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FOR SALE Convenience Store Investment in the Historic City of York

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FOR SALE Convenience Store Investment in the Historic City of York Let to: On assignment from: FOR SALE Convenience Store Investment in the historic City of York 165-167 Burton Stone Lane, York, YO30 6DG Investment Summary • Prominent corner location fronting onto Burton Stone Lane, a predominantly residential neighbourhood to the immediate north of the city centre. • A newly refurbished convenience store let to Heron Food Ltd upon assignment from Tesco Stores Ltd. Tesco assigned to Heron Foods prior to opening. • The property is secured on a 20 year lease with a tenant option to break at years 10 and 15. Lease commencement date of 4th December 2014 providing c. 7 years to the nearest termination date. • Passing rent of £50,000 per sq ft (£12.72 per sq ft) with 5 yearly, compounded annually, rent reviews to RPI (0 – 4%). • Freehold. Strong yield compression opportunity due to the recent purchase of Heron Foods by B&M Bargains in Q2 2017. • Seeking offers in excess of £700,000 reflecting a NIY of 6.78% assuming purchasers costs of 5.30%. Let to the strong covenants of • Ideal SIPP purchase. Heron Foods, on assignment from Tesco Stores York A1(M) aoae YORK Location The City of York, which has a population of Keighley A1(M) Taaer approximately 206,900 (mid 2015 estimate) Brafod Leeds is a renowned heritage city and is located on Burnley M621 A1(M) A63 Hull the River Ouse in North Yorkshire. York is aburn situated 21 miles from Leeds, 70 miles from afa Wake�ield M62 Manchester, and 200 miles from London. Hudders�ield M66 Roa A15 So M180 access to Leeds and the A1(M) (Newcastle oo asley a toYork London) benefits fromvia thean orbitalA64. ringThe roadTranspennine providing NCEE M62 motorway is 27 miles south west of York A628 Roa providing links to Manchester and Liverpool. Safod Wagto Shef�ield York railway station is a principal stop on the East M56 M1 Coast Main Line to London in a fastest time of 1 hour 57 minutes. The Trans Pennine Express provides Maccles�ield A623 A61 frequent services to Leeds (23 minutes), Newcastle M6 Chester�ield (1 hour 7 minutes), Manchester (1 hour 18 minutes), Manchester Airport (1 hour 46 minutes) and Liverpool (1 hour 53 minutes). York Situation The property is situated c. 0.75 miles in a northerly direction from the centre of York and c. 1.5 miles to the south of the nearest perimeter to the A1237 (ring road). York Hospital and York Football Club are located 0.5 miles to the east and south respectively. The property is situated on the corner of Burton Stone Lane and Cromer St in a predominantly residential neighbourhood called Clifton. The area is characterised by terraced and semi-detached dwellings and various other convenience led retailers which are situated along Burton Stone Lane. There is a bus stop directly outside the property. Description Tenancy The building is a two storey (plus basement) Let in its entirety to Heron Foods Ltd on a 20 year lease with a tenant option to break at years 10 and 15. The converted public house, occupying an end terrace lease commenced on 4th December 2014, therefore position. The property is brick built with double providing c. 7 years to the nearest termination date. glazed windows under a pitched slate roof. There is off-street parking for 2 cars to the front of the On 6th March 2017 the property was assigned property. by Tesco Stores Ltd who under the terms of their lease now guarantee the rent by way of an Authorised Guarantee Agreement (AGA). Accommodation Rental of £50,000 per annum (£12.72 per sq ft) with We understand the property provides a net ground 5 yearly rent reviews to RPI (compounded annually), collared and capped at 0% and 4% respectively. The lease is drawn on a fully repairing and insuring basis. whichfloor sales has areabeen of cleared 2,491 sqand ft withis used a gross for stock area ofstorage. 1,441 sq ft at 1st floor. There is lift access to the 1st floor Please note these areas are taken from architect drawings. The basement has not been inspected. Tenure Freehold. York Covenant Information Heron Foods Ltd (01392197) Tesco Stores Ltd (00519500) Heron Foods is an English retail chain founded Tesco PLC is a British multinational grocery retailer in 1979 and is based in Melton with 251 stores, headquartered in Welwyn Garden City. It is the third primarily in the north of England and Midlands. The company employs c. 3,800 people. Heron primarily has stores in 12 countries across Asia and Europe sell frozen food, but has a wide range of dry and andlargest employs retailer more in the than world 476,000 measured people. by profits. It chilled stock with named brands. Tesco Stores Ltd has reported for the year end value giant B&M bought Heron Foods for £152m to developIn Q2 2017, a “discount due to their convenience aligned customer grocery profiles,brand”. (net2016 worth). figures of £39,843,000,000 (turnover), The intention is to expand and develop the Heron -£231,000,000 (pre-tax profit) and £1,077,000,000 business, initially through the opening of between 10 and 20 new stores per year. Heron Foods Ltd has reported for the year end 2016 figures of £274.4m (turnover), £8.727m (pre-tax profit) and £36.9m (net assets). York Terms VAT The property is elected for VAT although it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC). EPC ProposalCopies of the certificates are available upon request. We are instructed to seek offers in excess of £700,000. Based on purchaser’s costs of 5.3%, this reflects a net initial yield of 6.78%. Contact Matthew Cox MRICS Darren Moorhouse MRICS Ted Murray MRICS [email protected] [email protected] [email protected] Subject to Contract - November 2017 0161 850 0498 0161 850 7788 0161 850 0497 07788 999911 07778 159922 07766 003322 IMPORTANT NOTICE. MISREPRESENTATION ACT 1967. KING STREET COMMERCIAL, FOR ITSELF AND FOR THE VENDORS OF THIS PROPERTY, HEREBY GIVE NOTICE THAT: These particulars do not constitute, nor constitute any part of, an offer or contract. King Street Commercial Ltd and its members accept no legal responsibility for any statement or representation whether written, oral or implied or whether contained in any advertisement particulars or other matters issued or any correspondence entered into by them and whether made in any antecedent present or subsequent enquiries or negotiations. Neither King Street Commercial nor their principals, members, agents, servants or representatives have any authority whatsoever to make or give any representation or warranty whatsoever whether written or implied in relation to this property. Any intending purchaser must satisfy himself by inspection or otherwise as to the correctness of any antecedent present or subsequent statements or representations, and should not rely King Street Commercial upon the same unless he has satisfied himself accordingly. Unless otherwise stated all prices and rents are quoted exclusive of Value Added Tax (VAT), any intending purchasers or lessees must satisfy themselves www.kingstreetcommercial.com independently as to the incidence of vat in respect of any transaction. Published November 2017. York.
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