Tesco Express 170 Whippendell Road, Watford, Hertfordshire WD18 7NB

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Walter Shaw
5 years ago
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2 Tesco supermarket investment Let to Tesco Stores Limited expiring November 2023 (5.6 years unexpired) Current topped up rent of 58,400 per annum (February 2018 RPI index figures) 5 yearly uncapped RPI reviews (next due November 2018) ERV of 59,466 per annum (November 2018) assuming 3% per annum growth 999 year long leasehold at a peppercorn Offers in the region of 935,000 (STC) Net Initial Yield of 5.91%, Reversionary Yield of 6.02% in November 2018*

3 Watford is a prominent north west London town, which has attracted a number of national and international employers. Watford Watford is a major commercial and retail centre located 18 miles north west of London and benefits from excellent transport links both nationally and within the South East, by virtue of its proximity to the M25 and M1 motorways. Junction 5 of the M1 is approximately 1.1 miles to the north east whilst junction 19 of the M25 motorway is approximately 4.7 miles to the north west. Sat Nav WD18 7NB

4 Watford Junction station is approximately 1 mile to the north west of the property. Watford Watford Junction station is approximately 1 mile to the north west of the property and benefits from regular services running to London Euston. London Heathrow airport is approximately 23 miles to the south east. Watford is a prominent north west London town, which has attracted a number of national and international employers including Asda, Marks and Spencer, Tesco Stores, John Lewis, Taylor Woodrow, Total UK and TK Maxx. In excess of 96,000 people live in Watford with a district population of 120,960. Sat Nav WD18 7NB

0 179 145a Situation The property occupies an 170 extremely WHIPPENDELL prominent position ROAD on the junction of Whippendell Road and WATFORD Harwoods Road, midway between the A412 HERTFORDSHIRE

A number of national multiple retailers are represented along Whippendell Road together with a blend of local traders.

191 Unionist Club Tank 4 2a 150 165 142 70.4m 128 116 114 WHIPPENDELL ROAD 141 129 71.

5 a Situation The property occupies an 170 extremely WHIPPENDELL prominent position ROAD on the junction of Whippendell Road and WATFORD Harwoods Road, midway between the A412 HERTFORDSHIRE Rickmansworth Road WD18 and the 7NB A4145 Vicarage Road. The store is adjacent to a school and forms part of a local retail area serving the residential neighbourhood. A number of national multiple retailers are represented along Whippendell Road together with a blend of local traders. HARWOODS ROAD 2 Conservative and Chater Infant School 137 SOUTHSEA AVENUE El Sub Sta 18 2 The property is approximately 1 mile from the town centre and is within 200 metres of Watford Football Club. 191 Unionist Club Tank 4 2a m WHIPPENDELL ROAD m to 16 Salisbury House A number of national multiple retailers are represented along Whippendell Road together with a blend of local traders. 153 Description The property comprises a modern selfcontained ground floor retail unit which forms part of a larger residential building developed in The principal entrance to the unit fronts the street corner and is therefore very prominent to passing traffic. Internally, the unit provides predominantly open plan accommodation which has been fitted out in Tesco s latest Express format. To the rear of the trading area is a secure store room, staff areas and WC s To the rear of the property, accessed from Harwoods Road, is a large surface car park with 24 spaces, 8 of which are dedicated to the store. 69.2m Methodist Church (Primitive) Swanston House TCB

09 3,080 Energy Performance Certificate Energy Performance certificates can be provided on request.

6 Accommodation We have measured the property in accordance with the RICS Code of Measuring Practice (6th Edition). The property has the following approximate gross internal areas: Sq m Sq Ft Ground Floor ,080 Total ,080 Energy Performance Certificate Energy Performance certificates can be provided on request. Tenure The property is held long leasehold for a term of 999 years from 17th November 2008 at a peppercorn. Tenancy The property is let to Tesco Stores Limited on a 15 year FRI lease with effect from from 17th November 2008, expiring 16th November 2023 (5.6 years unexpired). The rent is reviewed every 5 years to RPI (uncapped), with the next review due on 17th November The current passing rent will be topped up until 17th November 2018 review at 58,400 per annum based on the February 2018 RPI (All Items) figure (278.1). Covenant Status Tesco Stores Limited (Company Number: ) reported the following trading figures for the year end 2017:- Turnover Pre Tax Profits Shareholders Funds billion 266 million billion The company are an undoubted covenant and have a Dun & Bradstreet credit rating of 5A1. Further information can be found at VAT VAT will be payable on the purchase price. It is anticipated that the sale will be dealt with as a transfer of a going concern. Proposal Our client is seeking offers in excess of 935,000 for their long leasehold interest. A purchase at this level reflects a 5.91% net initial yield on a rental top up basis, after deducting standard purchasers costs. *Assuming the RPI (All Items) Index grows by 3% from the February 2018 figure until review in November 2018, the rent would increase to 59,466 per annum. An increase to this figure would provide a reversionary yield of 6.02%, after deducting standard purchasers costs.

For further information or to arrange an inspection, please contact the joint agents. Christopher Dee 40 Peter Street Manchester M2 5GP Daniel Campbell Tel: 07741 593968 Email: dc@christopherdee.co.uk Rob Steward Tel: 07768 168022 Email: rs@christopherdee.

7 For further information or to arrange an inspection, please contact the joint agents. Christopher Dee 40 Peter Street Manchester M2 5GP Daniel Campbell Tel: Rob Steward Tel: Mark Powell Tel: Fairhurst Estates Limited Fairhurst House 7 Acorn Business Park Heaton Lane Stockport Cheshire SK4 1AS Nigel Blyth Tel: nigel.blyth@fairhurst-estates.co.uk MISREP: The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained here in is not guaranteed and is for general guidance only and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy. Christopher Dee nor any of its employees or representatives has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property. Rents quoted in these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment or other facilities at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable or fulfilling its intended function. Prospective tenants/purchasers should satisfy themselves as to the fitness of such equipment for their requirements. Designed and Produced by Ask March 2018.

Co-Operative Supermarket Investment Former HSBC Bank, East Street, Rhayader, Powys LD6 5DU. CGI for new signage

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