Attractive Long Income Retail Investment Enter >
Investment Summary Freehold Let to Co-operative Group Food Ltd until /0/202 with 2.5 years unexpired Rent passing of 0,500 per annum Low rental value of only. per sq ft with a good reversionary potential of approximately 2 per sq ft ( 2,200 per annum) Self-contained site of 0.5 acres with redevelopment potential at the expiry of current lease Close to London Southend Airport and A2 Surrounded by large residential population Offers in excess of,20,000 (One Million, Three Hundred and Twenty Thousand Pounds Sterling) representing a Net Initial Yield of 5.5% after allowing for purchaser s costs at 5.0% and a potential reversionary yield of.2%
Attractive Long Income Retail Investment Location Southend-on-Sea is a popular seaside resort located in Essex. It has a population of,000. It is located approximately 2 miles from Basildon, 20 miles from Chelmsford and 2 miles from London. AIRPORT AIRPORT S O U T HEND ROAD The town benefits from road, train and air links. By road Southend can be accessed from the M25 by either the A2 (J29, 20 miles) or the A (J0, 2 miles). PREMIER INN THE PROPERTY A ton A0 t d on A Bicester M Reading 2 toke A M A A M Bedford M airport also has its own train station, Southend Airport, that operates a regular service to Biggleswade Haverhill Newport Liverpool Pagnell Street Station (52 minutes). 9 Sudbury Ipswich Milton Royston Keynes Felixstowe Letchworth Harwich Hitchin 9 Leighton M A(M) Braintree Luton Stevenage Stansted Colchester Buzzard Bishop's Luton Welwyn Stortford Aylesbury Garden City Tring M Witham Clacton-on-Sea St Harlow Albans Hoddesdon Berkhamsted Thame Chelmsford Maldon A5 Hastings Hailsham 59 Bexhill- Henleyon-Thames A 5 Alton Petersfield A50 5 M0 A A0 Marlow Farnham By train Southend is approximately 5 minutes from London on the Liverpool Street line to Southend Victoria or the Fenchurch Street line to Southend Central. Southend benefits from several other stations, including Leigh-on-Sea, Chalkwell, Westcliff, Prittlewell, Southend East and Thorpe Bay. The town has good air links with London Southend Airport which has benefited from improvements and upgrading over the last few years. The airport serves approximately,000 passengers per annum and provides passenger flights throughout Europe. The A A509 A5 A Amersham M25 25 High Watford Enfield Wycombe M Barnet Chigwell Beaconsfield M 2 Brentwood Rayleigh 2 2 29 A2 Basildon A2 Harrow M25 A Uxbridge Maidenhead City Canvey Island Slough LONDON 0 Woolwich Windsor Richmond Heathrow Dartford Gravesend 2 Bracknell Staines Rochester Kingston upon Thames Gillingham Camberley Aldershot A A2 Haslemere 2 A A0 A A0 Gatwick A A02 Horsham A0 9 A A 05 2 A A505 M25 Sutton Croydon Epsom M25 M20 5 M2 9 Leatherhead M25 Sevenoaks Maidstone 5 Oxted Dorking Reigate Redhill M2 Tonbridge Crawley 2 2 Haywards Heath 2 0 A A2 A20 Crowborough Uckfield A0 A A2 A 2 A Tunbridge Wells A0 29 9 A A2 M2 M20 A20 59 A A20 -ON-SEA Sittingbourne Ashford 99 Canterbury Folkestone A Margate 5 5 Dover 0 SOUTHBOURNE GROVE A5 SOUTHBOURNE GROVE WESTBOURNE GROVE CHALKWEL L AVENUE WESTBOURNE GROVE FIRST AVE PRITTLEWELL CHASE CHASE HIGH SCHOOL KINGS ROAD TESCO EXTRA CARLTON AVENUE HOSPITAL FAIRFAX DRIVE A LONDON ROAD STATION ROAD GE NESTA RD A2 PRINCE VALKYRIE ROAD WESTCLIFF HIGHFIELD GRDS HOBLEYTHICK LANE ROCHFORD RD AVENUE A LONDON ROAD HAMLET COURT ROAD HIGH SCHOOL THE LEAS WESTERN ESPLANADE FAIRFAX DRIVE MITTON ROAD A59 M A N N E RS WAY WEST ST LONDON RD RETAIL PARK PRIORY CRESCENT PRIORY PARK A2 VICTORIA AVENUE PRIORY CRES PRITTLEWELL EASTERN AVENUE EAST STREET WESTERN ESPLANADE HIGH STREET SUTTON A QUEENSWAY ODEON CINEMA CENTRAL CEMETERY & CREMATORIUM ADVENTURE ISLAND VICTORIA ROAD SUTTON ROAD THE VICTORIA SHOPPING CENTRE QUEENSWAY SUTTON ROAD A59 A 0 MARINE PARADE PIER WAITROSE GREYHOUND RETAIL PARK WELLESLEY HOSPITAL EASTERN AVENUE A SOUTHCHURCH ROAD A0 B&Q WOODGRANGE DRIVE EASTERN ESPLANADE FOSSETTS RETAIL PARK EAST LESIURE & TENNIS CLUB HAMSTEL ROAD HAMSTEL ROAD LIFSTAN WAY WOODGRANGE DRIVE SOUTHCHURCH PARK A SOUTHCHURCH BOULEVARD LIFSTAN WAY GARON PARK GOLF COMPLEX ROYAL ARTILLERY WAY BOURNES GREEN PARK THORPE SOUTHCHURCH WOODGRANGE DRIVE ESPLANADE A(M) Havant Chichester Lewes Shoreham Brighton 2 59
Situation The property is prominently situated to the western side of Rochford Road at the junction of Feeches Road in a predominantly residential district of Southend. To the south, Rochford Road links with the A2 (0. miles), along with the A (. miles), providing the main vehicular access into and out of the town. The property is located approximately 0. miles south of London Southend Airport, a local route to the airport.
