Property Auctions 24/Oct/2019 | 28 Tamworth Road, Long Eaton, Nottinghamshire, NG10 1JJ

Freehold Retail Investment and Large Car Park

Let to T J Morris Ltd t/a Home Bargains on a lease expiring 2025
Includes 49 space car park and loading area
Comprises 21,593 sq ft on a 0.78 acre site
Tenant in occupation since 2006
Mixed commercial and residential location
VAT-free investment

Lot 24
Auction 24th October 2019
Rent £100,000 per Annum Exclusive
Status Sold Prior
Price
Sector
High Street Retail
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN
On Behalf of Wesleyan Assurance Society

Property Information

Location

Miles: 8 miles south-west of Nottingham; 9 miles south-east of Derby; 24 miles north of Leicester
Roads: A52, A6005, M1 (Junction 25)
Rail: Long Eaton
Air: Nottingham Airport

Situation

The property is in a mixed residential/commercial area and occupies a substantial site within the town centre on Tamworth Road, immediately south-west of High Street, the town's principal retail thoroughfare. Tamworth Road (B6540) is one of the main arterial roads in the town. The property has frontages to both Tamworth Road and Albert Road. The car park to the property is accessed via Albert Road and the town's main car park on Beaconsfield Street is located 80 metres to the east. Occupiers nearby including Lloyds Bank, Iceland, Nationwide, Thomson and Costa Coffee, amongst a number of other traders.

Tenure

Freehold.

Location

Miles: 8 miles south-west of Nottingham; 9 miles south-east of Derby; 24 miles north of Leicester
Roads: A52, A6005, M1 (Junction 25)
Rail: Long Eaton
Air: Nottingham Airport

Situation

The property is in a mixed residential/commercial area and occupies a substantial site within the town centre on Tamworth Road, immediately south-west of High Street, the town's principal retail thoroughfare. Tamworth Road (B6540) is one of the main arterial roads in the town. The property has frontages to both Tamworth Road and Albert Road. The car park to the property is accessed via Albert Road and the town's main car park on Beaconsfield Street is located 80 metres to the east. Occupiers nearby including Lloyds Bank, Iceland, Nationwide, Thomson and Costa Coffee, amongst a number of other traders.

Tenure

Freehold.

Description

The property comprises a large shop with storage, staff and ancillary accommodation. The property benefits from a car park with 49 marked spaces, as well as a loading area. The property fronts both Tamworth Road and Albert Road.

VAT

VAT is not applicable to this lot.

Planning

The property may benefit from conversion to residential use, subject to the current occupation and the necessary consents/permissions. Interested parties are referred to Erewash Borough Council. www.erewash.gov.uk

EPC

See legal pack at acuitus.co.uk

Description

The property comprises a large shop with storage, staff and ancillary accommodation. The property benefits from a car park with 49 marked spaces, as well as a loading area. The property fronts both Tamworth Road and Albert Road.

VAT

VAT is not applicable to this lot.

Planning

The property may benefit from conversion to residential use, subject to the current occupation and the necessary consents/permissions. Interested parties are referred to Erewash Borough Council. www.erewash.gov.uk

EPC

See legal pack at acuitus.co.uk

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Review
Ground First	Retail Ancillary	1,021 sq m 985 sq m	(10,991 sq ft) (10,602 sq ft)	T J MORRIS LIMITED t/a Home Bargains (1)	10 years from 03/11/2015 expiring 02/11/2025 on a full repairing & insuring lease	£100,000	03/11/2020
Total		2,006 sq m	(21,593 sq ft)			£100,000

(1) TJ Morris Ltd, trading as Home Bargains, is one of the UK's fastest growing discount retailers. TJ Morris was established over 40 years ago by Tom Morris. Since opening his first store in Liverpool, Tom has grown the business organically to become one of the biggest privately owned companies in the UK. The company now boasts over 500 stores and employs more than 22,000 staff. It is the largest employer on Merseyside and is the largest independent grocer in the country (Source:www.homebargains.co.uk). For the year ended 30th June 2018, T J Morris Ltd reported a turnover of £2,143,267,097, pre-tax profits of £202,700,562 and a net worth of £911,755,756 (Source: Experian 25.09.2019).