Recently Refurbished Freehold Convenience Store Investment
Let to Sainsbury’s Supermarkets Limited
New unbroken 15 year lease from January 2016
5 Yearly RPI Linked Rent Reviews
Newly refurbished store
Prosperous West Sussex town
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 49
Auction 23rd March 2016
Rent £80,000 per Annum Exclusive
Status Withdrawn Prior
Price
Sector Supermarket/Convenience
Auction Venue The Millennium Hotel 44 Grosvenor Square London W1K 2HP
Property Information
Location
Miles
2 miles west of Worthing, 16 miles west of Brighton
Roads
A24, A27, A259, A280, M23
Rail
Goring-by-Sea Railway Station
Air
London Gatwick Airport
Situation
The property is situated in a highly prominent position on the southern side of Goring Road (A259), approximately 2 miles west of Worthing town centre. The property is located in a mixed commercial and residential area, with nearby occupiers including Boots the Chemist, KFC, HSBC Bank and a number of independent retailers.
Tenure
Freehold.
Location
Miles
2 miles west of Worthing, 16 miles west of Brighton
Roads
A24, A27, A259, A280, M23
Rail
Goring-by-Sea Railway Station
Air
London Gatwick Airport
Situation
The property is situated in a highly prominent position on the southern side of Goring Road (A259), approximately 2 miles west of Worthing town centre. The property is located in a mixed commercial and residential area, with nearby occupiers including Boots the Chemist, KFC, HSBC Bank and a number of independent retailers.
Tenure
Freehold.
Description
The property comprises a newly refurbished convenience store arranged on the ground floor only. The property benefits from customer car parking at the front for about 8 cars.
Six Week Completion
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 newly refurbished convenience store arranged on the ground floor only. The property benefits from customer car parking at the front for about 8 cars.
Six Week Completion
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/(Reversion)
Ground
Convenience Store/Ancillary
427.89 sq m
(4,606 sq ft)
SAINSBURY’S SUPERMARKETS LIMITED (1)
15 years from 15/01/2016 on a full repairing and insuring lease (2)
£80,000
15/01/2021 (3) and 15/01/2026 (3) (14/01/2031)
Totals
427.89 sq m
(4,606 sq ft)
£80,000
(1) For the year ending 14th March 2015, Sainsbury’s Supermarkets Limited reported a turnover of £23,443,000,000, pre-tax profits of £-206,000,000 and a total net worth of £4,224,000,000 (Source: Experian Group 10/02/2016). (2) The lease is full repairing and insuring subject to a schedule of condition. (3) The lease is subject to 5 yearly RPI linked rent reviews capped at 3.5% and collared at 1%.
