Tesco Express 172 Upper Wickham Lane Welling DA16 3DX

Tesco Express
172 Upper Wickham Lane
Welling
DA16 3DX

Modern Freehold Retail Investment

Ground floor and basement let to Tesco Stores Ltd on a 20 year lease until 2032 (subject to options)
Situated in predominantly residential area within South-East London suburb
Prominent corner position
On-site car parking
Six Week Completion Available

Lot
4
Auction
6th December 2012
Rent
£54,000 per Annum Exclusive
Status
Sold
Price
£750,000
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP

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Modern Freehold Retail Investment

Ground floor and basement let to Tesco Stores Ltd on a 20 year lease until 2032 (subject to options)
Situated in predominantly residential area within South-East London suburb
Prominent corner position
On-site car parking
Six Week Completion Available

Lot 4
Auction 6th December 2012
Rent £54,000 per Annum Exclusive
Status Sold
Price £750,000
Sector
Supermarket/Convenience
Auction Venue
Millennium Hotel
39-44 Grosvenor Square
London W1K 2HP

Property Information

Location

Miles: 14 miles to London City Centre
Roads: A2, A206, M25 (Junction 2)
Rail: Welling, Plumstead (30 mins to London Cannon Street).
Air: London City Airport, Gatwick Airport

Situation

The property is situated in a prominent corner location in a predominantly residential area on the western side of Queens Road, at its junction with Church Road within the London Borough of Bexley. Nearby occupiers include i Estate Agents, MSD & Associates Dental Practice, A & A Autos and Recruitment Selection.

Tenure

Freehold.

Location

Miles: 14 miles to London City Centre
Roads: A2, A206, M25 (Junction 2)
Rail: Welling, Plumstead (30 mins to London Cannon Street).
Air: London City Airport, Gatwick Airport

Situation

Tenure

Freehold.

Description

The property comprises a ground floor retail unit with basement storage accommodation. The first floor and loft area, which has been sold off on a long lease, has planning consent for five residential flats. The property benefits from on-site car parking to the front and rear.

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Description

VAT

VAT is applicable to this lot.

EPC

The EPC will be available to view online in the solicitor’s legal pack.

Tenancy & Accommodation

Floor	Use	Floor Areas (Approx)		Tenant	Term	Rent p.a.x	Reviews
Ground Basement	Retail Storage	346 sq m 188 sq m	(3,724 sq ft) (2,023 sq ft)	TESCO STORES LTD (1)	20 years from 16/03/2012 until 2032 on a full repairing and insuring lease (2)	£54,000	16/03/2017 and five yearly thereafter
First	Residential (3)	Not Measured		INDIVIDUALS	999 year lease from 08/11/2012 until 07/11/3011	Peppercorn
Totals		534 sq m	(5,747 sq ft)			£54,000

(1) For the year ending 26th February 2011, Tesco Stores plc reported a turnover of £40,149,000,000, pre-tax profits of £2,243,000,000 and a total net worth of £10,821,000,000. (Source: www.riskdisk.com 05/11/2012)
(2)There is a tenant option to determine on the tenth and fifteenth anniversary of the term.
(3)The first floor and loft area have planning consent for the development of five residential flats.