Co-Op Food, 114-117 Market Jew St, Tr18 2Ld
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CO-OP FOOD, 114-117 MARKET JEW ST, TR18 2LD PENZANCELONG LET FREEHOLD CONVENIENCE STORE WITH CPI INDEXED UPLIFTS CO-OP FOOD, 114-117 MARKET JEW ST, TR18 2LD PENZANCE LONG LET FREEHOLD CONVENIENCE STORE WITH CPI INDEXED UPLIFTS 11 NEW APARTMENTS SUBJECT PROPERTY INVESTMENT HIGHLIGHTS UNDER CONSTRUCTION • Penzance is a busy market town and the largest western town in England, acting as a significant commercial hub for numerous surrounding towns and villages • Situated on the Prime Retail Pitch with the benefit of a rear yard and customer car parking • Prominent convenience store extending to 12,613 sq ft over basement, ground and two upper floors • Entirely let to Co-Operative Group Limited until April 2032 (10.85 years unexpired) • Tenant option to renew the lease on expiry until 18/04/2047 • Effective entr of £128,179 p.a., subject to rental top up • The rent is subject to 5-yearly annual CPI indexation linked reviews, subject to a collar of 1% and cap of 3% p.a. • 114 Market Jew Street is sub-let to Sue Ryder expiring 15/09/2021, subject to ongoing lease renewal negotiations • Freehold (site area of 0.26 acres) PROPOSAL We are instructed to seek offers in excess of £1,950,000 (One Million, Nine Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects aNet Initial Yield of 6.2%, allowing for standard purchaser’s costs. DATA ROOM For access to the Allsop Marketing Data Room, please use the below link: https://datarooms.allsop.co.uk/register/ cooppenzance Site outline for identification purposes only. CHEDDER LYNTON WELLS MINEHEAD ILFRACOMBE A39 BRIDGWATER CO-OP FOOD, 114-117 MARKET JEW ST, TR18 2LD BARNSTABLE A358 M5 LONG LET FREEHOLD CONVENIENCE STORE WITH CPI INDEXED UPLIFTS PENZANCE A396 BIDEFORD TAUNTON A361 A361 GREAT A358 TORRINGTON YEOVIL ILMINSTER TIVERTON A303 A37 A386 A377 A39 BUDE M5 HONITON LOCATION & SITUATION AXMINSTER A377 A35 Penzance is an attractive coastal town and the major tourist BRIDPORT A30 EXETER SEATON and commercial centre of West Cornwall. It is situated SIDMOUTH A376 A395 LAUNCESTON approximately 28 miles south west of Truro and 78 miles south EXMOUTH west of Plymouth. The town is bordered to the north and east by A380 A30 A388 the A30, a key arterial route through the South West of England TAVISTOCK NEWTON PADSTOW ABBOT providing direct access to the M5 Motorway and A303. YELVERTON A38 A39 A389 TORQUAY The property is situated on the south west side of Market BODMIN LISKEARD A386 A390 A38 NEWQUAY A391 SALTASH Jew Street, the prime pitch for the town centre and within IVYBRIDGE close proximity to the largest town centre car park. A392 DARTMOUTH A30 ST AUSTELL PLYMOUTH Penzance rail station is situated a short 5 minute walk to A390 the north east providing direct services to London KINGSBRIDGE Paddington, Bristol and Exeter. REDRUTH TRURO ST IVES CAMBORNE Occupiers close by include Santander, Millets, HAYLE A39 A30 PENRYN FALMFALMOUTHOUTH Tesco Express, Halifax and Rymans. ST JUST PENZANCE A394 A30 SENNENSENNEN Site area: 0.28 acres © Crown Copyright, ES 100004106. For identification purposes only. Site outline for identification purposes only. CO-OP FOOD, 114-117 MARKET JEW ST, TR18 2LD PENZANCE LONG LET FREEHOLD CONVENIENCE STORE WITH CPI INDEXED UPLIFTS DESCRIPTION TENANCY INFORMATION The property is situated in the heart of the town Tenant Unit Demise Sq Ft Lease Details Unexpired Term Effective Rent Next Review/ centre on the prime retail pitch and comprises (Years) £ PA Fixed Uplift two adjacent attractive High Street buildings, (£ PSF) arranged over basement, ground and two Ground ITZA 600 upper floors. Ground 1,027 The Co-Op food store benefits from automatic 114 Market First 868 sliding door access to the front of the building Jew Street 15 years from 19/04/2017 to as well as 11 car parking spaces in the rear yard Second 302 18/04/2032. 