Description
The property has been constructed in accordance with the planning consent granted by Mendip District Council under reference 2017/0600/FUL on 19th March 2018. A copy of the permission is available upon request. The scheme has been designed to reflect the characteristics of the location and provide the local community with a vital amenity.

The property is completed with only S278 works outstanding which will be completed by the end of November 2023. Upon completion of these works the tenant will take possession for fitting out which is due to be in December 2023.

Accommodation
The premises comprises of a ground floor retail unit of 3,750 sq ft (348 sqm) GIA plus 13 dedicated car parking spaces.

Tenure
The freehold interest is being sold.

Tenancy
The property is to be let on a new Full Repairing and Insuring lease to Co-operative Group Food Limited for a term of 15 years term certain, with an option to renew, at a commencing rent of £65,000 per annum (£17.33 per sq ft) with 5 yearly rent reviews in line with the Consumer Price Index (CPI) subject to a collar and cap of 1% and 3%.

The tenant will benefit from a 6 month rent free period. This will be ‘absorbed’ by the Vendor and will be dealt with by way of an adjustment to the purchase price on completion.

Covenant
The Co-operative Group Food Ltd (Company Number: 26715R) is the UK’s 5th largest food retailer and a wholly owned subsidiary of The Co-operative Group Ltd which was established in 1844 and now operates 4,500 outlets with approximately 90,000 employees and an annual
turnover in the order of £10.50 billion.

The tenant is therefore considered an undoubted covenant capable of meeting their lease obligations.

Rateable Value
The commercial unit’s Rateable Value will be assessed upon completion of the development.

EPC
The Energy Performance Certificate will be provided on completion of the tenants fit out works.

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.

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

Guide Price
Offers in the order of £1,100,000, representing a 5.58% NIY are invited.

Viewing
For a formal viewing, strictly by appointment with Savills.