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15 High Street, Weedon Bec, Northamptonshire NN7 4QD

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15 High Street, Weedon Bec, Northamptonshire NN7 4QD Photos taken prior to building refurbishment New Retail & Residential Investment For Sale 15 High Street, Weedon Bec, Northamptonshire NN7 4QD Highly prominent “Gateway” location Ground floor let to Tesco Six new residential flats Freehold No VAT Photos taken prior to building refurbishment Location Residential The property also benefits from 6 new residential flats comprising 3 one Weedon Bec is located approximately 6.5 km (4 miles) south east of bedroom and 3 two bedroom units. Daventry, 12 km (7.5 miles) east of Northampton, 32 km (20 miles) north west of Milton Keynes and 117 km (73 miles) north of London. Car Parking Weedon Bec is ideally located with access to a number of motorways including; The property will benefit from a total of 26 parking spaces; 17 will be demised to Tesco with the remainder for the sole use of the residential M1 - 10 km (6 miles) to the east element. M45 - 27 km (17 miles) to the north west M6 - 51 km (32 miles) to the north west A National House Building Control (NHBC) Certificate will be issued upon M40 - 40 km (25 miles) to the south completion of the building works. Situation Accommodation Two major routes intersect at a signal controlled junction immediately We are advised the property provides the following accommodation: in front of the property making this a particularly prominent site. Commercial The property, is situated on the western side of the intersection of the A5 (Watling Street) and the A45 (High Street). Improvements took place Ground Floor Tesco 389 sq m 4,187 sq ft last year to A5/A45 crossroads to widen the lanes thereby easing Residential congestion and improving journey times. A key route between Northampton and Daventry these works took place directly in front of Flat 1 1st Floor 1 bed 57.0 sq m 613 sq ft the subject property and is considered to be one of the most important junctions in the county of Northamptonshire. Flat 2 1st Floor 1 bed 70.0 sq m 753 sq ft Flat 3 1st / 2nd Floor 1 bed 68.7 sq m 740 sq ft The A45 leads west to Daventry, some 8 km (5 miles) away and east Flat 4 1st Floor 2 bed 79.0 sq m 850 sq ft to Junction 15 of the M1 Motorway which in turn connects with the A4500 to Northampton, some 14 km (9 miles) from the property. The Flat 5 1st Floor 2 bed 84.0 sq m 904 sq ft A5 provides a route north to Rugby approximately 22 km (14 miles) Flat 6 1st Floor 2 bed 88.8 sq m 956 sq ft away and south towards Towcester approximately 12 km (7.5 miles) away. Sub Total 447.5 sq m 4,816 sq ft Total 836.5 sq m 9,003 sq ft Description Site Commercial We estimate the site area to be approximately 0.13 hectares (0.34 The ground floor of the property is being converted into an A1 acres). convenience store which is to be operated by Tesco. Tesco entered into a pre-let of the ground floor some two years ago, submitted and led the planning application themselves which was Planning granted on appeal. Consent was granted on 1st May 2012 by Daventry District Council Tesco is presently on site fitting out. We understand Tesco plan to for change of use and conversion of existing former Globe Hotel to commence trading at the beginning of April. form a retail development comprising a convenience store on ground floor and conversion of part ground floor, first floor and second floor to residential providing 6 flats comprising 3 one bedroom flats and 3 two bedroom flats plus associated external alterations, provision of parking and landscaping. Tenure Covenant Tesco Stores Limited (Co. No.519500) has reported the following figures: Freehold 23rd Feb 2013 23rd Feb 2012 Turnover £42,662 million £41,981 million Tenancy Pre-Tax Profits £921 million £2,126 million Shareholders’ Funds £3,255 million £7,048 million The ground floor retail accommodation has been let to Tesco Stores Limited, from the 28th August 2012 on Full Repairing and Insuring The principal activity of the company is the operation of food stores and terms for a period of 20 years expiring 27th August 2032. associated activities throughout England, Scotland, Wales and Northern Ireland. The current passing rent is £52,000 per annum equating to £133.67 per sq m / £12.42 per sq ft. The company’s ultimate parent undertaking and controlling party is Tesco PLC, a FTSE 100 Company. Tesco is the United Kingdom’s There is a tenant only option to break the lease at the anniversary of largest grocer and the world’s third largest grocery retailer with the 10th year. The tenants’ demise includes the exclusive use of 17 operations in 12 international markets, employing some 530,000 people car parking spaces. in 