Reading Charvil Service Station New Bath Road (A4), Charvil, Rg10 9Rl
Total Page:16
File Type:pdf, Size:1020Kb
READING CHARVIL SERVICE STATION NEW BATH ROAD (A4), CHARVIL, RG10 9RL FORECOURT AND CONVENIENCE STORE INVESTMENT WITH A GUARANTEE FROM CO-OP GROUP LTD AND LONGER TERM DEVELOPMENT POTENTIAL CHARVIL SERVICE STATION FORECOURT AND CONVENIENCE STORE INVESTMENT WITH A GUARANTEE NEW BATH ROAD (A4), CHARVIL, READING, RG10 9RL FROM CO-OP GROUP LTD AND LONGER TERM DEVELOPMENT POTENTIAL INVESTMENT CONSIDERATIONS • Highly visible petrol filling station located on the busy A4 linking • Estimated fuel volume 3.9m litres per annum Reading to London • Freehold • Let to Somerfield Stores Ltd guaranteed by the excellent covenant of • Prominent Site on the busy A4 with an area of 0.5 acres (0.2 ha) Co-Operative Group Ltd for a further 7.25 years • Long Term Redevelopment Potential (STP) • No Breaks • Offers sought in excess of £2,400,000 (Two Million Four Hundred Thousand • Current rent passing £145,848 per annum subject to fixed increases Pounds) subject to contract and exclusive of VAT. A purchase at this level of 2% per annum reflects a net initial yield of 5.75% assuming purchasers costs at 6.36%. CHARVIL SERVICE STATION FORECOURT AND CONVENIENCE STORE INVESTMENT WITH A GUARANTEE NEW BATH ROAD (A4), CHARVIL, READING, RG10 9RL FROM CO-OP GROUP LTD AND LONGER TERM DEVELOPMENT POTENTIAL Bicester A505 Stevenage A131 Luton A120 Stansted A120 A44 Luton A120 A418 A5 Knebworth Woodstock A41 A10 A602 Oxford M40 M1 A1(M) A131 A34 Aylesbury M11 A130 Witney Hertford A40 A414 A41 Harlow Oxford Hemel Hatfield Hempstead St Albans A4142 Thame Chelmsford M10 A414 A10 A138 J21 A414 Appleton A404 Potters Bar Epping Chipping A4010 J20 A4047 J23 Ongar J19 J25 M25 J27 A420 Abingdon A329 Borehamwood A12 A415 Watford A1 Enfield A130 B4009 High M1 M11 Didcot M40 Wycombe A355 A413 A10 Billericay A417 Woodford A4130 M25 J28 Wickford Wallingford Green Wantage Harefield Harrow Brent A12 A127 A4130 Cross J29 Basildon A338 A329 A404 J16 Ilford Romford A4155 Wembley Henley-on A40 Barking A34 Maidenhead Uxbridge A4047 -Thames A13 Streatley Slough Canvey A13 M25 Island A4 M4 LONDON J15 A329 A404(M) Windsor A20 A321 Clapham READING Heathrow Richmond Dartford M4 Staines A316 A2 A329(M) Gravesend Ashford Kingston J2 Upon Thames A20 A2 Ascot Bromley Charvil is a village to the east of Reading 5km (3 miles) on the A4 road linking Reading toNewbury Wokingham J12 A309 A23 A322 J3 Gillingham A24 Croydon London via Maidenhead. The immediate surrounding area is extremely affluent with the A232 A21 M2 A33 Sutton M20 Tadley Sandhurst M3 Epsom Sittingbourne J10 attractive Thameside village of Sonning close by. Woking A217 Biggin Hill A339 A22 ad J9 J5 M26 M20 Ro READINGFarnborough & TWYFORD STATIONSA3 DIRECT LINK TO LONDON se ou Basingstoke M25 Sevenoaks H Fleet A331 il Maidstone v J7 har J8 J6 C A34 Oxted Aldershot Guildford Reigate A26 Whitchurch P Dorking a Redhill e r k Farnham A21 u Andover d V n a READING e i o e Tonbridge v M23 A303 w A R D Horley e h A22 r Royal n t i e v Reading is an affluent town and the principal commercial centre within the Thames Staplehurst o a A24 Gatwick v e t i r Alton Tunbridge s B D So e t l e i n w r Valley. The town is well located in the M4 corridor 64 km (40 miles) west of CentralA264 Wells e o u M c e t A229 s m S h A31 e N h t Crawley Three Bridges r t r London and 40 km (25 miles)A3 south east of Oxford. Road communications are a C ra P t t ip e 4 h A21 S is n m A t excellent with the M4 (Junctions 10 to 12) providing access to London and the M25East Grinsteadto o r t e A26 s o l e le il r M e W the east and Swindon, Bristol to the west. Horsham a D Winchester y r i v Close e The town also benefits from excellent regular train services to London Paddington na 2 e w 3 u ilo n K 0 e 3 (22 minutes), Birmingham New Street (1 hour 32 minutes) and Bristol (49 minutes).Haywards Rail v Petersfield A23 A A e Heath n Romsey links to London are set to improve further with Crossrail linkingA24 the town directly to Central to s ile London. Crossrail