Tesco110-111 High Street, Lymington, SO41 9AP

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 £3,500,000, reflecting a Net Initial Yield of 5.62% assuming usual purchasers costs of 6.51%.

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.