Tesco Express 30-34 Southend Road Grays Essex RM17 5NJ

Tesco Express
30-34 Southend Road
Grays
Essex
RM17 5NJ

Freehold Convenience Store

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
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
Mayfair
London W1K 2HP

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Freehold Convenience Store

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

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.