Jack's by Tesco Stores Kennedy Way Immingham North East Lincolnshire DN40 2AB

Jack's by Tesco Stores
Kennedy Way
Immingham
North East Lincolnshire
DN40 2AB

Substantial Modern Supermarket Investment

Entirely let to Tesco Stores Limited - a wholly owned subsidiary of Tesco Plc
25 year lease from September 2014, expiring in September 2039 (subject to option) (2)
Five yearly upward only rent reviews to RPI (with collar of 1% pa and cap of 4% pa)
Approximately 45,286 sq ft on large site of about 4.09 acres
Open A1 planning consent
Car parking for over 300 cars
Developed in 2014, forming part of Immingham town centre
Important and thriving port town

Lot
14
Auction
24th October 2019
Rent
£771,007 per Annum Exclusive
Status
Withdrawn Prior
Price
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN

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Substantial Modern Supermarket Investment

Entirely let to Tesco Stores Limited - a wholly owned subsidiary of Tesco Plc
25 year lease from September 2014, expiring in September 2039 (subject to option) (2)
Five yearly upward only rent reviews to RPI (with collar of 1% pa and cap of 4% pa)
Approximately 45,286 sq ft on large site of about 4.09 acres
Open A1 planning consent
Car parking for over 300 cars
Developed in 2014, forming part of Immingham town centre
Important and thriving port town

Lot 14
Auction 24th October 2019
Rent £771,007 per Annum Exclusive
Status Withdrawn Prior
Price
Sector
Supermarket/Convenience
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN

Property Information

Location

Miles: 8 miles north-west of Grimsby; 36 miles north-east of Lincoln
Roads: A15, A16, A18, A180, M180
Rail: Habrough Station
Air: Humberside Airport

Situation

Immingham is a historic shipping town located on the south bank of the River Humber. The town benefits from good road communications and is served by the A180 and the M180 just 9 miles to the west. The property is situated in a prominent location on Kennedy Way, which forms part of the town centre for Immingham, in an easily accessible location between Pelham Road and Washdyke Lane. Other nearby retailers include Aldi, Poundstretcher, Farmfoods and B&M Bargains.

Tenure

Long Leasehold. From North East Lincolnshire borough council for a term of 999 years from 30th November 1995, thus giving some 975 years unexpired, at a peppercorn rent. A small part of the property is held freehold - please see title documentation.

Location

Miles: 8 miles north-west of Grimsby; 36 miles north-east of Lincoln
Roads: A15, A16, A18, A180, M180
Rail: Habrough Station
Air: Humberside Airport

Situation

Tenure

Description

The property comprises a large purpose built, single storey building developed in 2014, the majority of which has been recently refitted as Jack's, Tesco's new discount trading fascia. Part of the property has been sublet to T J Morris t/a Home Bargains. The property benefits from a large site comprising approximately 4.09 acres (1.65 hectares) with parking provisions for 308 cars.

VAT

VAT is applicable to this lot.

Completion Period

60 Day Completion Available

EPC

Band B. See legal pack at acuitus.co.uk

Description

VAT

VAT is applicable to this lot.

Completion Period

60 Day Completion Available

EPC

Band B. See legal pack at acuitus.co.uk

Tenancy & Accommodation

Floor	Use	Gross Internal Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Ground	Supermarket	4,207.17 sq m	(45,286 sq ft)	TESCO STORES LIMITED (1) t/a Jack’s	25 years from 05/09/2014 until 04/09/2039 (2) on a full repairing and insuring lease	£771,007 (3)	05/09/2019 (3) and 5 yearly thereafter
Total Site Area		4,207.17 sq m 1.65 hectares	(45,286 sq ft) (4.09 acres)			£771,007

(1) For the year ending 24th February 2018, Tesco Stores Limited reported a turnover of £41,367,000,000, pre-tax profits of £417,000,000 and a total net worth of £4,071,000,000 (Source: Experian Group 25/09/2019). Jack's is a discount supermarket chain launched by Tesco, with 10 stores to date and between 10 and 15 stores planned for new locations (Source: BBC Business 19/09/2018). Part of the property is sub let to T J Morris Limited (trading as Home Bargains).
(2) The lease is subject to a tenant only option to determine on 5th September 2029.
(3) The current rent passing which was payable from 26th February 2015 in the lease is £679,290 p.a.x. Under the terms of the lease, there was a rent review on 5th September 2019 which is currently under review with the tenant. The rent review in the lease provides for a minimum increase of 1% and a maximum increase of 4% with the rent review linked to the Retail Price Index. The landlord has calculated the new passing rent to be £771,007 p.a.x. but currently awaits confirmation from Tesco Stores Limited that this figure is agreed.