Description The property is a purpose built two-storey supermarket. The property is of cavity brick construction under a felt flat roof. To the front and side are two canopies. Internally the property provides open plan space with a rear ancillary loading bay on the ground floor. The ground floor area is fully fitted out for retail purposes and both the ground and first floor have solid concrete floors with plastered and painted walls and ceilings. We understand the tenant refitted the premises in 202. At first floor level is the main stock room, with ancillary offices and staff accommodation. The first floor is served by high level windows that provide an element of natural light. The rear car parking area is marked out to provide 2 car parking spaces and a separate loading bay area. Accommodation The following areas were agreed at the last rent review on a gross internal basis. Ground Floor 5. sq m, sq ft First Floor 0. sq m,092 sq ft Total GIA 95.92 sq m,2 sq ft The gross site area extends to approximately 0. hectares (0.5 acres).
Tenure We understand the property is owned freehold subject to the following lease: Tenant Somerfield Stores Ltd (Now Co-operative Food Group) Term (Start Date) 2 years from 5/0/2005 Expiry (Break) Area (sq ft) /0/202,2 Rent ( psf) 0,500 (. psf) Covenant Information Somerfield Stores Ltd (Company No. 2) is part of Somerfield Group which was acquired by Co-operative Group in March 2009 and the brand was replaced by The Co-operative Food brand. Following the acquisition by the Co-operative Group, Somerfield Stores Ltd has been converted to an Industrial Provident Society (No. R) and is therefore not obliged to release annual company accounts. The unit is let in its entirety on a Full Repairing and Insuring lease to Somerfield Stores Ltd (now Co-operative Group Food Ltd). The lease has an unexpired term of approximately 2 years and months. The rent is fixed until the end of the lease. Rental Commentary The current rent of. per sq ft is under rented compared to the market rent of approximately 2 per sq ft which equates to a market rent per annum of 2,200 (a 5% reversionary increase). This creates a potential reversionary yield of.2%. Property Tenant Rent Size (sq ft) Rent ( psf) Aldi, Eastern Avenue, Southend Aldi 5,000 2,5.9 Aldi, 99- London Road, Grays Aldi,500 2,9 2.50 Iceland, 9 London Road, Leigh on Sea Iceland 0,000,0.00 Aldi, / London Road, Westcliffe Aldi 5,00 20,000.29 Co-op, Roche Square, Rochford Co-op 2,000 5,2. The Co-operative Food Group is the 5th largest retailer in the UK operating in over 2,00 local convenience and medium size stores. In 202 the Co-operative Food group made 2 million operating profit. We note the most recent data for The Co operative Group: st December 20 st January 20 2nd January 20 Turnover 2,,000,000 2,5,0,000 2,9,200,000 Pre-Tax Profit 2,000,000,00,000 29,00,000 Net Worth,0,000,000 2,950,00,000 2,9,900,000 We note from the most recent annual report that turnover in 202 was,500,000,000 with an underlying profit of 5,000,000. For further information please visit www.co-operative.coop/corporate
EPC The Energy Performance Certificate is available upon request. VAT We are advised the property is elected for VAT. Proposal We are seeking offers in excess of,20,000 (One Million, Three Hundred and Twenty Thousand Pounds Sterling). A purchase at this level reflects a net initial yield of 5.% assuming purchaser s costs of 5.0% and a low capital value of 2.55 psf and a potential reversionary yield of.2%. Further Information If you require further information or would like to arrange to inspect the premises please contact: James McFeely Glenny LLP T: 020 520 M: 0 0029 E: j.mcfeely@glenny.co.uk Max Kinghorn Glenny LLP T: 020 502 M: 0 2 E: m.kinghorn@glenny.co.uk Victor Aptaker Aptaker & Partners M: 020 22 00 E: victor@victoraptaker.com Misrepresentation Act 9 Glenny LLP and Aptaker & Partners for themselves and for the Vendors or Lessors of this property whose agents they are give notice that:. All descriptions, reference to condition and necessary permissions 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 correctness of each of them. 2. Any services mentioned have not been tested and therefore prospective occupiers should satisfy themselves as to their operation.. These particulars are produced in good faith, and set out as a general guide only and do not constitute part of any offer or contract.. No person in the employment of Glenny LLP and Aptaker & Partners has any authority to make or give representation or warranty whatsoever in relation to this property. 5. All prices and rents are quoted exclusive of VAT unless otherwise stated. Designed and produced by Creativeworld. Tel 022 5200. October 20.