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INVESTMENT OPPORTUNITY the CO-OPERATIVE, MARKET PLACE, AYLESHAM, CANTERBURY, KENT CT3 3DY Investment Summary

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INVESTMENT OPPORTUNITY the CO-OPERATIVE, MARKET PLACE, AYLESHAM, CANTERBURY, KENT CT3 3DY Investment Summary SECURE CONVENIENCE STORE INVESTMENT OPPORTUNITY THE CO-OPERATIVE, MARKET PLACE, AYLESHAM, CANTERBURY, KENT CT3 3DY Investment Summary • Secure convenience store investment opportunity • Prominent and central location in affluent south east residential town of Aylesham • Well-presented, recently extended and refurbished unit • Provides a total of 6,845 sq ft • Freehold site of c. 0.43 acres • Sale and leaseback to undoubted covenant of Co-operative Group Food Limited • 15 year FRI lease without break from completion of sale • Initial rent of £80,000 per annum (£11.70 psf) • 5 yearly upward only CPI reviews (1-3% collar and cap) • Offers in excess of £1,360,000 (STC) • Representing a Net Initial Yield of 5.50% • Estimated reversionary yield of 6.37% in the 5th anniversary and 7.39% RY in 10th anniversary CHELMSFORD HEMEL HEMPSTEAD M1 THE CO-OPERATIVE, MARKET PLACE, AYLESHAM, SECURE CONVENIENCE STORE M11 INVESTMENT OPPORTUNITY CANTERBURY, KENT CT3 3DY M25 SLOUGH LONDON MOUTH OF THE THAMES Location M4 Aylesham is the largest village in East Kent, located M25 approximately 6.5 miles southeast of the popular M3 M2 M25 M26 CANTERBURY tourist town of Canterbury and 8.5 miles northwest of M25 MAIDSTONE REDHILL port of Dover. GUILDFORD M20 M23 In the 2011 census, the town had a population of 4,000 which ROYAL DOVER TUNBRIDGE M20 has since grown to an estimated 5,000 in 2016. The town is set WELLS to grow further, with Aylesham Garden Village more than half STRAIT OF DOVER way through it’s planned development of 1,200 new homes. The town is well connected by both road and rail, with Aylesham station providing regular services to London and Dover.South Downs CHICHESTER BRIGHTON PORTSMOUTH Statio n Road Adisham Bonnington Wood oad R B2046 Sandwich Adisham R atling Nooketts Roa Wood Woodlands d Farm Ratling Goodnestone d a Wood o Old Court R Chillenden g Wood lin t a R Great Pinners Wood Gooseberryhall Wood Road dwich n Sa R a tling R o a d Beech Grove B2046 School Aylesham Primary School Aylesham oad Sandwich R ad C o h a R pm t l o a h ns k Aylesham c H A ill C ooting Nonington Aylesham reet Ro Ea t s o S Industrial a t l e d ee Estate le Str y Lane o inne Ayle Eas Sp s ha m Ro d B a u d tt e r S t r e e treet t S Holt y Lane nne Do Spi ver Roa A yles d h a m R oa d Snowdown A2 Snowdown Do Road m v Nigh er Road Snowdown t Adisha ingale B2046 Colliery L ane Do ver R oad Womenswold t ee tr S he T A d Frogham e la A260 id AYLESHAM INDUSTRIAL ESTATE AYLESHAM AYLESHAM GARDEN VILLAGE PRIMARY SCHOOL AYLESHAM VILLAGE GREEN AYLESHAM STATION SECURE CONVENIENCE STORE THE CO-OPERATIVE, MARKET PLACE, AYLESHAM, INVESTMENT OPPORTUNITY CANTERBURY, KENT CT3 3DY Situation Description & Accommodation Tenancy Aylesham was originally a planned town, and the The property comprises a largely purpose built The property will be let from completion of the sale Co-operative is well placed on the northern side single storey convenience store which was recently to the Co-operative Group Food Limited on a full of the towns central Market Place, with the area refurbished and extended in 2017, with brick and repairing and insuring lease for a term of 15 years. providing a popular public park and the majority of render elevations under a flat roof. The initial rent of £80,000 per annum (£11.70 psf) is to the towns amenities (including Post Office, Church be reviewed every 5 years in line with the consumer The property has been extended from a small 2 storey and Health Centre). price index (capped and collared at 1%-3%). building with a pitched tiled roof, which the tenant uses There are regular community events at the park as staff rooms/offices. The car parking area to the rear of the property which serve to boost trade at the convenience store. (outlined in