The property comprises of a two storey detached building with a multi-pitched slate roof
The property comprises of a two storey detached building with a multi-pitched slate roof, rendered brick elevations and double-glazed fenestration throughout. The property has been extended with a single storey element to the rear.
Externally, there is a tarmacadam car park located to the left elevation of the property with 9 lined spaces.
The ground floor is let to The Southern Co-operative Ltd from 14 August 2015 on a new full repairing and insuring 20 year lease (no breaks) at a commencing rent of £80,350 per annum. There are therefore 15 years and approximately 9 months unexpired. The lease is subject to 5 yearly rent reviews in line with RPI with a collar of 1% and cap of 4%.
Based on RPI data for the last 5 years we predict a rental increase in August 2020 to £92,000 per annum.
The first floor is let to a private individual on an Assured Shorthold Tenancy (AST) Agreement from 23 April 2019 at a current rent of 11,400pa.
The Southern Co-Operative was established approximately 145 years ago and operates in over 11 southern UK counties with approximately 200 stores including a successful franchise arm.
The Southern Co-operative Ltd had a turnover for the year end 27th January 2019 of £450,851,000, with a tangible net worth of £105,504,000. The tenant can therefore be considered of undoubted covenant strength.
For a formal viewing, strictly by appointment with Savills. Staff are unaware so no informal viewings or approaches.
Freehold, subject to an occupational lease of the whole.