Tesco Express 23/25 Chapel Road Worthing West Sussex BN11 1EG

Tesco Express
23/25 Chapel Road
Worthing
West Sussex
BN11 1EG

Freehold Retail Investment

Ground floor let to Tesco Stores Ltd until 2024 (no breaks)
Guaranteed rental increase with rent review linked to the Retail Price Index (RPI) (subject to a minimum of 1% and a maximum of 4%)
Prominent and busy town centre location
Neighbouring occupiers include Santander, Maplin, Britannia Building Society, Barclays and British Heart Foundation

Lot
33
Auction
9th July 2014
Rent
£67,000 per Annum Exclusive
Status
Sold
Price
£925,000
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP

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Freehold Retail Investment

Ground floor let to Tesco Stores Ltd until 2024 (no breaks)
Guaranteed rental increase with rent review linked to the Retail Price Index (RPI) (subject to a minimum of 1% and a maximum of 4%)
Prominent and busy town centre location
Neighbouring occupiers include Santander, Maplin, Britannia Building Society, Barclays and British Heart Foundation

Lot 33
Auction 9th July 2014
Rent £67,000 per Annum Exclusive
Status Sold
Price £925,000
Sector
Supermarket/Convenience
Auction Venue
The Millennium Hotel
44 Grosvenor Square
London W1K 2HP

Property Information

Location

Miles: 11 miles west of Brighton, 25 miles east of Crawley, 54 miles south of Central London
Roads: A27, A24
Rail: Worthing Rail Station (direct to London Victoria)
Air: Gatwick Airport

Situation

Worthing is a south coast seaside town located 11 miles west of Brighton. The property is well situated in the town centre on the west side of Chapel Road, a busy retail location in close proximity to The Guildbourne Shopping Centre. Neighbouring occupiers include Santander, Maplin, Britannia Building Society, Barclays and British Heart Foundation.

Tenure

Freehold.

Location

Miles: 11 miles west of Brighton, 25 miles east of Crawley, 54 miles south of Central London
Roads: A27, A24
Rail: Worthing Rail Station (direct to London Victoria)
Air: Gatwick Airport

Situation

Tenure

Freehold.

Description

The property comprises ground floor retail and ancillary accommodation with self-contained office accommodation on the first, second and third floors.

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 ground floor retail and ancillary accommodation with self-contained office accommodation on the first, second and third floors.

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	Review
Ground	Retail	440.00 sq m	(4,736 sq ft)	TESCO STORES LTD (1)	15 years from 21/01/2009 until 2024	£65,437	21/01/2019 (increase linked to RPI subject to a minimum of 1% and a maximum of 4% per annum compounded) (2)
First, Second & Third	Office	332.00 sq m	(3,574 sq ft)	INDIVIDUAL	199 years from completion of the sale	£1,563
Totals		772.00 sq m	(8,310 sq ft)			£67,000

(1) For the year ending 23rd February 2013, Tesco Stores Ltd reported a turnover of £42,662,000,000, pre-tax profits of £921,000,000 and a total net worth of £3,113,000,000 (Source: www.riskdisk.com 10/06/2014)
(2)The lease provides for the rent to be increased inline with the Retail Price Index (RPI) subject to a minimum of 1% and a maximum of 4% per annum compounded annually.