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Agent's details

Co Op, 2 Selsmore Road

For sale: £1,100,000.00|3,484 Sq Ft|General Retail, Other, Retail, Other Property Types & Opportunities

Property details

FOR SALE£1,100,000.00
SIZE3,484 Sq Ft
ADDRESSCo Op, 2 Selsmore Road, Hayling Island, PO11 9LB
TYPEGeneral Retail, Other, Retail, Other Property Types & Opportunities
TENUREInvestment Opportunity, Under Offer, For Sale Freehold
POSTED ON9th July 2021

Description

Key Points

  • Freehold Convenience Store Investment
  • Located in a prominent position in Hayling Island
  • 15 year lease to The Co-operative Group Food Ltd – Undoubted Covenant D&B; rated 5A1
  • £65,458pa of rental income, 5.57% Net Initial Yield
  • Attractive fully refurbished and extended building
  • Unexpired term of approximately 9 years, 10 months
  • Five yearly upwards only rent reviews linked to RPI compounded – collared and capped at 2% and 4% per annum
  • 14 exclusive car parking spaces
  • Summary

    Freehold Convenience Store Investment

    Description

    The property comprises of a two storey detached building with a multi-pitched slate roof, brick elevations and double-glazed fenestration throughout. The property has been extended and sensitively converted. Externally, there is a tarmacadam car park located to the rear of the property with 14 lined spaces.

    Location

    The Co-operative Food convenience store is situated in a prominent position on the junction of Selsmore Road and Mengham Avenue. The main shopping area for Hayling Island is within 50m of the site and the seafront is also within close proximity. Access to the area is very good with the A3023 running the length of the island leading to the A27 in the north.

    Tenure

    Freehold, subject to an occupational lease of the whole.

    Lease

    The whole building is let to The Co-operative Group Food Ltd from 22nd December 2014 on a new full repairing and 15 year lease (no breaks) at a rent of £65,458 per annum and a commencing date of approximately 10 months remaining. The lease is subject to 5 yearly rent reviews in line with RPI with a collar of 2% and cap of 4%.

    Tennant

    The Co-operative group Ltd established in 1844 and now operates 4,500 outlets with almost 90,000 employees and has an annual turnover of £10.50 billion. The Co-operative Group Food is the UK's 5th largest food retailer with almost 2,800 local convenience stores employing over 69,000 people. Co-operative group Ltd had a turnover for the year end 6th January 2018 of £7,159,600,000 and pre tax profits of £195,400,000. The tennant can therefor be considered of undoubted covenant strength.

    Price

    Offers are invited in the order of £1,110,000 which reflects a net initial yield of 5.57% assuming usual purchasers costs of 6.5%

    Location

    marker
    Location: Co Op, 2 Selsmore Road, Hayling Island, PO11 9LB

    Fratton (4.4 miles)

    Hilsea (4.6 miles)

    Havant (4.6 miles)

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