FOR SALE. The Co operative, High Street, Selsey, Nr Chichester PO20 0QG. Secure Supermarket Investment Opportunity sq m (8,000 sq ft)

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Aldous Fletcher
5 years ago
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FOR SALE Secure Supermarket Investment Opportunity 861.

1 FOR SALE Secure Supermarket Investment Opportunity sq m (8,000 sq ft) Agency Lease Advisory Management Valuation Investment Development

2 Key Features Co- operative supermarket investment Located within Selsey, an attractive seaside town south of Chichester Fronting Selsey High Street in a densely populated residential area 8,000 sq ft newly converted convenience store New lease to the Co- Operative Group Food Limited (completion January 2016) 15 year lease (without break) 200,000 per annum Five yearly CPI reviews (collar 1% / cap 4%) Freehold Offers in the region of 3,025,000 (STC) Attractive net initial yield of 6.25% Location Selsey is a seaside town with a population of approximately 10,000 people that lies eight miles south of Chichester, 27 miles south east of Southampton and 75 miles south west of London. The town is well connected by roads, with the B2145 giving direct access to Chichester and from there the A27 provides quick access to the east and west. Selsey is a popular tourist destination for birdwatchers and the neighbouring waterside hamlets, including Pagham and Bracklesham Bay. Description The property comprises a detached supermarket extending to sq m (8,000 sq ft) together with a 54 space car park and separate loading bay. The existing building will be converted to provide a significantly improved supermarket. Accommodation The property will provide approximately sq m (8,000 sq ft) of gross internal accommodation. Tenure Freehold. Unit 2 will be retained by the vendor on a long leasehold basis for a term of 999 years at a peppercorn. Tenancy The property is let to Co- operative Group Food Ltd for a term of 15 years from completion. The initial rent of 200,000 per annum exclusive is reviewed upwards only every five years in line with the CPI (all items), collared at 1% and capped at 4% per annum. The property is prominently located fronting Selsey High Street with the car parking between the building and the High Street. Selsey Medical practice is to the side of the property and the local cricket club is to the rear.

The Old Post, OfficeMain Road, Nutbourne PO18 8RL Covenant Status Co- operative Group Food Ltd (Company Number: 26715R) is a wholly owned subsidiary of The Co- operative Group Ltd which was

Co- operative Group Food is the UK s fifth largest food retailer with almost 2,800 local, convenience and medium sized stores employing over 69,000 people.

3 The Old Post, OfficeMain Road, Nutbourne PO18 8RL Covenant Status Co- operative Group Food Ltd (Company Number: 26715R) is a wholly owned subsidiary of The Co- operative Group Ltd which was established in The company now operates 4,500 outlets with almost 90,000 employees and has an annual turnover of billion. Co- operative Group Food is the UK s fifth largest food retailer with almost 2,800 local, convenience and medium sized stores employing over 69,000 people. The company has been undertaking a rationalisation of its stores over the last 12 months with the disposal of a number of its larger stores with the focus on retaining and expanding the convenience stores within its estate. The company opened 32 new convenience stores in 2013 and a further 32 stores in A summary of Co- operative Group Ltd accounts is set out below. VAT The property is elected for VAT and therefore VAT will be payable on the purchase price. It is anticipated that the sale will be dealt with as a TOGC. EPC An Energy Performance Certificate will be provided on completion of the tenants fit out works. Proposal Our client is seeking offers in excess of 3,025,000 for their freehold interest. A purchase at this level reflects a 6.25% net initial yield, after deducting purchase costs at 5.8%. We have applied an average CPI rate of 3% as an estimate of future rental growth and yield performance: Wyman House

$\\ARCHER-SERVER\RedirectedFolders\Paul Foster\Desktop\Image 02.JPG The Co operative, High Street, Selsey, Nr Chichester PO20 0QG Floor Plan Scheme Information Aq.Exec. : T. HIND Cat. of Works : Dev.$ $SCALE G \\ARCHER-SERVER\RedirectedFolders\Paul Foster\Desktop\Image 04.JPG \\A \\ARCHER-SERVER\RedirectedFolders\Paul Foster\Desktop\Image 01.JPG SITE PLAN @ 1:500 SCALE 0 5 15 30 50m A - 01.07.$ Copyright archerarchitects All dimensions are to be verified on site. PJH By App.

Copyright archerarchitects All dimensions are to be verified on site. PJH By App.

4 \\ARCHER-SERVER\RedirectedFolders\Paul Foster\Desktop\Image 02.JPG The Co operative, High Street, Selsey, Nr Chichester PO20 0QG Floor Plan Scheme Information Aq.Exec. : T. HIND Cat. of Works : Dev. Conversion Existing Internal GIA : 11,814 sqft Existing External GIA : 12,320 sqft Proposed Extension GIA : N/A Proposed Sales GIA : 4476 sqft Proposed BoH GIA : 2481 sqft NORTH BUILDING SCALE G \\ARCHER-SERVER\RedirectedFolders\Paul Foster\Desktop\Image 04.JPG \\A \\ARCHER-SERVER\RedirectedFolders\Paul Foster\Desktop\Image 01.JPG SITE 1:500 SCALE m A Floor layouts updated Revision: Important note: This drawing is issued on the condition that it is not reproduced, disclosed or copied to any unauthorised person without written consent, Copyright archerarchitects All dimensions are to be verified on site. PJH By App. Client THE CO-OPERATIVE ESTATES Project BUDGENS, HIGH STREET, SELSEY, CHICHESTER, PO20 0QG Date 03/03/2015 Issuing Discipline architecture SITE PHOTOGRAPH Drawing title PROPOSED FEASIBILITY PLAN Scale 1:200@A3 Drawing number 5581(FS)001 Drawn PJH # A AERIAL PHOTOGRAPH Checked Revision archersstevenage suite B4 first floor mindenhall court high street stevenage SG13UN t: archersmanchester 22 newton street manchester M11ET t: e: arc@archerarchitects.co.uk archerarchitects

The Co operative, High Street, Selsey, Nr Chichester PO20 0QG Viewings and Further Information Please contact the agents Flude Commercial: Mark Minchell (Hons)

com Telephone: 01243 819000 Flude Commercial for themselves and for the vendors or lessors of this property whose agents they are give notice that: i) these

5 The Co operative, High Street, Selsey, Nr Chichester PO20 0QG Viewings and Further Information Please contact the agents Flude Commercial: Mark Minchell (Hons) MRICS Telephone: Flude Commercial for themselves and for the vendors or lessors of this property whose agents they are give notice that: i) these particulars are set out in good faith and are believed to be correct but their accuracy cannot be guaranteed and they do not form any part of any contract; ii) no person in the employment of Flude Commercial has any authority to make or give any representation or warranty whatsoever in relation to this property.

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