DESCRIPTION

A modern single storey property of steel frame construction and blockwork walls comprising 4,460 sq ft (414.4 sq m) with a dedicated car park providing parking for 7 cars. The store is open 7 days a week from 6:00am to 11:00 pm. The main customer access is off Loose Road whilst the store is serviced via a roller shutter door, accessed from the car park.  

 

INVESTMENT SUMMARY

Prominent well established convenience store.

Modern standalone Tesco Express store comprising 4,460 sq ft (414.4 sq m) and dedicated car park with 7 car spaces. 

Site area 0.24 acres (0.10 hectares). 

Property entirely let to Tesco Stores Limited on a 15 year FRI lease expiring 23rd November 2038 - an attractive term of approximately 14.25 years to expiry (9.25 years to break).

5 yearly upward only rent reviews to open market rent - first review at 23rd November 2028.

Current passing rent is £70,000 per annum.

Freehold. 

Secure covenant - Tesco Stores Limited hold a 27% market share of grocery stores in Great Britain.

The property is elected for VAT therefore the sale of the property may be treated as a Transfer of a Going Concern (TOGC). 

Offers sought in excess of £1,135,000 (One Million One Hundred and Thirty Five Thousand Pounds), subject to contract and exclusive of VAT, which reflects a Net Initial Yield of 5.75% assuming standard purchaser’s costs at 6.7%.   

ACCOMMODATION

Floor	Size	Price/Rent	Rates Payable
Ground Floor	4,460 sq ft - 415 sq m
Total	4,460 sq ft (415 sq m)

LOCATION

The property is situated on the A229 Loose Road on the one way southbound arterial road, with a high volume of passing traffic. There are excellent transport links with easy access to the M20 and in turn, the M25. Maidstone town centre, the largest town in Kent is only a 5 minute drive / 10 mins walk approx. from the property.