The petrol filling station is being constructed by LindumGroup Limited (£110m turnover with 560 employees). BP Oil UK Limited have signed an Agreement for Lease, with the Lease itself to commence shortly after Practical Completion in Summer 2017. It will be for an unbroken period of 20 years on Full Repairing and Insuring terms, with a commencing rental of £165,000 per annum exclusive and 5 yearly upwards only rent reviews.
BP Oil UK Limited had a 2015 turnover of over £3.1 billion, generating a pre-tax profit of just over £100m with shareholders funds of £587m. Accounts are available on request.
The property is available for sale freehold subject to the proposed occupational lease.
The property occupies a prominent position at the roundabout junction off A140, Norwich to Cromer Road, adjacent to a main arterial route into Aylsham. Aylsham itself is an affluent Norfolk market town that is within commutable distance of Norwich (6 miles south) and also a short drive to the popular North Norfolk coast (Cromer is 10 miles north). The town has a resident population of 6,016 with a wider district population of just under 120,000 (2011 census).
The property is to be elective of VAT. It is proposed to treat the sale of the property as a TOGC. On this basis the sale would not attract VAT.
Each party is to be responsible for their own legal costs incurred in documenting the transaction.