Property Auctions 27/Mar/2025 | Tesco Express, 84/86 High Street, Newmarket, Suffolk, CB8 8JX

Recently Opened Freehold Convenience Store Investment

Let to Tesco Stores Limited until July 2034 (no breaks)
Tesco recently re-occupied the property (2)
July 2024 tenant break not exercised
July 2024 rent review - notice recently served at £97,325 p.a.x. (£27 psf overall) (3)
Grade II Listed Building
Approximately 3,603 sq ft (Approx. £18.85 psf overall) (3)
Additional 1,729 sq ft on part first and entire second floor within Tesco demise but unused - separate rear access and potential for change of use (subject to lease and consents) (3)
Nearby occupiers include Starbucks, Pizza Express, Caffe Nero, Boots, WHSmith and Greggs
VAT-free investment

Lot 17
Auction 27th March 2025
Rent £68,000 per Annum Exclusive with outstanding 2024 rent review (3)
Status Available
Guide* £900,000
Sector
Supermarket/Convenience
Auction Venue
Live Streamed Auction

Property Information

Location

Miles: 13 miles east of Cambridge, 30 miles north of Chelmsford
Roads: A11, A14, M1, M11
Rail: Newmarket Railway Station
Air: London Stansted Airport

Situation

The property is prominently situated on the north side of the busy High Street in the heart of the town centre. Nearby occupiers include Starbucks, Pizza Express, Caffe Nero, Boots, WHSmith and Greggs.

Tenure

Freehold.

Location

Miles: 13 miles east of Cambridge, 30 miles north of Chelmsford
Roads: A11, A14, M1, M11
Rail: Newmarket Railway Station
Air: London Stansted Airport

Situation

The property is prominently situated on the north side of the busy High Street in the heart of the town centre. Nearby occupiers include Starbucks, Pizza Express, Caffe Nero, Boots, WHSmith and Greggs.

Tenure

Freehold.

Description

Redeveloped in 2014, this Grade II listed building comprises a newly fitted ground floor convenience store together with ancillary accommodation on the first and second floors. The property benefits from a covered loading bay leading to a goods lift to the first floor main storage area. Servicing is from the rear via Drapery Row.

Part of the first floor and all of the second floor benefits from separate rear access and are currently unused by the tenant (but within their demise) and may be suitable for change of use, subject to the lease and necessary consents.

VAT

VAT is not applicable to this lot.

Completion Period

Six week completion

EPC

B44

Description

Redeveloped in 2014, this Grade II listed building comprises a newly fitted ground floor convenience store together with ancillary accommodation on the first and second floors. The property benefits from a covered loading bay leading to a goods lift to the first floor main storage area. Servicing is from the rear via Drapery Row.

Part of the first floor and all of the second floor benefits from separate rear access and are currently unused by the tenant (but within their demise) and may be suitable for change of use, subject to the lease and necessary consents.

VAT

VAT is not applicable to this lot.

Completion Period

Six week completion

EPC

B44

Tenancy & Accommodation

Floor	Use	Floor Areas Approx sq m (3)	Floor Areas Approx sq ft (3)	Tenant	Term	Rent p.a.x.	Rent Review
Ground First (Part)	Convenience Store Ancillary	260.87 100.80	(2,808) (1,085)	TESCO STORES LIMITED (1)	20 years from 02/07/2014 on a full repairing and insuring lease	£68,000	02/07/2024 (3) 02/07/2029
Total		361.74	(3,603)			£68,000

(1) Tesco Stores Limited for the year ending 25/02/2023,reported a turnover of £47,481,000,000, a pre-tax profit of £565,000,000 and a net worth of £3,834,000,000 (www.northrow.com)
(2) The property was originally let to Tesco Stores Limited in July 2014. The property was then sublet to the YMCA. Tesco have recently re-occupied the property.
(3) As to the 02/07/2024 rent review, notice was served in February 2025 quoting a new rent of £97,325 p.a.x. In accordance with the Licence for Alterations dated 10/07/2014, the landlord and tenant agreed gross internal areas of the ground and first floors as stated in the tenancy and accommodation schedule above. The 2024 rent review can either be calculated based on the gross internal areas as agreed within the Licence for Alterations, or on a zoned basis. The front area of the first floor and the entire second floor (totalling 1,729 sq ft) are unused and the floor areas are not stated in the Licence for Alterations. Whilst they fall within the demise to Tesco for repair and maintenance, they are excluded from the rent review.

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.