56, 58, 62 Wolseley Road Plymouth Devon PL2 3BP

56, 58, 62 Wolseley Road
Plymouth
Devon
PL2 3BP

Prominent Freehold Convenience Store Investment with RPI Linked Rent Reviews

Prominent Freehold investment on Plymouth bypass
Convenience store let to Tesco Plc on a lease expiring 2027
5 yearly upward only reviews to RPI
Includes car parking
Predominantly residential suburb

Lot
40
Auction
11th December 2019
Rent
£60,000 per Annum Exclusive
Status
Withdrawn Prior
Price
Auction Venue
The Montcalm Hotel
2 Wallenberg Place
London W1H 7TN

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Prominent Freehold Convenience Store Investment with RPI Linked Rent Reviews

Prominent Freehold investment on Plymouth bypass
Convenience store let to Tesco Plc on a lease expiring 2027
5 yearly upward only reviews to RPI
Includes car parking
Predominantly residential suburb

Lot 40
Auction 11th December 2019
Rent £60,000 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Status Withdrawn Prior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: 43 miles south-west of Exeter; 120 miles south-west of Bristol
Roads: A38, A386, A388
Rail: Plymouth Railway Station
Air: Exeter International Airport

Situation

Plymouth is the largest city in Devon and Cornwall and one of the largest regional centres in the South West, serving a population of approximately 250,000. Plymouth is situated on the border with Cornwall and is accessible via the A38, connecting the city with Cornwall to the west and Exeter to the east. The property is prominently located 1 mile
to the north-west of Plymouth city centre on
St Budeaux Bypass. The immediate area is residential with retail occupiers nearby including Job Centre and Esso.

Tenure

Freehold.

Location

Miles: 43 miles south-west of Exeter; 120 miles south-west of Bristol
Roads: A38, A386, A388
Rail: Plymouth Railway Station
Air: Exeter International Airport

Situation

Tenure

Freehold.

Description

The property comprises a ground floor convenience store with 14 car parking spaces. The residential flats on the upper floors and the adjoining shop are let on long leases.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

See legal pack at acuitus.co.uk

Description

The property comprises a ground floor convenience store with 14 car parking spaces. The residential flats on the upper floors and the adjoining shop are let on long leases.

VAT

VAT is applicable to this lot.

Completion Period

Six Week Completion

EPC

See legal pack at acuitus.co.uk

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x.	Review
Ground	Retail (Convenience Store)	383 sq m	(4,126 sq ft)	TESCO STORES LIMITED (1)	15 years from 11/01/2012 expiring 10/01/2027 on a full repairing and insuring lease	£60,000	11/01/2017 outstanding RPI linked (2)& 5 yearly
First & Second	Residential	8 Flats		SOVEREIGN HOUSING ASSOCIATION LIMITED	999 years from 20/04/2012	Peppercorn
Ground	Retail	Shop		BAYHILL (PHARMA) INVESTMENTS LIMITED	999 years from 19/12/2014	Peppercorn
Total (Convenience Store only)		383 sq m	(4,126 sq ft)			£60,000

(1) For the year ended 23rd February 2019, Tesco Stores Limited reported a turnover of £42,219,000,000, pre-tax profits of £737,000,000 and a net worth of £5,167,000,000 (Source: Experian 07/11/2019). Tesco trade from 6,800 shops worldwide, of which 3,787 in the UK & ROI (Source: www.tesco.com).
(2) Rent Reviews linked to RPI collared at 1% and capped at 4% per annum.

If you are the successful bidder, Acuitus requires a separate payment of £1,500+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.