Overview
Description
Location
A 1775-built multi-storey premises occupying a corner position fronting Granby Street and Rutland Street, let to Tesco Stores Limited, trading as Tesco Express.
The ground floor offers open-plan retail accommodation of rectangular proportion currently fitted as a convenience store, with rear stores and goods lift providing access to further ancillary and staff facilities within the basement.
Loading access is provided by way of a shared yard to the rear of the building, accessed via a gated entrance on Rutland Street.
The upper floors comprise of 15 residential flats, the long-leaseholds of which have been sold off individually. Each flat generates a ground rent of £250 Per Annum (totalling £3,750 Per Annum).
The ground floor and basement are let to Tesco Stores Limited to March 2039 with Tenant-only break clause as at March 2034, providing an unexpired term of 9 years and total remaining term of 14 years.
The premises are let on internal repairing terms at a passing rent of £80,000 Per Annum exc. with upwards-only Rent Reviews as of March 2029 and March 2034.
The 15 flats to the upper floors are subject to a ground rent charge of £250 per annum each, equating to £3,750 Per Annum.
The total income therefore equates to £83,750 Per Annum exc.
Summary
Key points
- Single-occupant investment
- Occupied by Tesco since 2008
- Prominent corner position
- City centre location
- Rear service yard
Contact
ANDREW & ASHWELL LIMITED
Tel: 07969149386
Joe Dodd
jpd@andash.co.uk
https://andash.co.uk/
ANDREW & ASHWELL LIMITED
Tel: 07969149386
Kelvin Wilson
kww@andash.co.uk
https://andash.co.uk/
EPC
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