Flat – Understood to comprise 3 Rooms, Kitchen, Bathroom
Flat – Understood to comprise 3 Rooms, Kitchen, Bathroom
Second Flat – Understood to comprise 3 Rooms, Kitchen, Bathroom
Second Flat – Understood to comprise 3 Rooms, Kitchen, Bathroom
Total Commercial Area 667.02 sq m (7,180 sq ft) TWO
INDIVIDUALS TWO
INDIVIDUALS TWO INDIVIDUALS Term
20 years from 16th November 2011 (2) with RPI rent reviews in 2016 and 5 yearly thereafter
Assured Shorthold Tenancy for 12 months from 5th April 2012 at £675 p.c.m.
Assured Shorthold Tenancy agreed (but not yet documented) at £725 p.c.m.
AN INDIVIDUAL Assured Shorthold Tenancy for 12 months from 13th September 2011 at £685 p.c.m.
Assured Shorthold Tenancy for 12 months from 26th March 2012 at £675 p.c.m.
Total Rent
(2) The lease is subject to a tenant’s option to break in 2021 – please see lease. (3) Annual equivalent rent. The total rent assumes completion of the agreed Assured Shorthold Tenancy on the first floor.
(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). Part of the ground floor is not occupied by Tesco who are in the process of trying to sublet this part. The floor area above includes the part being sublet by Tesco.
Description CONVENIENCE STORE arranged on the ground floor with FOUR SELF-CONTAINED FLATS above arranged on the first and second floors, accessed from Goring Road.
Tenure Freehold.
VAT is applicable to this lot – please see Special Conditions of Sale.
Prominent Freehold Convenience Store and Residential Investment
• Convenience store let to Tesco Stores Limited
• New 20 year shop lease from November 2011 (subject to option)
• RPI rent reviews throughout the term (Capped at 4% and collared at 1%)
• 4 flats above let on Assured Shorthold Tenancies
• Affluent Sussex coastal town • 6Week Completion Available
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 Rawlison Butler LLP. t: 01293 558567. e: sryan@rawlisonbutler.com Ref: S Ryan Esq.