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Agent's details

The Co-operative, Roe Green Centre

For sale: £1,225,000.00|806 - 4,447 Sq Ft|General Retail, Other, Retail, Other Property Types & Opportunities

Property details

FOR SALE£1,225,000.00
SIZE806 - 4,447 Sq Ft
ADDRESSThe Co-operative, Roe Green Centre, Hatfield, AL10 9HE
TYPEGeneral Retail, Other, Retail, Other Property Types & Opportunities
TENUREFor Sale Freehold
POSTED ON5th November 2021

Description

Key Points

  • Attractive Commercial Investment
  • 3 units comprising convenience store, beauty parlour and funeral care unit
  • One overriding lease of all three units to The Co-op Group Ltd
  • Particularly strong trading convenience store
  • 4,447 sq ft (414 sq m) Total Combined Gross Internal Area
  • 25 year lease from 2003 with approximately 8 years unexpired term
  • £67,500pa of rental income
  • Low overall rent per sq ft of £15.17
  • Five yearly upwards only open market rent reviews
  • Long Leasehold (999) Interest – unexpired term of c.979 years
  • Offers in the order of £1,225,000 (Subject to Contract)
  • 5.2% Net Initial Yield
  • Summary

    Attractive Commercial Investment

    Description

    The convenience store occupies the entire ground floor of a two storey detached building, with pitched tiled clay roof. Full height fenestration is provided upto first floor level of the front elevation, together with cash dispenser to the left of the entrance. Residential units are provided above the store (which are excluded) and are accessed from a central core communal area. To the right of this entrance comprise the two smaller commercial units. The combined units measure approximately 4,447 sq ft (413 sq m) and are rectangular in shape.

    Location

    The three commercial units are located on Bishops Rise which links with the A1001 and in turn A1(M) approximately 500m to the north west. Access is therefore excellent. The three commercial units are prominently positioned fronting the highway and sits adjacent to a beauty parlour and Co-operative Funeral Care.

    Tenure

    999 year lease on the property from 25 March 2000.

    Tenancy

    The whole of the ground floor (units 1, 2 & 3) is let on a full repairing (effective) and insuring lease for a term of 25 years from 24 June 2003, with 5 yearly open market rent reviews at a passing rent of £67,500pa.

    Covenant

    The lease is let to Balfour Convenience Stores Ltd, which is no longer active following the acquisition in 2003 by The Co-operative Group which was established in 1844 and now operates 4,500 outlets with approximately 90,000 employees. Co-op trading updates were provided on 17th September 2020 as follows:- Total revenues up 7.6% to £5.8bn (2019: £5.4bn), driven by exceptional performances from Food and Wholesale: • Revenue in Food rose 5.2% to £3.9bn (2019: £3.7bn, an increase of 9.9% LFL in Q2) as customers shopped closer to home and ate out less frequently during lockdown. Like-for-like sales up 8.8% (excluding fuel) representing 7th year of like-for-like growth; market share increased 0.5 percentage points to 7.1% peaking in the 12 weeks prior to 14 June. • Nisa wholesale revenues increased 13.9% to £801m (2019: £703m), benefitting from local shopping in lockdown and range improvements under Co-op ownership. • Funeralcare revenue increased 3.5% to £148m (2019: £143m); 22% increase in volume offset by reduced average revenue per funeral due to Covid-19 restrictions. • Legal services revenue flat year-on-year at £19m (2019: £19m), with increased demand for will and divorce services. • The Co-op are therefore in a very strong financial position and can be considered of undoubted covenant strength.

    Rateable Value

    The Rateable Value for the individual units is detailed below. The current Multiplier for England and Wales is £0.512. Unit 1 - £23,500 Unit 2 - £7,300 Unit 3 - £7,300

    Energy Performance Certificate

    The Energy Performance Certificate will be provided to seriously parties upon request.

    VAT

    The property is elected for VAT and therefore VAT will be payable on the purchase price. It is anticipated that the sale will be dealt with as a TOGC.

    Anti-Money Laundering Regulations

    In accordance with Anti-Money Laundering Regulations, the preferred purchaser will be required to provide identification and proof of address, prior to exchange.

    Price

    Offers in the order of £1,225,000, representing 5.2% NIY are invited.

    Viewing

    For a formal viewing, strictly by appointment with Savills.

    Location

    marker
    Location: The Co-operative, Roe Green Centre, Hatfield, AL10 9HE

    High Barnet (7.6 miles)

    Cockfosters (8.2 miles)

    Oakwood (8.8 miles)

    Hatfield (1.0 miles)

    Welham Green (1.7 miles)

    Brookmans Park (2.9 miles)

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