tenure

Freehold.

Description

The property comprises a convenience store over ground, basement, first and
second floors. The property benefits from right to use an access road to the
rear for loading purposes.

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 convenience store over ground, basement, first and
second floors. The property benefits from right to use an access road to the
rear for loading purposes.

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	Review
Ground Basement First Second Third	Retail	390.70 sq m 372.60 sq m 323.00 sq m 365.00 sq m 92.90 sq m	(4,205 sq ft) (4,011 sq ft) (3,477 sq ft) (3,929 sq ft) (1,000 sq ft)	WM MORRISON CONVENIENCE STORES LTD (guaranteed by WM Morrison Supermarkets plc) (1)	15 years from 01/11/2013 until 31/10/2028 on a full repairing and insuring lease (2) (3)	£87,500 (4)	01/11/2019 and 01/11/2024 in line with RPI (5)
Totals		1,544.20 sq m	(16,622 sq ft)			£87,500 with minimum fixed increases in 2019 and 2024 (4)

(1) For the year ending 3rd February 2013, WM Morrison Supermarkets plc reported a turnover of £18,116,000,000, pre-tax profits of £879,000,000 and a total net worth of £4,815,000,000. (Source: www.riskdisk.com 09/04/2014)
(2) The lease provides a tenant option to determine on the tenth anniversary of the term, subject to 6 months’ notice.
(3) The first, second and third floors are subject to a Schedule of Condition.
(4) For the purposes of clarification, the tenant is currently benefiting from a rent free period due to expire on 31st January 2015. The seller has agreed to adjust the completion monies so that the unit will effectively produce £87,500 p.a.x. from completion of the sale.
(5) The lease provides for the rent to be increased five yearly in line with the RPI, subject to a minimum of 1% and a maximum of 3%.