VIRTUAL FREEHOLD RETAIL INVESTMENT

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Merryl Nicholson
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FOR SALE VIRTUAL FREEHOLD RETAIL INVESTMENT PETS AT HOME UNIT 4 HEWITTS AVENUE CLEETHORPES DN35 9QR Let to Pets at Home Ltd Lease expiry 29/9/2024 Pets at Home

1 FOR SALE VIRTUAL FREEHOLD RETAIL INVESTMENT PETS AT HOME UNIT 4 HEWITTS AVENUE CLEETHORPES DN35 9QR Let to Pets at Home Ltd Lease expiry 29/9/2024 Pets at Home have recently entered into a new reversionary 5 year lease 55,275 pax subject to review 29/9/2019 Asset Management Potential Price 750,000 Net Initial Yield 7.0%

CLEETHORPES Cleethorpes is a popular coastal resort situated on the Humber Estuary in North East Lincolnshire. The town adjoins Grimsby and forms part of the Greater Grimsby Economic Area.

2 CLEETHORPES Cleethorpes is a popular coastal resort situated on the Humber Estuary in North East Lincolnshire. The town adjoins Grimsby and forms part of the Greater Grimsby Economic Area. It has a resident population of circa 39,500 persons (source 2011 census figures), and the urban area population for North East Lincolnshire including Grimsby and Cleethorpes is circa 159,800 persons. ( The town lies some 2 miles to the south of Grimsby and other nearby towns include Hull (32 miles) Scunthorpe (31 miles) and Lincoln to the south (38 miles) SITUATION The property is located within the car park of the Tesco Extra store/development at Hewitts Circus which is situated some 1.5 miles south east of Cleethorpes town centre. The Tesco Extra store is the dominant food store serving the conurbation of Cleethorpes and beyond and in addition to the large Extra Format also provides space for Poundstretcher and a Tesco PFS. The property and adjoining car park are marked in red on the plan below for identification purposes only and we confirm it is currently the intention to offer for sale both the building and the adjoining car parking/servicing area on a long leasehold basis.

3 DESCRIPTION The property is of framed construction with brick walls and pitched clad roof with a mansard slated decorative finish. The property is to be sold with the adjoining car park and servicing route with access on to the service road which provides service access to the Tesco Extra store and also vehicular access to the Tesco Extra Car park. ACCOMMODATION The unit provides the following approximate areas:- Unit Description ft² m² Pets at Homes Ground Floor GIA 5, TENANCY The premises which currently consist of the footprint of the building are let to Pets at Home limited under the terms of a lease 28/09/2019 at a rental of 55,275 pax. The tenant has recently entered into e new reversionary 5 year lease to run from expiry so the lease now expires 28/09/2024. The rental of 55,275 pax is to be reviewed as at 29/09/2019 to Open Market Rental Value SERVICE CHARGE Pets at Home Ltd have rights across the majority of the Car Park and as such, they are responsible for a proportion of the monies spent on the upkeep and maintenance of the Car Park. Full details of the proposed Service Charge payments are available upon request. COVENANT INFORMATION Pets at Home Ltd is the United Kingdom s largest pet supplies retailer with more than 370 stores and 6000 employees. The company has reported the following financial performance: Financial year ending 26 th March 2015 Financial Year ending 31 st March 2016 Financial Year ending 30 th March 2017 Turnover 688, , ,347 Pre Tax Profit 79,920 81,843 67,557 Shareholders Funds 547, , ,972

4 TENURE The vendor will grant a 999 year Long leasehold interest at a peppercorn. EPC A copy of the EPC Certificate is available upon request. VAT The subject property is elected for VAT and therefore VAT will be payable upon the purchase price. Providing certain criteria are met, the transaction may be dealt with as a Transfer of a Going Concern. ANTI MONEY LAUNDERING Under AML regulations, we are obliged to verify the identity of a proposed purchaser once a sale has been agreed and prior to instructing solicitors in order to combat fraud and money laundering. PROPOSAL We have been instructed to seek offers in the region of 750,000 subject to contract and exclusive of VAT. A purchase at this level will reflect a net initial yield of approximately 7% after allowing for usual purchaser s costs of 5.4%. FURTHER INFORMATION For any further information or to arrange a viewing, please contact: Nick Denton Tel: Mobile: nickd@reesdenton.com Details Created: 25 th September nd Floor, 11 Station Road, Leeds, LS18 5PA This property is offered subject to contract, availability and confirmation of details. These particulars do not form part of any contract and, whilst believed to be correct, parties are recommended to satisfy themselves as to their accuracy. The vendors, lessors or reesdenton, or any person in their employment, cannot make or give any representation or warranty whatsoever in relation to this property. Unless otherwise stated, all prices and rentals quoted are exclusive of any Value Added Tax to which they may be subject.

FOR SALE. Residential Redevelopment Opportunity. Guide Price 180,000. Proposed Floor Plans and Planning Documentation Available Upon Request

FOR SALE. Residential Redevelopment Opportunity. Guide Price 180,000. Proposed Floor Plans and Planning Documentation Available Upon Request Residential Redevelopment Opportunity Site extends to 0.04 Ha (0.1 Acres) Planning consent for for the erection of a two-storey building with to provide 9 apartments with associated parking Within walking