ADDRESS: 14 Glanvilles Mill, Ivybridge, Devon, PL21 9PS
• Town centre supermarket
• Only large supermarket in town • 12,550 sq. ft supermarket let at a low rent of £15.06 per sq. ft
• 6 years unexpired lease to Cooperative Group Limited
• Part of Glanvilles Mill retail scheme & adjoins town’s main car parks
LOCATION
Ivybridge is a Devon market town located 12 miles to the east of Plymouth and 32 miles south west of Exeter. Torquay and Newton Abbott are both 23 miles to the north east. Ivybridge is a commuter town to the two main Devon cities of Plymouth and Exeter with good road links via the A38 which lies directly south of the town. The town has a railway station with services to the main cities in the region and direct services to London Paddington. The town has a population of 12,000 and lies on the southern edge of Dartmoor NationalPark.
SITUATION
The subject property forms part of Glanvilles Mill, the town’s main shopping scheme in the centre of town. The scheme which represents approximately 30% of the town’s retail space is located between Fore Street and the town’s main public car parks (approximately 300 spaces) which along with the leisure centre are on the eastern side of the River Erme. Glanvilles Mill Shopping Centre comprises a purpose built 40,000 sqft retail scheme of 30 shops, anchored by the Co-op Supermarket, first floor offices and 5 residential flats. The Co-op is the only supermarket in the town, the only otherfood retailers being a Tesco Express and a McColls.
DESCRIPTION
The property is a detached purpose built supermarket with its main entrance fronting the main Glanvilles Mill shopping parade. Access from the public car parks is via two footbridges, one of which leads directly to the front of the supermarket. The ground floor provides the main retail area, chiller/freezer facilities, ancillary stores and offices. Part of the current stores has been highlighted as a possible future concession but at present is still used as stores. There is a small first floor which provides a staff kitchen and wc’s. There is a rear secure loading yard and further storage area. The store has recently undergone a major refurbishment programme where the Co-op have spent £1m upgrading the store.
ACCOMMODATION: The property extends to 1,166 sqm (12,550 sqft) overall.
TENANCY
The entire property is let on a 17 year FRI lease to Co-operative Group Ltd from 28 June 2011, this was a renewal of a previous lease. The next open market review is in June 2023. There is no tenant break option, giving 6 years term certain. The rent is £189,000 per annum which equates to £15.06 per sqft.
Covenant: Sales £11.5 billion, Profit £235m, Net Assets £8.9 billion for the year ending 2 January 2021.
TENURE:
999 year long leasehold interest at a peppercorn rent with a pro rata contribution to the service charge of the wider Glanvilles Mill scheme.
RENT: £189,000 per annum
VAT: Applicable
PRICE: Offers in excess of £2,850,000 – 6.3% Net
