Let to Tesco Stores Ltd until 2030 (subject to option)
5 yearly upward only rent reviews, linked toRPI (subject to a maximum of 4%)
Nearby occupiers include Total Filling Station, Co-Op and Domino’s
Popular London commuter town
Close to the major Lakeside Shopping Centre
Lot 17
Auction 21st October 2010
Rent £50,100 per Annum Exclusive
Status Sold Post
Price
Sector Supermarket/Convenience
Auction Venue Millennium Hotel 39-44 Grosvenor Square Mayfair London W1K 2HP
Property Information
Location
Miles
21 miles west of Southend-on-Sea, 23 miles east of Central London
Roads
A13, M25 (Junction 30)
Rail
Grays Railway Station (35 minutes to London Fenchurch Street)
Air
London City Airport (12 miles), Stansted (36 miles)
Situation
The property is prominently situated on the west side of the busy Southend Road (A1013) opposite the junction with College Road, some 4 miles from the major Lakeside Shopping Centre. Neighbouring occupiers include Total Petrol, Domino’s and Co-Op.
Tenure
Freehold.
Location
Miles
21 miles west of Southend-on-Sea, 23 miles east of Central London
Roads
A13, M25 (Junction 30)
Rail
Grays Railway Station (35 minutes to London Fenchurch Street)
Air
London City Airport (12 miles), Stansted (36 miles)
Situation
The property is prominently situated on the west side of the busy Southend Road (A1013) opposite the junction with College Road, some 4 miles from the major Lakeside Shopping Centre. Neighbouring occupiers include Total Petrol, Domino’s and Co-Op.
Tenure
Freehold.
Description
The property comprises a GROUND FLOOR CONVENIENCE STORE and SELF-CONTAINED VACANT UPPER PARTS. The property benefits from a significant frontage and car parking at the front.
VAT
VAT is not 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 CONVENIENCE STORE and SELF-CONTAINED VACANT UPPER PARTS. The property benefits from a significant frontage and car parking at the front.
VAT
VAT is not 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/(Reversion)
Ground
Retail
396 sq m
(4,263 sq ft)
TESCO STORES LTD (1)
20 years from 23/03/2010 until 2030 on a full repairing and insuring lease (2)
£50,000
13/03/2015 and 5 yearly (3)
First
Not occupied
400 sq m
(4,306 sq ft)
ID ESTATES
150 years from completion
£100 (4)
Reversion 2160
Totals
796 sq m
(8,569 sq ft)
£50,100
(1) For the year ending 28th February 2009, Tesco Stores Ltd reported a turnover of £38,027,000,000, pre-tax profits of £1,748,000,000 and a total net worth of £5,475,000,000. (Source: www.riskdisk.com 23/09/2010)(2) The lease is subject to a tenant’s option to determine the lease on the tenth and fifteenth anniversary of the term.(3) The lease provides for the rent to be reviewed in line with the Retail Price Index (RPI) (subject to a minimum of 0% and a maximum of 4%) per annum. compounded every 5 years.(4) The lease provides for the rent to be increased by 100% every 50th year, increasing to £200 in 2060 and £400 in 2110.
