Tesco Express 150 Station Road Burnham-on-Crouch Essex CM0 8HQ

Tesco Express
150 Station Road
Burnham-on-Crouch
Essex
CM0 8HQ

Modern Freehold Convenience Store Investment

Entirely let to Tesco Stores Ltd until 2031 (1)
Rent reviews linked to RPI (estimated rent as at March 2010 of 53,145.89) (2)
Rent review in 2011
On-site parking
DISCLOSED RESERVE ?750,000 (6.37% GROSS INITIAL YIELD)
THIS PROPERTY WILL NOT BE SOLD PRIOR TO AUCTION

Lot
2
Auction
27th May 2010
Rent
£47,800 per Annum
Status
Sold
Price
£922,000
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
Mayfair
London W1K 2HP

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Modern Freehold Convenience Store Investment

Entirely let to Tesco Stores Ltd until 2031 (1)
Rent reviews linked to RPI (estimated rent as at March 2010 of 53,145.89) (2)
Rent review in 2011
On-site parking
DISCLOSED RESERVE ?750,000 (6.37% GROSS INITIAL YIELD)
THIS PROPERTY WILL NOT BE SOLD PRIOR TO AUCTION

Lot 2
Auction 27th May 2010
Rent £47,800 per Annum
Status Sold
Price £922,000
Sector
Supermarket/Convenience
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
Mayfair
London W1K 2HP

Property Information

Location

Burnham-on-Crouch: An attractive and historic commuter town
Miles: 23 miles south-east of Chelmsford; 25 miles north of Southend-on-Sea; 52 miles east of Central London
Rail: London Liverpool Street
Air: Stansted Airport

Situation

This store is prominently situated on Station Road in a mainly residential area approximately 1/2 mile south of the railway station and 1/2 mile north of the main shopping thoroughfare

Tenure

Freehold.

Location

Burnham-on-Crouch: An attractive and historic commuter town
Miles: 23 miles south-east of Chelmsford; 25 miles north of Southend-on-Sea; 52 miles east of Central London
Rail: London Liverpool Street
Air: Stansted Airport

Situation

This store is prominently situated on Station Road in a mainly residential area approximately 1/2 mile south of the railway station and 1/2 mile north of the main shopping thoroughfare

Tenure

Freehold.

Description

A large modern detached single storey CONVENIENCE STORE with ANCILLARY/STAFF AND STORAGE ACCOMMODATION. There is a large car park to the front and side of the store with designated spaces for approximately 27 cars. VATVAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

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	Rent/Review
Ground	Retail	370.09 sq m	(3,984 sq ft)	TESCO STORES LTD (1)	25 years from 29/09/2006 until 2031 (3)	£47,800	September 2011 5 yearly (2)
Totals		370.09 sq m	(3,984 sq ft)

(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 net worth of ?5,475,000,000. (Source: www.riskdisk.com 28/04/2010) (2) The lease provides for rent reviews every 5 years in line with the change in the retail price index from July 2006. The lease also contains full repairing and insuring covenants. The RPI as at July 2006 (relevant review date) was 198.5. As at March 2010 the RPI stood at 220.7. If the rent review had taken place in March 2010 the rent would have increased to ?53,145.89 p.a.x. (Source: www.statistics.gov.uk) (3) The tenant has an option to determine the lease at the expiry of the fifteenth year, upon a minimum of 12 months' notice.