red and blue below) is let to the Aylesham The property extends to a total of 6,845 sq ft with Parish Council for a term of 10 years commencing 4,136 sq ft of dedicated sales space, and 2,709 sq ft 11th August 2011 and expiring 10th August 2021 (c. 2 back of house. The property sits on a site of 0.43 acres years unexpired) at a peppercorn rent. Tenure (0.173 hectares) and includes a delivery yard to the The property is held Freehold as outlined in red below eastern boundary, and a portion of the concrete car The lease is outside of the Landlord and Tenant act (Title number: K858254). park to the rear as outlined in the aerial below. 1954. There is a right of way in favour of the Co-op over the council owned strip of land separating the car park and shop, which will allow for use of the land as a customer car park. SECURE CONVENIENCE STORE THE CO-OPERATIVE, MARKET PLACE, AYLESHAM, INVESTMENT OPPORTUNITY CANTERBURY, KENT CT3 3DY Covenant Status Co-operative Group Food Limited (Company Number: 26715R) is a wholly owned subsidiary of The Co-operative Group Limited which was established in 1844 and now operates 4,500 outlets with almost 90,000 employees and has an annual turnover of £10.50 billion. Co-operative Group Food is the UK’s 5th largest food retailer with almost 2,800 local, convenience and medium sized stores employing over 69,000 people. Furthermore existing arrangements with independent co-operative societies means they supply more than 7,700 stores. In the first half of 2018 the group opened 45 new stores and created 600 jobs, and with the acquisitions of Nisa and a 5-year deal to supply Costcutters, the company has seen significant recent growth. A summary of Co-operative Group Food Limited accounts is set out below. Co-operative Group 5th January 2019 6th January 2018 31st December 2016 Food Limited Turnover £7,185,200,000 £6,940,200,000 £6,933,400,000 Pre Tax Profits £207,900,000 £232,500,000 £154,200,000 Shareholder Funds £1,970,500,000 £1,875,100,000 £1,805,400,000 SECURE CONVENIENCE STORE THE CO-OPERATIVE, MARKET PLACE, AYLESHAM, INVESTMENT OPPORTUNITY CANTERBURY, KENT CT3 3DY Anti-Money Laundering Regulations VAT EPC In accordance with Anti-Money Laundering Regulations, two forms The property is elected for VAT and therefore VAT will The property has an energy performance of identification and confirmation of the source of funding will be be payable on the purchase price. The transaction will rating of D-77. A copy of the certificate can be required from the successful purchaser. not be able to be dealt with as a TOGC. provided upon request. SECURE CONVENIENCE STORE THE CO-OPERATIVE, MARKET PLACE, AYLESHAM, INVESTMENT OPPORTUNITY CANTERBURY, KENT CT3 3DY Proposal Further Information For further information or to arrange an inspection, please contact: We are instructed to quote offers in excess of exclusive of VAT Daniel Campbell £1,360,000 Tel: 07741 593 968 and subject to contract. A purchase at Email: [email protected] this level reflects a5.50% net initial yield Mark Powell Tel: 07825 077 724 and after deducting sale and leaseback Email: [email protected] purchase costs of 7.03%. Christopher Dee: 40 Peter Street, Manchester M2 5GP Year Rent Per Annum Running Yield Initial Rent £80,000 5.50% Year 5 £92,742 6.37% Year 10 £107,513 7.39% MISREP: The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained here in is not guaranteed and is for general guidance only and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy. Christopher Dee nor any of its employees We have applied an average CPI rate of 3% as an estimate of future rental growth and yield performance. or representatives has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property. Rents quoted in these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment or other facilities at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable or fulfilling its intended function. Prospective tenants/ purchasers should satisfy themselves as to the fitness of such equipment for their requirements. September 2019..
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