Tesco, 110-111 High Street, Lymington, SO41 9AP | Property for sale | Savills
1,528.53 sq m
£3,250,000(€3,861,182)

Tesco110-111 High Street, Lymington, SO41 9AP


    Key features

    • Overriding lease of the whole to Tesco Stores Ltd
    • 100% prime position in Lymington High Street
    • GIA of 16,453 sq ft (1,528 sq m)
    • Tesco have been in occupation for over 60 years
    • 8 years unexpired term
    • Undoubted covenant
    • Commercial rent of £209,500 per annum
    • 2 flats above included within the freehold
    • Large service yard and secondary customer access at rear
    • Very few alternative / comparable large commercial units within the town centre

    Lymington Tesco Investment

    About this property

    • Description
      The property comprises a modern infill development of concrete framed construction extending to three storeys beneath a mansard roof at the front and two storeys beneath a flat roof to the rear.

      The front elevation incorporates a full height retail display frontage, with pedestrian access to the residential upper floors and UPVC double glazed windows at first and second floors, the latter being within the mansard roof.

      Internally, the accommodation is laid out to provide open plan retailing on the ground floor with loading and additional customer access to the rear. Ancillary storage accommodation is situated on the northern section of the first floor, which is accessed from the rear of the ground floor.

      The first and second floors above the front (southern) part of the building provide residential accommodation with independent access from the High Street. The flats offer good sized accommodation with each floor comprising a self- contained flat with four rooms, kitchen, bathroom and WC.

      At the rear is an extensive loading area which has a concrete floor, painted brick walls and fluorescent strip lighting. Two goods lifts link with the first floor and two concertina loading doors open to the rear service yard.

      Tenure
      Freehold subject to the individual occupational lease.

      Tenancy
      The property is let on an overriding lease of the whole for a term of 30 years from 26th February 2002 to 25th February 2032, at a rent of £209,500 per annum. The lease is subject to 5 yearly upward only rent reviews with the next one due February 2027.

      Rateable Value
      The property has been provided with the following Rateable Value in the 2020 Rating List:-

      Description Rateable Value
      Supermarket and premises £208,000

      EPC
      The unit has been awarded a C51 EPC Rating. A copy of all EPC is available upon request.

      VAT
      The investment will be sold as a TOGC and will therefore be exempt from paying VAT.

      Price
      Unconditional offers are invited in the order of £3,250,000, reflecting a Net Initial Yield of 6.04%.

      Viewings
      For a formal viewing strictly by appointment with Savills.

      Money Laundering
      A successful purchaser will be required to provide the appropriate information to satisfy current AML regulations when Heads of Terms are agreed.

    Local information

    • Lymington is an affluent Georgian town and a port lying on the west bank of the Lymington River on the Solent, on the southern edge of the New Forest. The town is situated approximately 29 kilometres (18 miles) south of Southampton and 26 kilometres (16 miles) east of Bournemouth.
    • The town is accessed from single carriageway A roads through the New Forest and has a railway station providing rail services into London Waterloo. The premises are situated on the northern side of the High Street and occupy a very central trading position adjacent to White Stuff and close to WH Smith, Waterstones and Superdrug.
    • The property occupies a 100% prime trading position in the centre of Lymington. The store has a principal frontage to the High Street plus a second customer entrance from the public car park to the rear.

    Available space

    Namesq ftsq mAvailability
    Ground9,670898.37Available
    Basement41738.74Available
    1st5,520512.82Available
    2nd84678.60Available