Summary

The property comprises a highly prominent, converted Victorian building of some substance, enjoying a corner position with partially glazed frontage and generous ceiling heights.

Key Points

Long Leasehold convenience store

Let to Tesco Stores Ltd (Covenant 5A2)

Ground Floor Retail c.2,609 sq.ft. (242.5 sq.m.)

First Floor Ancillary c.1,190 sq.ft. (110.6 sq.m.)

15 year lease from 7th April 2009

Current rent of £98,548 per annum

Location

The premises is superbly situated in the heart of Shepherds Bush enjoying the prominence of a corner site that attracts significant footfall, positioned between Lime Grove and Coverdale Road at the favoured easterly end of the road, close to Shepherds Bush Green. The immediate location is surrounded by key retail destinations such as Shepherds Bush Market, the renowned fabric and textiles quarter, and a number of well-regarded independent retailers. Of increased significance is the large number of pedestrians accessing both the Circle, Hammersmith & City and Central Lines close by with demand for the local football club, Queens Park Rangers and the globally renowned Westfield Shopping Centre ensuring that this location remains constantly vibrant.

Terms

ACCOMMODATION:
The Ground Floor provides the primary sales area with a useful service lift that provides goods transportation to the first floor ancillary areas. The uppers floors are very well equipped offering warehouse storage space, a walk-in cold store, bakery, staff room/W.C's, changing rooms and offices.

TENURE:
A 125 year lease was granted on 8th January 1996, thereby leaving an unexpired term of 99 years.

TENANCY:
The property is let on a 15 year full repairing and insuring lease to Tesco Stores Limited (Company Number 00519500), expiring on 16th April 2024 at a current rent of £98,349 per annum subject to 5 yearly rent reviews annually compounded with a cap of 4% and a collar of 0%. The recent rent review has been backdated to reflect the required assessment date of April 2019.

COVENANT:
The property is let to Tesco Stores Limited, a subsidiary of Tesco Plc which was founded in 1919 and is currently the UK’s largest retailer with over 2,750 outlets and 360,000 employees in the UK.

Tesco Stores Limited parent company, Tesco Plc is currently listed on the London Stock Exchange in the FTSE 100 Index with a market capitalisation of £21.09bn as of 3rd November 2021. Tesco Stores limited have been given a Dun and Bradsteet rating of 5A2 and an ICANS™ score of 76/100 which represents a low risk of business failure.

Tesco Stores Limited have published the following financial information:-

• Year End Feb 2021 Feb 2020 Feb 2019

• Turnover (£m) £42,451 £42,951 £42,219

• Pre-Tax Profit (£m) £1,018 £1,151 £793

• Shareholder Funds (£m) £5,472 £5,334 £4,526

VAT:
It is envisaged that the property will be sold as a TOGC so the transaction should therefore be exempt from VAT.

MONEY LAUNDERING REGULATIONS:
Money laundering regulations require Winkworth to conduct checks upon all purchasers. Prospective purchasers will need to provide proof of identity and residence.

TERMS:
We are instructed to invite offers in the region of £1,800,000 with a sale at this level reflecting 5.48% NIY, assuming the usual purchasers costs and total income of £98,548 per annum.

VIEWINGS:
Strictly through the sole agents, Winkworth Commercial and made by prior appointment. Under no circumstances should any direct approach be made to any of the occupational tenants staff.

Property unavailable

TESCO EXPRESS, 31 Uxbridge Road, Shepherds Bush, London, W12 8LH

Summary

Key Points

Location

Terms

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Property unavailable

TESCO EXPRESS, 31 Uxbridge Road, Shepherds Bush, London, W12 8LH

Summary

Key Points

Location

Terms

Thank you for your enquiry

Many thanks, your enquiry has been sent to the agent

Success!

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