4,331 stores worldwide. Tesco has some 3,000 stores in the United Kingdom employing over 300,000 staff. By format Tesco’s Express The lease benefits from five yearly upward only rent reviews and is brand is their largest with some 1,500 stores. For further information reviewed to the higher of the yearly rent reserved under the lease please visit www.tescoplc.com. immediately preceding the review date and the All Items Retail Prices Index (RPI) with a cap of 4%. The next rent review is on 28th August Residential Values 2017. We have been advised by residential estate agents operating in Weedon The residential flats are to be offered with full vacant possession. Bec that the 1 bedroom flats could achieve between £115,000 and £125,000 and the 2 bedroom flats could achieve between £135,000 and £150,000. Value Added Tax On a rental basis we are advised the 1 bedroom flats could achieve £525 per calendar month and the 2 bedroom flats could achieve £650 per The property has not been elected for VAT. calendar month which would produce £42,300 per annum. Contact Proposal Our client is seeking offers in the region of £1,600,000 (One Million Six Singer Vielle Hundred Thousand Pounds), subject to contract. 94-96 Wigmore Street [email protected] London W1U 3RF A purchase at this level would equate to the following; Tel: 020 7935 7200 [email protected] Fax: 020 7486 8511 Tesco £820,000 £196 psf Capital Value 6.00% NIY www.singerviellesales.com [email protected] Residential £780,000 £162 psf Capital Value 5.12% GIY [email protected] [email protected] Investment Considerations Vendors Solicitor 1. An opportunity to acquire a new highly prominent convenience store and residential investment in a “gateway” location at the Ingram Winter Green intersection of the A45 and A5; Bedford House [email protected] 21A John Street 2. The investment provides secure income – let to the undoubted London WC1N 2BF 5A1 covenant Tesco Stores Limited; Tel: 020 7845 7400 3. The lease benefits from five yearly upward only rent reviews geared Fax: 020 7845 7401 to the All Items Retail Prices Index (RPI); DX: 105 Chancery Lane, London 4. Six flats which have been converted to provide brand new accommodation with on site car parking; 5. The property is not VAT elected; 6. The property could offer development potential subject to planning permission. Subject to Contract & Exclusive of VAT Singer Vielle for themselves and for the Vendors or Lessors of this property whose Agents they are give notice that: 1. The particulars are set out as a general outline only for the guidance of intending purchasers or lessees, and do not constitute, nor constitute part of, an offer or contract 2. All descriptions, dimensions, references to condition and necessary permissions for use and occupation, and other details are given in good faith and are believed to be correct but any intending purchasers or tenants should not rely on them as statements or representations of fact but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 3. No person in the employment of Singer Vielle has any authority to make or give any representation or warranty whatever in relation to this property. 4. All maps are for identification purposes only and should not be relied upon for accuracy. 5. Unless otherwise stated, all prices and rentals quoted are exclusive of Value Added Tax to which they may be subject. Under no circumstances shall Singer Vielle be liable to you for any direct, indirect, consequential, incidental or special damages arising out of your purchase or lease of any Property. Unless otherwise stated, all prices and rents are quoted exclusive of VAT. These details are believed to be correct at the time of compilation, but may be subject to subsequent amendment. 1. Under no circumstances shall we be liable to you for any direct, indirect, consequential, incidental or special damages arising out of your purchase or lease of any Properties on the Site. 2. Under no circumstances shall we be liable for any errors or incompleteness of the information relating to any Property listed on this Site or if any Property has been withdrawn from sale or lease nor shall we be responsible for any inaccurate dimensions of any Properties or price listed. 3. Our website service permits you to enquire about and to purchase or lease Properties appearing on or listed on this Site. Such enquiries, purchase or leasing can only be made and permitted strictly subject to the terms and conditions set out below. 4. We do not accept responsibility or liability for the completeness or accuracy of information appearing on this Site which is provided by the Vendors or Lessors of the Property concerned who are solely responsible for such information.
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