For SaleCo-operative Store Investment

20/22, Market Place, Alysham, Norfolk, NR11 6EL

Description

A Grade II Listed period property arranged around basement, ground and first floors, providing retailing and ancillary accommodation.

Externally, there is car parking available to the rear for approximately 13 vehicles.

LOCATION

Aylsham is an attractive and prosperous Norfolk market town, being located within easy reach of Norwich to the south. The town has a population of 6,000.

The property is located in a prominent and dominant position within Market Place, which provides car parking for over 30 vehicles.

DEVELOPMENT POTENTIAL

The property includes a large car parking area to the rear accessed off Market Place. This offers potential for alternative development in the future, subject to necessary planning consent.

A Land Registry plan of the ownership is available upon request.

TOWN AND COUNTRY PLANNING

We understand that the property has consent for its current use as a convenience store, falling within Class A1 (Retail) of the Town & Country Planning (Use Classes) Order 1987 (as amended).

The property is Grade II Listed.

TENURE

The property is offered For Sale, Freehold.

TENANCY

The property is let to Co-operative Foodstores Ltd, guaranteed by the Co-operative Group Ltd, for a 25 year term from 6th July 2006, expiring 5th July 2031 on a Full Repairing and Insuring lease.

The passing rent amounts to £98,315 per annum.

The rent is reviewed on a five yearly basis and to a multiplier of 2.25% per annum compounded.

The rent will therefore increase to the following at review:
July 2021 - £109,885 per annum
July 2026 - £122,816 per annum

COVENANT STRENGTH

Co-operative Group Ltd - Company No. IP00525R, have a “creditsafe” rating of 73/100 - very low risk.

For the year to date 05/01/2019 the Company reported a turnover of £10,162,000 and a pre-tax profit of £93,000,000.

A Credit Report is available upon request.

PRICE

£1,600,000 which would show the following:

5.79% NIY
6.47% in July 2021
7.23% in July 2026
Allowing for normal Purchaser’s costs.

VAT

The property is elected for VAT. However, the sale of the property will be treated as a TOGC and therefore VAT will not be payable on the purchase price.

LEGAL COSTS

Each party is to be responsible for their own legal costs incurred in documenting the transaction.