THE CO-OP, 84 GREGSON AVENUE, BRIDGEMARY, GOSPORT, HAMPSHIRE, PO13 0UR FOODSTORE INVESTMENT LET TO THE SOUTHERN CO-OPERATIVE LIMITED WITH 9.5 YEARS UNEXPIRED THE CO-OP 84 GREGSON AVENUE, BRIDGEMARY, GOSPORT, HAMPSHIRE, PO13 0UR

INVESTMENT CONSIDERATIONS n 9.5 years unexpired to the strong covenant of The Southern n Freehold Co-Operative Ltd n Site area of 818 sq m (0.2 Acres) n Current rent passing of £57,000 pa subject to a rent review in 2021 We are instructed to seek offers in excess of £900,000 n Single storey convenience store measuring approximately 5,213 sq ft (Nine Hundred Thousand Pounds) reflecting a net initial yield of 6% n Located in a popular residential area with good alternative use options assuming purchaser’s costs of 5.67% n Potential development opportunities THE CO-OP 84 GREGSON AVENUE, BRIDGEMARY, GOSPORT, HAMPSHIRE, PO13 0UR

Cheltenham Luton Cheltenham Oxford Gloucester 0 ()

e n a OXFORD L ry u b x o F H d a A419 0 e B A o n r Co i 3 R ni r d n NEWPORT fe y g P 2 i NEWPORT London r G r a LOCATION ro C e i F A34 d M ve m d a Swindon o e a City r r 9 t a a o e r u W y R h e x r a s a R - e M y o B m o s a e Gosport is a borough town located on the south coast of England l a r a y n u r n R C d F a a

n r o L A346 C d

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l A lo u n NN approximately 3.2 km (2 miles) south west of Portsmouth, 8.0 km v s

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u F Newbury

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(5 miles) south east of Fareham and 24.1 km (15 miles) south east G

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v of Southampton. e A33 A36 A339 Woking James Road H A37 A34 an The town has a population of 82,622 (2011 Census) and lies on b A331 Basingstoke

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d A

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e r A338 Guildford o C d a peninsula on the western side of Portsmouth harbour which r e r Andover o Andover s A361 m

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l is linked via pedestrian ferry that runs all day (journey time 3 Harwood C o A a d d 3 A39 A24 R 2 minutes). There are 341,827 people living within a 5 mile radius d d A31 o oa G F C o e R r a A264 u n e A22 h w n H o r A3 d r e rt g Salisbury oa a v K o r e Salisbury Winchester of the property. d R t a A e H s D Winchester oy fi H n e n o m ha A303 e o y a B ld s r n h g e y g A23 R M A in m e s C n A36 o r H v n a C o u d G o a e C r n R A350 Southampton l r n A272 Communications are good with the town being located on the o t t r g u o s W i s e a e o Eastleigh A358 Eastleigh a m R d A354 y o A32 which in turn links the town with the M27 and the national e a Yeovil r d d a y Ro A338 s R Southampton e o motorway network. Portsmouth Harbour station is accessed via y a BRIDGEMARY () e d A31 K PARK A27

A37 Chichester Brighton ferry from Gosport providing regular direct services to London Chichester Brighton

Portsmouth Portsmouth Bournemouth B Worthing r Southsea i Waterloo with a fastest journey time of 1 hour 39 minutes. N d Bognor Regis g Bognor Regis o d

d e b oa a R m o e s BEDENHAM R PT s e A35 Southampton International airport is located 32.2 km (20 miles) y a A35r A e e K PRIMARY r d Bournemouth v H y ed Dorchester

e Dorchester SCHOOL A T n e W W to the north west. u A n v r e g e y y a

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d oa n R yto La SITUATION The property is situated on the west side of Gregson Avenue in the densely populated residential area of Bridgemary some four miles north of central Gosport, three miles south of Fareham and close to Fareham Road (A32). The property makes up part of a larger parade with designated parkling bays to the front. Occupiers in close proximity include Ladbrokes and a number of local traders.

DESCRIPTION The property comprises a single storey local convenience store measuring approximately 5,213 sq ft (484 sq m) arranged over ground floor only. The property is arranged with sales accommodation to the front of the building with storage and staff accommodation to the rear and to the property’s north side. The property benefits from a gated and walled service yard to the rear of the property providing access to the building’s rear storage room. The unit further benefits from ancillary services including an ATM to the front elevation.

TENANCY COVENANT The property is let to THE SOUTHERN CO-OPERATIVE LIMITED The Southern Co-operative Ltd (t/a The Co-operative). The Southern Co-operative on a full repairing and insuring lease for a term of 15 years from 12th runs over 250 community food stores and funeral homes across eleven counties December 2011. The current passing rent is £57,000 pa reflecting in southern England. £10.93 psf. The lease provides for upwards only rent reviews every fifth year of the term. The tenant has an option to renew the lease for a The Southern Co-operative Ltd reported the following results across the last further 10 years at the end of the current term at open market rent. three years: 24 Jan 2016 24 Jan 2015 25 Jan 2014 TENURE SITE AREA Turnover 366,786,000 £350,505,000 £326,716,000 Freehold 818 sq m (0.2 Acres). Pre-Tax Profit 2,352,000 £2,366,000 £11,814,000 Total Net Worth 94,702,000 £89,291,000 £86,555,000 © Crown Copyright, ES 100004106. For identification purposes only. THE CO-OP 84 GREGSON AVENUE, BRIDGEMARY, GOSPORT, HAMPSHIRE, PO13 0UR

VAT VAT is not applicable to this lot.

EPC The property has been rated grade B (39). The EPC is available on request.

DATAROOM For access to the Allsop Data Room, please use the following link: https://datarooms.allsop.co.uk/register/Gosport

PROPOSAL We are instructed to seek offers in excess of £900,000 (Nine Hundred Thousand Pounds) reflecting a net initial yield of 6% assuming purchaser’s costs of 5.67%

For further information or to make arrangements for viewing please contact:

Private Client Team

Liam Stray 020 7543 6769 [email protected] www.allsop.co.uk

PRIVATE CLIENT

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. Design: Command D www.commandHQ.co.uk 07.17