Freehold Retail Convenience Store and Office Investment
Let to Tesco Stores Limited until 2022
Includes self-contained office accommodation and rear car park
Redevelopment potential (subject to consents)
In same ownership since 1981
1 mile from the city centre
Neighbouring occupiers include Haart Estate Agents, Londis, Co-op Food and an eclectic
mix of local retailers
Lot 51
Auction 18th October 2018
Rent £75,830 per Annum Exclusive
Status Sold
Price £1,415,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
On Behalf of Trustees
Property Information
Location
Miles
1 mile south-east of Cambridge city centre, 54 miles north of London city centre
Roads
M11, A14, A10, A11
Rail
Cambridge Railway Station
Air
Stansted Airport, Luton Airport,
Situation
Cambridge is a historic, attractive and affluent university city some 50 miles north-east of London. The property is prominently located on the north side of the busy Mill Road, 1 mile south-east of Cambridge city centre. Neighbouring occupiers include Haart Estate Agents, Londis, Co-op Food and an eclectic mix of local retailers.
Tenure
Freehold.
Location
Miles
1 mile south-east of Cambridge city centre, 54 miles north of London city centre
Roads
M11, A14, A10, A11
Rail
Cambridge Railway Station
Air
Stansted Airport, Luton Airport,
Situation
Cambridge is a historic, attractive and affluent university city some 50 miles north-east of London. The property is prominently located on the north side of the busy Mill Road, 1 mile south-east of Cambridge city centre. Neighbouring occupiers include Haart Estate Agents, Londis, Co-op Food and an eclectic mix of local retailers.
Tenure
Freehold.
Description
The property comprises ground floor retail convenience store with self-contained first floor office accommodation which is accessed via a separate entrance at the front of the property. The property benefits from a large regular and level site accommodating a rear car park for approximately 12 cars and a forecourt. The site may be suitable for medium term residential redevelopment (subject to consents).
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 convenience store with self-contained first floor office accommodation which is accessed via a separate entrance at the front of the property. The property benefits from a large regular and level site accommodating a rear car park for approximately 12 cars and a forecourt. The site may be suitable for medium term residential redevelopment (subject to consents).
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
Reversion
Ground First (Rear) First (Front)
Retail Office Office
271.11 sq m 159.27 sq m 101.06 sq m
(2,918 sq ft) (1,714 sq ft) (1,088 sq ft)
TESCO STORES LIMITED (1) (2)
15 years from 9/07/2007 on a full repairing and insuring lease
£75,830.17
08/07/2022
Total
531.44 sq m
(5,720 sq ft)
£75,830.17
(1) For the year ending 25th February 2017, Tesco Stores Limited reported a turnover of £40,134,000,000, pre-tax profits of £266,000,000 and a net worth of £749,000,000 (Source: Experian Group 21/8/2018). (2) The Tenant has sublet part of the first floor front office. The occupier of the adjoining property at 169 Mill Road has been granted an annual licence to access over the rear car park with vehicles and on foot to afford access to the rear of 169 Mill Road.
