Tonbridge, Kent East Peckham Bypass A228 Branbridges Road, Tn12 5Hh
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TONBRIDGE, KENT EAST PECKHAM BYPASS A228 BRANBRIDGES ROAD, TN12 5HH FREEHOLD CO-OPERATIVE CONVENIENCE STORE & PETROL STATION INVESTMENT IN EXCESS OF 13 YEARS UNEXPIRED TONBRIDGE, KENT EAST PECKHAM BYPASS, A228 BRANBRIDGES ROAD, TN12 5HH ROYAL TUNBRIDGE WELLS A228 M20 INVESTMENT SUMMARY n Excellent opportunity to acquire a secure income asset in the expanding n Let to Co-operative Group Food Ltd with in excess of 13 years remaining forecourt convenience sector. n Store totals 4,500 sq ft GIA n Busy main road location on a prominent site close to the A228. n Offers are sought in excess of £3,750,000 (Three Million Seven Hundred and n Current Passing Rent £240,000 per annum Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase n Rent rising to a minimum of £271,536 per annum in 2024 at this level reflects a net initial yield of6.00% rising to a minimum of 6.80% in 2024 assuming purchaser’s costs of 6.54% DUNDEE ■ PERTH ■ M80 EDINBURGH M9 ■ M73 M8 GLASGOW M77 M74 NEWCASTLE UPON TYNE ■ ■ ■ CARLISLE SUNDERLAND A1(M) MIDDLESBROUGH A1(M) YORK ■ LEEDS BLACKBURN ■ ■ HULL M65 A63 ■ ■ M62 HALIFAX M66 A15 A1 ORMSKIRK ■ SCUNTHORPE ■ BARNSLEY ■ BOLTON ■ DONCASTER M60 ■ M18 M180 GRIMSBY M1 LIVERPOOL ■ A52 BRIGG ■ MANCHESTER A1(M) ■ SHEFFIELD ■ M56 GAINSBOROUGH ■ CHESTERFIELD BUXTON ■ LINCOLN ■ NEWARK-ON-TRENT M6 ■ NEWCASTLE-UNDER-LYME ■ BOSTON A38 ■ STOKE-ON-TRENT NOTTINGHAM ■ DERBY ■ A52 ■ M1 A46 A1 STAFFORD ■ M54 M6 Toll A47 ■ LEICESTER WALSALL ■ NORWICH M42 PETERBOROUGH ■ WOLVERHAMPTON M6 M5 BIRMINGHAM A1(M) A14 ■ ■ A11 COVENTRY M42 A43 NORTHAMPTON M40 ■ A428 CAMBRIDGE ■ A1 A11 IPSWICH ■ ■ MILTON M1 M11 KEYNES A1(M) TONBRIDGE, KENT EAST PECKHAM BYPASS, A228 BRANBRIDGES ROAD, TN12 5HH O R OXFORD C H M5 A ■ R D AD RO R OLD D ) M40 M25 8 ■ BRANBRID 2 2 A ( SWANSEA P Y I N A M25 K H G SWINDONW A E D S M E R ■ CARDIFF O M A R D ■ E READING LONDON V I R ■ ay ■ edw r M e v BRISTOL i ■ R M2 BATH M26 M25 T M20 O ) R 8 B A 2 Y 2 R A O ( A TONBRIDGE D D EASTBOURNE A O R ■ S CRAWLEY M23 ROYAL E G ■ TUNBRIDGE D I A21 R WELLS B N THREE BRIDGES A ■ R ■ B A23 10 A26 ■ AY BRIGHTON GRAVELLY W Beltring ■ B SOUTHAMPTON R Garage A 5 N Park B chers ■ R Ar I D 1 G PORTSMOUTH El Sub Sta E S 4 R LOCATION O 27 A D East Peckham is situated approximately 5 miles (8 km) n i a r east of Tonbridge, 7 miles (11 km) south west of Maidstone D Y and 8 miles (13 km) north east of Royal Tunbridge Wells. A W E It lies on the busy A228 which links the M20 motorway L Y 33 (Junction 4) to the north and the A21 (Royal Tunbridge O ■ B Wells) to the south. PLYMOUTH 14.0m Beltring railway station is within close proximity to the property offering regular services to Maidstone and Paddock Wood where services into London are provided. 1 Buses are available directly outside the subject property 3 with services running into East Peckham. Branbridges Industrial Estate 5 © Crown4 Copyright, ES 100004106. For identification purposes only. 12.7m SITUATION8 SITE AREA The property is located on the eastern side of East Peckham occupying The property has a total site area of 1.51 acres (0.61 ha). a triangular site immediately adjacent to a roundabout on the A228. 0m 10m 20m 30m The site is accessed directly from the Branbridges Road at its prominent TENURE Ordnance Survey © Crown Copyright 2016. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250 junction with the A228. The immediate surrounding area consists mostly Freehold commercial occupiers with the Branbridges Road Industrial Estate directly opposite. TENANCY DESCRIPTION The property is let to Co-operative Group Food Limited on a reversionary Lease for a term of 15 years from 10th November 2014 expiring 9th December 2029. The current The subject property comprises a modern Co-operative Food passing rent is £240,000 per annum rising to a minimum of £271,536 per annum on 10th convenience store of approximately 418 sq m (4,500 sq ft) with December 2024. The Lease is subject to upward only rent reviews in 2019 and 2024. a Texaco branded petrol filling station comprising five pump islands (10 bays), a car wash facility and 16 customer parking bays. PLANNING Internally the Co-op store offers a full grocery convenience range, an ATM, an off-licence, Costa Express machine and hot takeaway food. The subject property benefits from an open A1 with food planning consent, The site operates 24 hours a day. as well as a sui generis element. Further information available upon request. TONBRIDGE, KENT EAST PECKHAM BYPASS, A228 BRANBRIDGES ROAD, TN12 5HH COVENANT EPC The Co-operative Group is the fifth largest food retailer in the United Kingdom The EPC is available on request. with a 6.1% market share operating just over 2,800 grocery outlets. During 2015 the Co-op refurbished 264 stores and opened 97 new locations with a further VAT 100 new convenience stores target in 2015. The property is elected for VAT and it is The Co-operative Group Food Ltd produced the following headline accounts anticipated that the transaction will be treated over the last 3 years: as a transfer of a going concern (TOGC). 04/01/2014 05/01/2013 05/01/2012 (000s) (000s) (000s) Turnover £10,534,000 £12,448,000 £12,313,000 Pre-Tax Profit -£277,000 -£703,000 £231,000 Total Net Worth £756,000 £2,669,000 £3,100,000 PROPOSAL Offers are sought in excess of £3,750,000 (Three Million Seven Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects a net initial yield of 6.00% rising to a minimum of 6.80% in 2024 assuming purchaser’s costs of 6.54%. For further information or to make arrangements for viewing please contact: Jonathan Butcher Liam Stray Alex Butler 020 7543 6755 020 7543 6769 020 7543 6722 [email protected] [email protected] [email protected] www.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. 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. 07.16.