Entirely Let to The Southern Co-operative Ltd until July 2030 (No Breaks)
July 2025 RPI Linked Rent Review subject to 1% collar and 4% cap
Rising to a minimum of £80,815 per annum from 2025 applying 1.00% per annum compounded and a maximum of £93,865 per annum (4.00% compounded)
Substantial Convenience Store and self-contained 2 bed flat on First Floor
Site area of Approx. 0.20 Ha (0.49 Acres)
Development/Change of Use Opportunities (subject to consents)
Low site coverage of 17%
Prominent road side location in densely populated residential area
Currently the only major Convenience Store offering in Banwell
Lot 8
Auction 7th November 2024
Rent £76,876 per Annum Exclusive
Status Sold
Price £840,000
Sector Supermarket/Convenience
Auction Venue Live Streamed Auction
Property Information
Location
Miles
5 miles east of Weston-Super-Mare, 17 miles south-west of Bristol, 27 miles west of Bath
Roads
A371, M5 (Junction 21)
Rail
Worle Rail
Air
Bristol International Airport
Situation
Banwell is a semi-rural village in Somerset, some 5 miles east of Weston-Super-Mare. It has recently expanded by some 54 units with the addition of the recently developed Jubilee Gardens estate which is 100 yards to the north of the subject property. The property itself is situated in a prominent roadside location on the northern side of Knightcott Road (A371) and has good links to the M5 Motorway (Junction 21).
Tenure
Freehold.
Location
Miles
5 miles east of Weston-Super-Mare, 17 miles south-west of Bristol, 27 miles west of Bath
Roads
A371, M5 (Junction 21)
Rail
Worle Rail
Air
Bristol International Airport
Situation
Banwell is a semi-rural village in Somerset, some 5 miles east of Weston-Super-Mare. It has recently expanded by some 54 units with the addition of the recently developed Jubilee Gardens estate which is 100 yards to the north of the subject property. The property itself is situated in a prominent roadside location on the northern side of Knightcott Road (A371) and has good links to the M5 Motorway (Junction 21).
Tenure
Freehold.
Description
The property comprises a substantial convenience store with self-contained residential accommodation on the first floor and an extensive car park area accommodating 23 marked spaces. The property benefits from a site area of approx. 0.20 Ha (0.49 Acres) with a low site coverage of 17%.
VAT
VAT is applicable to this lot.
Planning
The property may lend itself to residential conversion, alternative uses and/or redevelopment, subject to obtaining all the necessary consents and lease agreements. All enquiries should be made with North Somerset Council. (www.n-somerset.gov.uk) (Phone: 01934 888 888)
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a substantial convenience store with self-contained residential accommodation on the first floor and an extensive car park area accommodating 23 marked spaces. The property benefits from a site area of approx. 0.20 Ha (0.49 Acres) with a low site coverage of 17%.
VAT
VAT is applicable to this lot.
Planning
The property may lend itself to residential conversion, alternative uses and/or redevelopment, subject to obtaining all the necessary consents and lease agreements. All enquiries should be made with North Somerset Council. (www.n-somerset.gov.uk) (Phone: 01934 888 888)
Completion Period
Six week completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas Approx. sq. m.
Floor Areas Approx. (sq. ft.)
Tenant
Term
Rent p.a.x.
Rent Review
Ground First
Convenience Store 2 Bed flat (4)
304.76 66.58
(3,280) (717)
THE SOUTHERN CO-OPERATIVE LIMITED (2)
15 years from 14/07/2015 (5)
£76,876
14/07/2025 (3)
Total
371.34 (1)
(3,997) (1)
£76,876
(1) The floor areas stated above have been supplied by the vendor. (2) The Southern Co-operative Limited were established over 150 years ago, and now operate in over 70 stores across the UK. For the year ending 28th January 2024, The Southern Co-operative Limited reported a turnover of £545,750,000, a gross profit of £177,412,000 and net assets of £113,558,000 (Source: www.thesouthernco-operative.co.uk 10/10/2024). (3) RPI Linked Rent Review subject to 1% and 4% collar and cap. Rising to a minimum of £80,815 per annum from 2025 applying minimum uplift of 1.00% per annum compounded and a maximum of £93,865 per annum (4.00% compounded). (4) The residential accommodation has historically been sub-let by the tenant. (5) The tenant has an option to renew at term end for a further 10 year term.
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.
