Let to Co Operative Food Group Limited until December 2027
December 2022 Tenant Break Option Not Exercised
Prominent Convenience Store with Post Office
Situated approximately 1/2 mile south of The City of London
Rent reviewed in line with the Retail Price Index, Subject to minimum of 1% and a maximum of 4% per annum compounded
Lot 29
Auction 22nd September 2022
Rent £93,237 per Annum Exclusive (2)
Status Sold Prior
Price
Sector Supermarket/Convenience
Auction Venue Live Streamed Auction
On Behalf of Trustees
Property Information
Location
Miles
City of London less than 1 mile
Westminster 1 mile
The Shard 950 metres
Roads
A2, A3, A201
Rail
Borough Underground station,
Southwark Underground station,
London Bridge Railway and Underground Station.
Waterloo Railway and Underground Station
Air
London City Airport. London Heathrow and London Gatwick
Situation
The property is situated on the west side of the busy Southwark Bridge Road close to its junction with Great Suffolk Street approximately 800m metres south of the popular and fashionable Borough Market. Southwark Bridge Road links the popular Elephant and Castle with the South Bank and the City of London. This district of London has seen a tremendous transformation from a run of mill, non-affluent Central London suburb to a highly fashionable cosmopolitan hub with significant major residential developments with public spaces that are targeted by highly paid young people that work in the City of London.
Tenure
Virtual Freehold. Held from for term of 999 years from 1st January 2008 at a fixed peppercorn rent.
Location
Miles
City of London less than 1 mile
Westminster 1 mile
The Shard 950 metres
Roads
A2, A3, A201
Rail
Borough Underground station,
Southwark Underground station,
London Bridge Railway and Underground Station.
Waterloo Railway and Underground Station
Air
London City Airport. London Heathrow and London Gatwick
Situation
The property is situated on the west side of the busy Southwark Bridge Road close to its junction with Great Suffolk Street approximately 800m metres south of the popular and fashionable Borough Market. Southwark Bridge Road links the popular Elephant and Castle with the South Bank and the City of London. This district of London has seen a tremendous transformation from a run of mill, non-affluent Central London suburb to a highly fashionable cosmopolitan hub with significant major residential developments with public spaces that are targeted by highly paid young people that work in the City of London.
Tenure
Virtual Freehold. Held from for term of 999 years from 1st January 2008 at a fixed peppercorn rent.
Description
The property comprises a ground floor retail unit with a significant retail frontage and forms part of a larger residential building.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Band C. See legal pack.
Description
The property comprises a ground floor retail unit with a significant retail frontage and forms part of a larger residential building.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion
EPC
Band C. See legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas Approx sq m
Floor Areas Approx sq ft
Tenant
Term
Rent p.a.x.
Rent Reviews (Reversion)
Ground
Convenience Store
298.54
3213
Co-operative Food Group Limited (1) (IP26715R)
15 Years from 27/12/2012 until 26/12/2027
£93,237 (2)
27/12/2022 (26/12/2027) (2)
Total Floor Areas
298.54 (3)
3213
£93,237 (2)
(1) Co- Operative Food Group Limited are one of the worlds largest consumer co-operatives, owned by millions of members. and are the UKs fifth biggest food retailer with more than 2,500 local, convenience and medium-sized stores nationwide. (Source: www.co-operative.coop/about-us/our-co-op) (2)The current rent reserved under the terms of lease is £88,712 per annum exclusive. the lease provides for the rent to be reviewed on 27/12/2022 in line with the Retail Price Index subject to a minimum of 1% per annum compounded and a maximum of 4% per annum compounded, therefore the rent will increase to a minimum of £93,237 per annum exclusive on 27/12/20222. The seller will pay the Buyer the difference between the current rent received and £88,712 per annum exclusive and the fixed minimum increase of £93.237 per annum exclusive from completion of the sale until 27/12/2022. Therefore the property would produce £93,237 per annum exclusive from the completion of the sale. (3) The floor areas stated above are those published by the Valuation Office Agency (www.voa.gov.uk)
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.
