The property comprises of a two storey detached building with a multi-pitched slate roof
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.
For a formal viewing, strictly by appointment with Savills. Staff are unaware so no informal viewings or approaches.
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.
Freehold, subject to an occupational lease of the whole.
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.
Bracknell (2.0 miles)
Wokingham (2.7 miles)
Martins Heron (3.1 miles)