A converted former public house with on-site customer car parking with an imposing frontage providing ideal accommodation for convenience store use.
The upper floors which are included within the area demised to Tesco could provide residential accommodation, however, are currently inaccessible.
The property is located in a high density housing estate to the south of Gravesend town centre, adjacent to a neighbourhood parade of shops.
Gravesend is a large Thames Estuary town with a population of 66,000 located 20 miles east of Charing Cross. The town benefits from a high speed train service into the Capital and is well connected to the M25 via the A2.
The property is let to Tesco Stores Ltd for a term of 20 years from 13th July 2010 at a current rent of £51,565 per annum on full repairing and insuring terms with 5 yearly upward only rent reviews linked to RPI annually compounded increases with a 1% to 4% cap and collar.
The lease provides for a tenant only break option upon the 10th anniversary – 1st July 2020.
Offers in Excess of £765,000 are invited. A purchase at this level would show a net initial yield of 6.39% after deducting purchasers standard acquisition costs.
Tesco Stores Ltd is one of the largest supermarket chains in the UK, with over 3,500 stores and over 310,000 employees.
Company No. 519500.
A credit report is available upon request.
The sale will be treated as a TOGC. VAT will not therefore be charged on the purchase price.
To view the premises and for any additional information please contact the sole agents.