will also stop at Twyford which is located 2.5 km (1.6 miles) to the east. M M27 Burgess Hill A22 London Heathrow Airport is approximately 40 km (25 miles) to the east. 2 3 30 P A a r k L Charvil Lane a n e DEMOGRAPHICS Reading has a primary catchment population of approximately 388,000 people with the town providing a well-integrated service economy combining a highly skilled local d a o s workforce, with half of the working population holding higher education qualifications, orn R The Hawth P h a and a diverse range of business types, in particular technological, financial and t s r rn k a o L B h t a professional services. Close to 70% of total employment is within the private sector, w n e 4 a H A significantly above the retail PROMIS average. e h Walk T Foxes CHARVIL SERVICE STATION FORECOURT AND CONVENIENCE STORE INVESTMENT WITH A GUARANTEE NEW BATH ROAD (A4), CHARVIL, READING, RG10 9RL FROM CO-OP GROUP LTD AND LONGER TERM DEVELOPMENT POTENTIAL Star Charvil, New Bath Road, Charvil, Reading, RG10 9RL SITUATION The property is prominently situated on the A4 (Bath Road), a core arterial route linking Reading to London. The petrol station is located on the busy Charvil roundabout which A4 provides access off the A4 into Twyford (which will benefit from Crossrail) and Sonning. DESCRIPTION The forecourt benefits from dual access with entrances from the A4 (Bath Road) and the A3032 (Old Bath Road). The property provides 12 pumps and a medium sized Co-Op convenience store offering with ATM facilities. The retail accommodation totals 1,292 sq ft (120 sq m), of which the sales area is approximately 960 sq ft and the site offers 6 customer car spaces. There is a former car wash which now comprises storage accommodation providing 503 sq ft (46.7 sq m). It is worth noting that the forecourt is open 24 hours a day, 7 days a week. SITE AREA 0.5 acres (0.2 hectares). © Crown Copyright, ES 100004106. For identification purposes only. created on Plotted Scale - 1:1,250 Misrepresentation Act: 1. Allsop LLP on their own behalf and on behalf of the instructing party, whose agents Allsop are, 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 instructing party does not make or give, and neither Allsop nor any of their members nor any person in their 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 instructing party are those contained and expressly referred to in the written contract for sale or agreement for lease between the instructing party 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. CHARVIL SERVICE STATION FORECOURT AND CONVENIENCE STORE INVESTMENT WITH A GUARANTEE NEW BATH ROAD (A4), CHARVIL, READING, RG10 9RL FROM CO-OP GROUP LTD AND LONGER TERM DEVELOPMENT POTENTIAL TENURE TENANCY Freehold. The property is let to Somerfield Stores Ltd guaranteed by the excellent covenant of Co-Operative Group Ltd for 20 years from 21st June 2007 expiring 20th June 2027 at a current rent of £145,848 pa. The lease benefits from annual fixed uplifts based on 2% compounded with the next uplift to take place on 21st June 2020. COVENANT The Co-operative Group is one of the largest retailers in the UK operating in a range of areas including food, clothing, insurance and funeral services. The Co-op is the UK’s 6th largest food retailer with over 2,500 local, convenience and medium size stores and employs over 70,000 people. They make up 6% of the grocery market share. A summary of the accounts for The Co-operative Group Ltd is below: 05/01/2019 06/01/2018 31/12/2016 Turnover £10,162,000,000 £9,470,000,000 £9,472,000,000 Pre Tax Profit £93,000,000 £72,000,000 (£132,000,000) Total Net Worth £1,998,000,000 £2,191,000,000 £2,298,000,000 VAT EPC PROPOSAL The property is elected for VAT and it’s anticipated EPC is available within the the transaction will be treated as a transfer of a dataroom. Offers sought in excess of £2,400,000 (Two Million Four Hundred Thousand Pounds) going concern (TOGC). subject to contract and exclusive of VAT. A purchase at this level reflects a net initial AML yield of 5.75% assuming purchasers costs at 6.36%.