Let to The Southern Co-operative Ltd until 2029 (no breaks)
Five-yearly RPI linked minimum rental uplifts
Prominent corner position in a densely populated residential area
Approximate site area of 0.23 hectares (0.57 acres)
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 49
Auction 8th December 2016
Rent £60,000 per Annum Exclusive
Status Sold
Price £995,000
Sector Supermarket/Convenience
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
3 miles north of Eastbourne town centre, 22 miles east of Brighton, 72 miles south of London
Roads
A22, A27, A259
Rail
Hampton Park Rail
Air
London Gatwick Airport
Situation
The property is situated in a prominent corner location on the western side of Lindfield Road, to the north of Eastbourne town centre and close to The Broadway shopping parade.
Tenure
Freehold.
Location
Miles
3 miles north of Eastbourne town centre, 22 miles east of Brighton, 72 miles south of London
Roads
A22, A27, A259
Rail
Hampton Park Rail
Air
London Gatwick Airport
Situation
The property is situated in a prominent corner location on the western side of Lindfield Road, to the north of Eastbourne town centre and close to The Broadway shopping parade.
Tenure
Freehold.
Description
The property comprises a ground floor convenience store. The property benefits from an approximate site area of 0.23 hectares (0.57 acres), providing on-site parking for some 23 cars. There is no access to the first floor.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor convenience store. The property benefits from an approximate site area of 0.23 hectares (0.57 acres), providing on-site parking for some 23 cars. There is no access to the first floor.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
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
Ground First
Retail -
368 sq m -
(3,961 sq ft) -
THE SOUTHERN CO-OPERATIVE LTD (1) (t/a The Co-operative Food) (2)
15 years from 16/07/2014 until 15/07/2029 on a full repairing and insuring lease
£60,000
16/07/2019 and 16/07/2024 (3)
Totals
368 sq m
(3,961 sq ft)
£60,000 rising to aminimum of £63,060pa in 2019 and £66,277pa in 2024
(1) For the year ending January 2015, The Southern Co-operative Ltd reported a turnover of £350,505,000, pre-tax profits of £2,366,000 and a total net worth of £89,291,000. (Source: www.riskdisk.com 11/11/2016) (2)The Co-operative Group is the UK’s fifth biggest food retailer, operating across the country with almost 2,800 local, convenience and medium-size stores. (Source: www.co-operative.com 11/11/2016) (3) The rent reviews are linked to the Retail Price Index to a minimum of 1% and a maximum of 4% compounded per annum. The rent will therefore increase to a minimum of £63,060 pa in July 2019 and £66,277 pa in July 2024.
Contacts
Seller's Solicitors
Rooks Rider Challoner House, 19 Clerkenwell Close London EC1R 0RR 0207 689 7001
