Let to Tesco Stores Limited until 2033 (subject to option)
Benefits from 5 yearly RPI rental increases (uncapped)
Approximately 763.1 sq m (8,214 sq ft)
Prominent high street location in busy market town
Popular tourist destination in the Northumberland Coast Area of Outstanding Beauty
Nearby occupiers include Lloyds TSB, Heron Foods, Boots, Barclays and the Post Office
Six Week Completion
Lot 36
Auction 23rd May 2013
Rent £54,657 per Annum Exclusive
Status Sold Post
Price
Sector Supermarket/Convenience
Auction Venue The Dorchester Hotel Park Lane Entrance Mayfair London W1K 1QA
On behalf of The Co-operative Estates
Property Information
Location
Miles
9 miles south of Alnwick
15 miles north of Morpeth
28 miles north of Newcastle upon Tyne
Roads
A1068, A1, A189
Rail
Alnmouth Rail Station
Air
Newcastle upon Tyne International Airport
Situation
The property is prominently situated on the north side of Queen Street, the town’s principal retail thoroughfare. Nearby occupiers include Lloyds TSB, Heron Foods, Boots, Barclays and the Post Office.
Tenure
Freehold.
Location
Miles
9 miles south of Alnwick
15 miles north of Morpeth
28 miles north of Newcastle upon Tyne
Roads
A1068, A1, A189
Rail
Alnmouth Rail Station
Air
Newcastle upon Tyne International Airport
Situation
The property is prominently situated on the north side of Queen Street, the town’s principal retail thoroughfare. Nearby occupiers include Lloyds TSB, Heron Foods, Boots, Barclays and the Post Office.
Tenure
Freehold.
Description
The property comprises a purpose built supermarket with a dedicated car park providing 9 spaces. There is additional car parking in the town centre car park at the rear and free on-street parking to the front. The first floor is accessible through the retail unit but is not currently used by the tenant. Additionally, the retail unit adjacent and currently trading as ‘The Co-operative Funeralcare’ also forms part of the sale.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a purpose built supermarket with a dedicated car park providing 9 spaces. There is additional car parking in the town centre car park at the rear and free on-street parking to the front. The first floor is accessible through the retail unit but is not currently used by the tenant. Additionally, the retail unit adjacent and currently trading as ‘The Co-operative Funeralcare’ also forms part of the sale.
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 First
Retail Ancillary
458.5 sq m 304.6 sq m
(4,936 sq ft) (3,279 sq ft)
TESCO STORES LTD (1)
25 years from 06/05/2008 until 2033 on a full repairing and insuring lease (2)
£54,657 (3)
06/05/2013 and five yearly
Totals
763.1 sq m
(8,214 sq ft)
£54,657
(1) For the year ending 25th February 2012, Tesco Stores Ltd reported a turnover of £41,981,000,000, pre-tax profits of £2,126,000,000 and a total net worth of £6,894,000,000. (Source: www.riskdisk.com 24/04/2013) (2) There is a tenant only option to determine the lease on 06/05/2023 on providing 6 months prior written notice. (3) The current rent is £47,240 p.a.x. with the next rent review on 06/05/2013. The rent is reviewed upwards only in line with the Retail Price Index. Applying the February 2013 RPI figure of 247.6 the rent will increase to a minimum of £54,657 p.a.x at the next review. NB. The part of the property currently trading as ‘The Co-operative Funeralcare’ and shaded blue on the street traders plan is held long leasehold by the Co-operative Group Limited for a term of 999 years from 18th March 2009 at a peppercorn rent.
Contacts
Seller's Solicitors
Hill Dickinson No 1, St Pauls Square Liverpool L3 9ST
