Description
The property has been constructed in accordance with the planning consent granted by East Lindsey District Council under reference S/153/01831/21 on 9th May 2022.

The scheme has been designed to reflect the characteristics of the location and provide the local community with a vital amenity. Tesco moved into the property on 18th October 2024.

The store spans 4,000 sq. ft and includes 12 parking spaces

Tenancy
The property is let on a new Full Repairing and Insuring lease to Tesco for a term of 15 years term certain, with no breaks, at a commencing rent of £78,000 per annum. The lease includes 5 yearly rent reviews in line with the Consumer Price Index (CPI), subject to a collar and cap of 1% and 4%.The rent at each review is compounded annually.

Tenure
The freehold interest is being sold subject to the new tenancy.

Rateable value
Awaiting assessment.

EPC
A-13

Price
The lease to Tesco is now completed. This investment is available at a guide price of £1.4m representing a NIY of 5.25%.

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.

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

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