Five yearly RPI uplifts (subject to minimum 1.5% and maximum 3.5%)
Located in a densely populated residential area
Busy corner position with on-site car parking for approximately 20 cars
Producing £68,760.43 p.a.x. rising to a minimum of £74,074.51 p.a.x. in 2022 (2) (3)
Lot 22
Auction 28th March 2018
Rent £68,760 per Annum Exclusive
Status Sold
Price £960,000
Sector Supermarket/Convenience
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On behalf of Trustees of a Major Pension Fund
Property Information
Location
Miles
13 miles west of Birmingham, 9 miles south of Wolverhampton
Roads
A491, M5, M42
Rail
Stourbridge Junction
Air
Birmingham International Airport
Situation
Wordsley, with a population of approximately 13,000, is an attractive, prosperous suburb of Stourbridge some 9 miles south of Wolverhampton and 13 miles west of Birmingham. The property is prominently located in a densely populated residential area at the junction of Lawnwood Road and Wordsley Green, approximately 150 metres from the High Street (A491). Immediately adjacent is a neighbourhood shopping centre with Subway, Spar and a number of independent retailers. Wordsley Green Doctors Surgery, Wordsley Library and The Mere Education Centre are also nearby.
Tenure
Freehold.
Location
Miles
13 miles west of Birmingham, 9 miles south of Wolverhampton
Roads
A491, M5, M42
Rail
Stourbridge Junction
Air
Birmingham International Airport
Situation
Wordsley, with a population of approximately 13,000, is an attractive, prosperous suburb of Stourbridge some 9 miles south of Wolverhampton and 13 miles west of Birmingham. The property is prominently located in a densely populated residential area at the junction of Lawnwood Road and Wordsley Green, approximately 150 metres from the High Street (A491). Immediately adjacent is a neighbourhood shopping centre with Subway, Spar and a number of independent retailers. Wordsley Green Doctors Surgery, Wordsley Library and The Mere Education Centre are also nearby.
Tenure
Freehold.
Description
The property, a former public house, comprises a ground floor supermarket with rear storage and ancillary accommodation. The basement and first floors are not currently accessible. The site extends to approximately 0.36 acres (0.15 hectares) and benefits from approximately 20 car parking spaces including 2 disabled bays.
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, a former public house, comprises a ground floor supermarket with rear storage and ancillary accommodation. The basement and first floors are not currently accessible. The site extends to approximately 0.36 acres (0.15 hectares) and benefits from approximately 20 car parking spaces including 2 disabled bays.
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 GIA)
Tenant
Term
Rent p.a.x
Review/ (Reversion)
Ground
Basement First
Supermarket/ Ancillary Not used Not used
309.50 sq m
Not measured Not measured
(3,330 sq ft)
SAINSBURY'S SUPERMARKETS LIMITED (1)
15 years from 20/08/2012 on a full repairing and insuring lease (2)
£68,760.43
RPI linked review in 20/08/2022 (3) (19/08/2027)
Total
309.50 sq m
(3,330 sq ft)
£68,760.43
(1) For the year ending 11th March 2017, Sainsbury’s Supermarkets Limited reported a turnover of £23,234,000,000, pre-tax profits of £342,000,000 and a total net worth of £4,353,000,000 (Source: Experian 12/02/2018). (2) The lease provides for a tenant only option to determine on 20/08/2022 subject to six months’ prior written notice. (3) The rent review is linked to RPI subject to a 1.5% per annum compounded collar and 3.5% per annum compounded cap. The August 2022 rent review will therefore be to a minimum of £74,074.51 p.a.x. and a maximum of £81,665.82 p.a.x.
Contacts
Seller's Solicitors
Shepherd and Wedderburn LLP Condor House, 10 St. Paul's Churchyard London EC4M 8AL
