icons_size_white icons_size
menu

Agent's details

The Co-Operative, Forest Road

For sale: £1,930,000.00|4,000 Sq Ft|General Retail, Other, Leisure Property, Retail, Other Property Types & Opportunities, Licensed & Leisure

Property details

FOR SALE£1,930,000.00
SIZE4,000 Sq Ft
ADDRESSThe Co-Operative, Forest Road, Binfield, Bracknell, RG42 4HP
TYPEGeneral Retail, Other, Leisure Property, Retail, Other Property Types & Opportunities, Licensed & Leisure
TENUREInvestment Opportunity, Under Offer, For Sale Freehold
POSTED ON9th July 2021

Description

Key Points

  • Located in the very affluent location of Binfield
  • Former public house extended to provide G.I.A of 4,000 sq ft (323 sq m) and 9 exclusive car parking spaces
  • 20 year lease to The Southern Co-operative Ltd – Undoubted Covenant D&B; rated 5A2
  • Unexpired term certain of approximately 15.9 years
  • £92,000pa of rental income from the ground floor convenience store*
  • Five yearly upwards only rent reviews linked to RPI compounded – collared and capped at 1% and 4% per annum
  • 800 sq ft two bedroom flat above generating £11,400pa
  • Freehold
  • Offers in the order of £1,930,000
  • 5.04% Net Initial Yield
  • Summary

    The property comprises of a two storey detached building with a multi-pitched slate roof

    Description

    The property comprises of a two storey detached building with a multi-pitched slate roof, rendered brick elevations and double-glazed fenestration throughout. The property has been extended with a single storey element to the rear. Externally, there is a tarmacadam car park located to the left elevation of the property with 9 lined spaces.

    Viewings

    For a formal viewing, strictly by appointment with Savills. Staff are unaware so no informal viewings or approaches.

    Location

    The Co-operative convenience store is situated in a prominent position on Forest Road (B3034), close to the roundabout leading to Terrace Road North. The area is mixed with residential properties interspersed with commercial including Oakmede Village shops which is located 50m to the south and comprises a small cluster of independent retailers.

    Terms

    Freehold, subject to an occupational lease of the whole.

    Specifications

    The ground floor is let to The Southern Co-operative Ltd from 14 August 2015 on a new full repairing and insuring 20 year lease (no breaks) at a commencing rent of £80,350 per annum. There are therefore 15 years and approximately 9 months unexpired. The lease is subject to 5 yearly rent reviews in line with RPI with a collar of 1% and cap of 4%. Based on RPI data for the last 5 years we predict a rental increase in August 2020 to £92,000 per annum. The first floor is let to a private individual on an Assured Shorthold Tenancy (AST) Agreement from 23 April 2019 at a current rent of 11,400pa. The Southern Co-Operative was established approximately 145 years ago and operates in over 11 southern UK counties with approximately 200 stores including a successful franchise arm. The Southern Co-operative Ltd had a turnover for the year end 27th January 2019 of £450,851,000, with a tangible net worth of £105,504,000. The tenant can therefore be considered of undoubted covenant strength.

    Location

    marker
    Location: The Co-Operative, Forest Road, Binfield, Bracknell, RG42 4HP

    Bracknell (2.0 miles)

    Wokingham (2.7 miles)

    Martins Heron (3.1 miles)

    close
    What do you think of our website?
    Complete our survey and
    you could win £1000
    Start here