The property is situated approximately 1.5 miles east of the city centre. Road communications are excellent, with access to the M5 at Junctions 11, 11A and 12. The nearest competing supermarkets are the Sainsburys at Barnwood, Lidl on Eastern Avenue and Tesco Extra at Brockworth.. The property occupies a prominent position along Hucclecote Road and is surrounded on all sides by residential.
Location
Gloucester is the administrative centre of the county of Gloucestershire and is one of the principal commercial centres in the South West of England. The historic cathedral city is located approximately 28 miles from Worcester, 32 miles from Bristol and 94 miles from Birmingham. Norton A38 River Severn Woolridge A417 Maisermore A40 River Severn A430 Sandhurst River Severn River Severn Gloucester Tuffley Twigworth Longford A40 Innsworth Longlevens A38 Abbeydale
The city benefits from excellent road communications with access to the M5 via junctions 11, 11a and 12. The A417/9 also links the city to junction 16 of the M4 at Swindon. Gloucester Railway Station provides a direct link to London Paddington, as well as services to Cheltenham Spa, Bristol Temple Meads and Cardiff Central.
Accommodation
Developed in 2018 to provide 18,505 sq ft store with a 97-space surface car park
Terms
TENURE Freehold under title number GR180810.
TENANCY The property is let to Aldi Stores Limited on a 15 year lease from 28 August 2018 expiring 27 August 2033 (9 years unexpired) with 5-yearly upward only RPI-linked rent reviews compounded annually, collared and capped at 1%-2.5%. The current contracted rent is £308,887 per annum, reflecting £16.69 per sq ft. At the expiry of the lease, the tenant has an option to renew for an additional term of 15 years, with a day 1 RPI linked review per the existing review clause.
VAT The property has been elected for VAT purposes and it is expected that the investment sale will be treated as a Transfer of Going Concern (TOGC).
EPC The building has an EPC rating A21, a copy of the certificate is available in the data room.
DATAROOM Access to the data room is available on request
Specification
• Large site of 1.49 acres
• Freehold
• Let to Aldi Stores Limited on a 15 year FRI lease expiring 27th August 2033 (9 years unexpired)
• Current passing rent of £308,887 (£16.69 per sq ft)
• Five yearly upwards only RPI linked rent reviews (collar and cap of 1% and 2.5% per annum compounded)
• Secure Covenant – D&B Rating of 5A2
• Seeking offers in excess of £5,250,000 reflecting a NIY of 5.52%
• Reversionary yield of 6.23% (assuming RPI growth at 2.5%pa)