Highcliffe Co-Op, 309-311 Lymington Road, Highcliffe-On-Sea, BH23 5EG Freehold Supermarket Investment Guaranteed by Co-Op with Fixed Rental Uplifts

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Highcliffe Co-Op, 309-311 Lymington Road, Highcliffe-On-Sea, BH23 5EG Freehold Supermarket Investment Guaranteed by Co-Op with Fixed Rental Uplifts Highcliffe Co-Op, 309-311 Lymington Road, Highcliffe-on-Sea, BH23 5EG Freehold Supermarket Investment guaranteed by Co-Op with fixed rental uplifts Highlights Offers in excess Attractive town centre supermarket investment £2,375,000 The property totals 982.4 sq m (10,574 sq ft) Let for a further 13.25 years (no breaks) to the excellent covenant of Co-operative Foodstore Limited Total income £164,407 Total Effective rent of £164,407 per annum Fixed rental uplifts in 2022 to £183,754 p.a. and in 2027 to £205,378 p.a. Yield Freehold 6.50% National Investment Location The affluent town of Highcliffe-on-Sea is located within the borough of Christchurch, approximately 8.8 miles (14 km) east of Christchurch town centre, 21 miles (34 km) south west of Southampton and 25 miles (40 km) south of Salisbury. Highcliffe-on-Sea benefits from being located adjacent to the popular New Forest National Park, which boasts 13.5 million visitors per year. Highcliffe-on-Sea is renowned for its famous Highcliffe Castle and vibrant beaches as well as picturesque views of the Solent, Isle of Wight and its ‘Needle’ rocks. National Investment Situation The property is prominently situated on the busy Lymington Road (A337) in the middle of Highcliffe-on- Sea Town Centre. Lymington Road (A337) is the main arterial road through the town as well as the primary retail pitch. There are a variety of local and national occupiers situated on Lymington Road (A337) including Coral Betting shop (adjacent), Nationwide Building Society (opposite), Winkworths Estate Agent, Hays Travel and Age UK. National Investment Description Tenure The property is arranged on ground and one Freehold. upper floor to provide a ground floor supermarket with ancillary areas totalling 982.4 sq m (10,574 sq ft) The property is accessed via its main entrance on Lymington Road and a rear entrance that leads directly into Wortley Road Car Park. Wortley Road Car Park is the main town centre public car park. Accommodation & Tenancy Schedule Rent Effective Tenant Floors Use Sq Ft Lease Start Term Lease End Review Rent (£ p.a.) GF Sales 24/09/2032 Co-Operative 6,079 25/09/2007 25 (13.25 years 25/09/2022 £164,407 Foodstores Ltd remaining) F1 Ancillary 4,495 Total 10,574 £164,407 National Investment Covenant The Co-operative Group Limited In the first half of 2018, The Co-Operative Group opened 45 new food stores and 10 new funeral The Co-Operative Group is the fifth largest food homes creating over 600 new jobs. They also retailer in the UK, operating from over 2,800 acquired Simplify Probate to expand the probate local, convenience and medium sized stores. business and increase existing support for bereaved The group is also the largest UK funeral families, making Co-Op the largest provider of services provider, a major general insurer and a probate services in the UK. growing legal services business. The Group employs over 70,000 people across the various In the second half of 2018, the group significantly business lines with over 4.65 million active increased the rate of expansion, opening 60 new members, accounting for 33.5% of total food food stores and 15 new funeral homes in addition to turnover. In H1 2018, sales increased to introducing a revised product base within the £5bn, an increase of 10% compared to 2017 sales Insurance business. of £4.5bn. This reflects a strong performance within the Food business as well as accounting The Group is undergoing rapid expansion in the for the acquisition of Nisa’s wholesaling wholesale market following the recent acquisition operations. of Nisa and a five-year commercial deal to supply Costcutter Supermarkets Group. When combined with independent co-operative societies, The Co- Operative Group now supply over 7,700 stores nationwide. A summary of Co-operative Group Limited’s accounts are below: 6th January 2018 31st December 2016 2nd January 2016 Turnover £9,470,000,000 £9,472,000,000 £9,301,000,000 Pre Tax Profits £72,000,000 -£132,000,000 £23,000,000 Total Net Worth £2,191,000,000 £2,298,000,000 £2,006,000,000 National Investment EPC An EPC is available in the Allsop Marketing Data Room. VAT We understand the property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer of Going Concern (TOGC). Dataroom For access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/coophighcliffe Proposal We are instructed to seek offers in excess of £2,375,000 (Two Million Three Hundred and Seventy Five Thousand Pounds) subject to contract and exclusive of VAT. This equates to an attractive net initial yield of 6.50% after allowing for standard purchaser’s costs.. Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. 07.19 Ronnie Morgan Liam Stray Surveyor Senior Surveyor +44 (0)20 7543 6808 +44 (0)20 7543 6769 [email protected] [email protected] Contact s.
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