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Agent's details

Tesco Express, 40 Market Place

For sale: POA|6,236 Sq Ft|General Retail, Retail

Property details

FOR SALEPOA
SIZE6,236 Sq Ft
ADDRESSTesco Express, 40 Market Place, Bedale, DL8 1EQ
TYPEGeneral Retail, Retail
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON1st December 2021

Description

Key Points

  • Freehold convenience store investment
  • Let to Tesco Stores Ltd (5A2 Covenant)
  • Entire building GIA - 6,236 sq ft (579 sq m)
  • Current rent of £54,925 per annum
  • 20 year lease from 11 December 2012
  • 5 Yearly upwards only RPI reviews (0% & 4% collar and cap)
  • Offers in excess of £650,000 (8.0% NIY)
  • Summary

    Freehold convenience store investment for sale, currently let to the UK’s largest retailer, Tesco

    Description

    The property comprises a three storey mid terraced building with painted rendered elevations beneath a pitched slate roof.

    Location

    Bedale is a market town located in the county of Yorkshire, 27 miles (43 kilometres) north of Harrogate, 36 miles south west of Middlesbrough and 38 miles (60 kilometres) north of York. The property is well connected by road with Junction 51 of the A1(M) located 1.5 miles to the north providing access to Darlington to the north and Leeds to the south. The property is situated fronting Market Place, the main thoroughfare of the town adjacent to a number of national and local commercial occupiers including Costa Coffee, Barclays Bank and William Hill.

    Planning

    The property is Grade II Listed and is situated within the Bedale Conservation Area.

    Tenancy

    The entire property is let on a 20 year lease to Tesco Stores Limited (Company Number 00519500) expiring on 10 December 2032 at a current rent of £54,925 per annum subject to five yearly annually compounded rent reviews with a cap of 4% and collar of 0%. The lease provides a tenant break option on the 10th anniversary of the lease subject to not less than 6 months’ notice. The tenant has a full repairing obligation which is subject to a schedule of condition.

    Term

    We are instructed to invite offers in excess of £650,000 with a sale at this level reflecting 8.0% NIY, assuming the usual purchasers costs.

    Money Laundering Regulations

    Money laundering regulations require Savills to conduct checks upon all purchasers. Prospective purchasers will need to provide proof of identity and residence.

    Viewing

    All viewings must be made by prior appointment and under no circumstances should any direct approach be made to any of the occupational tenants staff.

    Location

    marker
    Location: Tesco Express, 40 Market Place, Bedale, DL8 1EQ

    Northallerton (6.8 miles)

    Thirsk (9.9 miles)

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