Retail Investment For Sale Tesco Express, Erme Court, Leonards ...
Retail Investment For Sale Tesco Express, Erme Court, Leonards Road, Ivybridge, Devon, PL21 0FZ
SUMMARY
Attractive Moorland town
Tenant – Tesco Stores Limited
Contact our agent:-
RPI rental increases
Mike Oldrieve
2015 review produced 13.7% growth over the first 5 years
Net Initial yield 6.76%
SPV
£810,000 for the long leasehold
01392 453023 [email protected]
www.vickeryholman.com
Tesco Express, Erme Court, Leonards Road, Ivybridge, Devon, PL21 0FZ.
LOCATION Situated in the historic moorland town of Ivybridge, adjoining the A38 Devon Expressway, 12 miles East of Plymouth and 43 miles South West of Exeter. The property occupies a prominent location in the heart of the town which has a population of just over 12,000. The main Plymouth to London Intercity rail service runs just to the North of the town with a commuter service to Plymouth. DESCRIPTION The property is of steel portal frame construction with block and render walls and extensive aluminum framed glazed panels on the South East elevation under a pitched slate tile roof. It has a total gross internal floor area of 394 sq m (4,236 sq ft) and total net sales area of 277 sq. m (2,985 sq ft). The property occupies a rectangular shape site of 0.135 hectares (0.34 acres) with a 32 m (104 ft) frontage to Leonards Road. The outside area is largely tarmacadam providing 16 car spaces including 1 disabled. TENURE The property is held on a long head lease from the 01 December 1998 from C J L Rogers Properties Limited for a term of 125 years paying a nominal rent of £1. Permitted use is Tyre and Exhaust Centre or A1, A2 and A3 with Landlord’s consent not to be unreasonably withheld. TENANCY The property has been sub-let to Tesco Stores Limited for a term of 20 years from the 27 September 2010 at a recently reviewed rent of £56,014.24 per annum exclusive of business rates. The rent is reviewable every five years in line with Retail Price Index with a cap and collar at 1% and 4%. The tenant has the right to break the lease at the end of years 10 and 15 giving six months’ prior written notice.
www.vickeryholman.com Exeter Office Balliol House, Southernhay Gardens Exeter, Devon, EX1 1NP
38827
SPV The property is held in a special purchase vehicle (SPV) therefore our client is able to sell the company which holds the property. SERVICES It is understood that mains gas, water, electricity and drainage are connected to the property however these services have not been tested by Vickery Holman. Interested parties should make their own enquiries. VAT The property is registered for VAT and can be treated as a transfer of a business as a going concern (TOGC). RATEABLE VALUE From a visit to the valuation office website www.voa.gov.uk we understand that the current rateable value is £34,500 effective from 1st April 2010. Interested parties are advised to contact South Hams District Council. EPC D (87) PROPOSAL Offers in excess of £810,000 for the long leasehold interest which equates to a 6.76% net initial allowing for purchaser’s costs at 2.25%. VIEWING & FURTHER INFORMATION Mike Oldrieve 01392 453023 [email protected]
Vickery Holman supports the aims and objectives of the Code for Leasing Business Premises in England and Wales 2007 which recommends that you seek professional advice before entering into a tenancy agreement. Please refer to www.leasingbusinesspremises.co.uk for further information. Vickery Holman for themselves and for the Vendors or Lessors of the property whose Agents they are, give notice that: 1) The particulars are set out as a general outline only for the guidance of intended purchasers or lessees, and do not constitute part of, an offer of contract; 2) All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy of them; 3) No person in the employment of Vickery Holman has any authority to make or give any representation of warranty in relation to this property.
Subject to Contract, Jan 2015
SUMMARY
Attractive Moorland town
Tenant – Tesco Stores Limited
Contact our agent:-
RPI rental increases
Mike Oldrieve
2015 review produced 13.7% growth over the first 5 years
Net Initial yield 6.76%
SPV
£810,000 for the long leasehold
01392 453023 [email protected]
www.vickeryholman.com
Tesco Express, Erme Court, Leonards Road, Ivybridge, Devon, PL21 0FZ.
LOCATION Situated in the historic moorland town of Ivybridge, adjoining the A38 Devon Expressway, 12 miles East of Plymouth and 43 miles South West of Exeter. The property occupies a prominent location in the heart of the town which has a population of just over 12,000. The main Plymouth to London Intercity rail service runs just to the North of the town with a commuter service to Plymouth. DESCRIPTION The property is of steel portal frame construction with block and render walls and extensive aluminum framed glazed panels on the South East elevation under a pitched slate tile roof. It has a total gross internal floor area of 394 sq m (4,236 sq ft) and total net sales area of 277 sq. m (2,985 sq ft). The property occupies a rectangular shape site of 0.135 hectares (0.34 acres) with a 32 m (104 ft) frontage to Leonards Road. The outside area is largely tarmacadam providing 16 car spaces including 1 disabled. TENURE The property is held on a long head lease from the 01 December 1998 from C J L Rogers Properties Limited for a term of 125 years paying a nominal rent of £1. Permitted use is Tyre and Exhaust Centre or A1, A2 and A3 with Landlord’s consent not to be unreasonably withheld. TENANCY The property has been sub-let to Tesco Stores Limited for a term of 20 years from the 27 September 2010 at a recently reviewed rent of £56,014.24 per annum exclusive of business rates. The rent is reviewable every five years in line with Retail Price Index with a cap and collar at 1% and 4%. The tenant has the right to break the lease at the end of years 10 and 15 giving six months’ prior written notice.
www.vickeryholman.com Exeter Office Balliol House, Southernhay Gardens Exeter, Devon, EX1 1NP
38827
SPV The property is held in a special purchase vehicle (SPV) therefore our client is able to sell the company which holds the property. SERVICES It is understood that mains gas, water, electricity and drainage are connected to the property however these services have not been tested by Vickery Holman. Interested parties should make their own enquiries. VAT The property is registered for VAT and can be treated as a transfer of a business as a going concern (TOGC). RATEABLE VALUE From a visit to the valuation office website www.voa.gov.uk we understand that the current rateable value is £34,500 effective from 1st April 2010. Interested parties are advised to contact South Hams District Council. EPC D (87) PROPOSAL Offers in excess of £810,000 for the long leasehold interest which equates to a 6.76% net initial allowing for purchaser’s costs at 2.25%. VIEWING & FURTHER INFORMATION Mike Oldrieve 01392 453023 [email protected]
Vickery Holman supports the aims and objectives of the Code for Leasing Business Premises in England and Wales 2007 which recommends that you seek professional advice before entering into a tenancy agreement. Please refer to www.leasingbusinesspremises.co.uk for further information. Vickery Holman for themselves and for the Vendors or Lessors of the property whose Agents they are, give notice that: 1) The particulars are set out as a general outline only for the guidance of intended purchasers or lessees, and do not constitute part of, an offer of contract; 2) All descriptions, dimensions, references to condition and necessary permission for use and occupation, and other details are given without responsibility and any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the accuracy of them; 3) No person in the employment of Vickery Holman has any authority to make or give any representation of warranty in relation to this property.
Subject to Contract, Jan 2015