5-yearly CPI linked rent area accessed via Jennings Street. Internally the £128,179* Co-Operative Sub Total 2,197 reviews (cap and collared at 1-3%). Subject to rental top up 19/04/2022 building is arranged in the tenant’s corporate Group Food 114 Market Jew Street is sub-let to 10.85 (£10.00, net effective rate fit-out and typical convenience store offering. Limited Basement 643 Sue Ryder on a lease expiring on inclusive of Sue Ryder 19/04/2027 15/09/2021, subject to ongoing lease rents contribution) Ground 4,604 115-117 renewal negotiations. TENURE Market Jew First 4,545 Street* Freehold. Title No: CL111390. Second 624 Sub Total 10,416 Total 12,613 *The original lease rent is £120,000 p.a. and will be topped up to the effective rent due on a notional rent review of 19/04/2021. An incoming purchaser will benefit from a 12 month rental uplift from 2021 to 2022 as per the review clause of the lease. *The lease is held inside the security provisions of the Landlord and Tenant Act 1954. *The tenant benefits from an option to extend the lease on expiry of the existing term (18/04/2032) for a term of 15 years, expiring on 18/04/2047. *115-117 Market Jew Street has been measured on a Gross Internal Area (GIA) basis. CO-OP FOOD, 114-117 MARKET JEW ST, TR18 2LD PENZANCE LONG LET FREEHOLD CONVENIENCE STORE WITH CPI INDEXED UPLIFTS The Co-Operative Group is the sixth largest food retailer in the UK, operating from 2,611 local, convenience and medium sized stores. The group is also the largest UK funeral services provider, a major general insurer and operates a growing legal services business. The Group employs over 70,000 people across the THE CO-OP’S FAMILY OF BUSINESSES various business lines with over 4.6m active members, accounting for 33% of total food turnover. In 2019, group turnover increased to £10.9bn, an FOOD increase of 7% compared to 2018. This reflects a 2020 INTERIM SALES 2020 strong performance the Food business, the success (26 weeks ended 4 July 2020) UNDERLYING PROFIT of the acquisition of Nisa’s wholesaling operations in The UK’s sixth largest food retailer 2018 and the opening of 79 stores across the UK. with a presence in every postal area, serving more than 14 million £5.797BN £121M Underlying profit before tax was £50m (excluding customers a week. UP 7.6% ON 2019 UP 105% ON 2019 IFRS 16), up £17m on 2018 on a like for like basis. Profits are shown after deducting the amount The Co-Op are also the UK’s biggest convenience store retailer recording members have earned through the 5% and 1% a sixth successive year of sales growth member rewards, which totalled £59m in 2019. in food stores. In 2019 The Co-Operative Group: • Opened 79 new food stores and undertook 152 store refurbishments FUNERALCARE FOOD SALES • The group invested £439 million of capital expenditure in 2019 principally on Food refits (£94 million) and new stores (£80 million) The funeral business is considered £3.92BN the UK leader, carrying out over UP 5.2% ON 2019 • Expanded the probate business and increase 100,000 funerals each year across existing support for bereaved families, making a network of 998 funeral homes – Co-Op the largest provider of probate services in that’s 16.5% of all funerals in the UK the UK. • Launched an innovative travel insurance providing cover for existing medical conditions and upfront financial help in a medical emergency. LEGAL SERVICES The Group is undergoing rapid expansion in the WHOLESALE REVENUE FUNERAL SALES wholesale market following the recent acquisition Offers legal advice and provides legal of Nisa and five-year commercial deal to supply services for family law, divorce, will £801M £148M Costcutter Supermarkets Group. When combined writing, conveyancing, employment UP 13.9% ON 2019 UP 3.5% ON 2019 with independent co-operative societies, The law, probate and personal injury it was Co-Operative Group now supply over 7,700 stores established in 2006 and employs over nationwide. 300 staff in Manchester, London, Bristol and Sheffield. THE PROPERTY IS DUE TO BE OFFERED AT AUCTION AT OUR TUESDAY 20TH JULY 2021 COMMERCIAL AUCTION, UNLESS SOLD PRIOR OR WITHDRAWN EPC The property is rated D (79). Certificate No. 0240-2973-0345-5730-8080. VAT The property is elected for VAT and it is anticipated the transaction will be treated as a Transfer of a Going Concern (TOGC). ANTI-MONEY-LAUNDERING A successful bidder will be required to provide information to satisfy the AML requirements when Heads of Terms are agreed. DATAROOM For access to the Allsop dataroom please use the following link: https://datarooms.allsop.co.uk/register/cooppenzance PROPOSAL We are instructed to seek offers in excess of£1,950,000 (One Million, Nine Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level reflects aNet Initial Yield of 6.2%, allowing for standard purchaser’s costs. For further information or to make arrangements for viewing please contact: NATIONAL INVESTMENT COMMERCIAL AUCTIONS Freddie Foley Tom Dales Chris Childs 07765 982 637 07799 663 631 07818 087 990 [email protected] [email protected] [email protected] allsop.co.uk 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.