Location Estimated District Population: 59,500 Miles: 6 miles south-east of Chichester 32 miles west of Brighton
Roads: A27, A259, A3(M), M27
Position The property is located in a prominent position in a predominantly residential area on Chichester Road (A259), close to its junction with Bedford Avenue, about 11
⁄2
Tenure Freehold.
Tenant TESCO STORES LIMITED (1)
miles north of Bognor Regis town centre.
Description CONVENIENCE STORE to be arranged on the ground and first floors. The property will benefit from 16 car parking spaces.
Accommodation
Lease Term: 20 years from 24th February 2012 Basis: FRI Rent: £80,000 per annum RPI Rent Reviews: 2017, 2022 and 2027 (subject to a cap of 5% and a collar of 0%)
Expiry: February 2032 (2)
VAT is applicable to this lot (but can be a TOGC) – please see Special Conditions of Sale.
(2) The lease is subject to a tenant option to break on the expiry of the 15th year of the term – please see lease. (3) Proposed floor areas provided by Tesco.
(3,495 sq ft) (455 sq ft)
(3,950 sq ft)
(1) Tesco trade from about 2,700 stores and for the year to 02/11, Tesco Stores Ltd reported a turnover of £40.1 billion, pre-tax profits of £2.2 billion and total assets of £17.8 billion. (Source: www.tescoplc.com and One Source One-Stop Report)
Rent £80,000 pa
Freehold Convenience Store Investment in AffluentWest Sussex Location • Let to Tesco Stores Limited
• New 20 year lease from February 2012 (subject to option)
• RPI based rent reviews throughout the term (capped at 5% and collared at 0%)
• Prominent roadside location
The Special Conditions of Sale and a legal pack are available from the Seller’s Solicitors and are available online at www.cbre.co.uk/auctions. Seller’s Solicitor Addleshaw Goddard LLP. t: 0207 160 3301. e: kathryn.green@addleshawgoddard.com Ref: Ms K Green.