Lot 04 31-32 Clifton Street, Cardiff, CF24 1LR

Property Enquiries

Mat Harris

mat.harris@bidx1.com
+44 (0) 7732 681 152

Property Enquiries

Simon Bailey

simon.bailey@bidx1.com
+44 (0) 7732 681 156

Viewing/ Registration Enquiries

BidX1 Support Team

info@uk.bidx1.com
+44 (0) 20 7703 4401

Vendor Solicitor

Ruth Boulton

rlb@debenhamsottaway.co.uk
01923 289 917
Description
Map
Viewings

Property Summary
  • Inner city suburb convenience store investment
  • Very busy local area with densely populated residential and student accommodation
  • 4,850 sq ft ground floor supermarket
  • Let to Tesco Stores Limited (D&B 5A1 – Turnover £42bn)
  • 15 years with effect from 3 April 2009, expiring 2 April 2024 (3.75 years unexpired)
  • Current rent of £91,000 per annum (£18.76 psf)
  • Opportunity to extend the lease for reduction in rent
  • Estimated rental value of £70,000 per annum
  • Upper floor sold off Long Leasehold subject to £250 per annum ground rent
Tenure

Freehold

Location

Cardiff is the capital city of Wales and one of the leading commercial and retail centres in the UK. The City has an urban area population of 305,000 (2001 census) and a primary catchment of 1,200,000, ranking the city 6th in the UK by this measure (PROMIS). 

Cardiff is located 144 miles west of London, 45 miles west of Bristol and 42 miles east of Swansea. The city benefits from excellent communications and lies approximately 4 miles south of the M4 motorway, from which Junctions 29-33 all provide direct access.

Cardiff is well served by the national rail network and has a direct main line service to London Paddington, with a shortest journey time of approximately two hours. Cardiff international airport is located 10 miles south west of the city centre and
provides scheduled flights to numerous UK and European cities. 

Clifton Street is situated approximately 1 mile east of Cardiff city centre and comprises a traditional shopping area, providing the principal retail offer to a large student population and for local residents. 

Tesco occupies a prime position on the east side of Clifton Street, immediately adjacent to Lloyds TSB, at its junction with Ruby Street. A number of national retailers are represented along Clifton Street to include SPAR, Greggs and Ladbrokes. 

Description

The property comprises a large masonry construction retail unit beneath a pitched tiled roof. The shop is arranged on basement, ground and one upper floor.

The first floor, which has self-contained access from Ruby Street, is sold off on a long lease.

Accommodation

The property extends to a total of 4,850 sq ft on ground floor (3,439 sq ft sales and 1,411 sq ft storage).
The residential accommodation has not been measured.

The property sits on a site of 0.156 acres (0.063 hectares) which includes a delivery yard to the rear.

Tenancy

The ground floor and basement are let on full repairing and insuring terms to Tesco Stores Limited, for a term of 15 years from 3 April 2009, expiring on the 3 April 2024 (3.75 years unexpired). The current rent passing is £91,000 per annum (£18.76 psf) and is not subject to further review.
The first floor is sold off to London Property Corporation on a long lease for a term of 125 years from 23 April 2009 at a passing rent of £250 per annum.
We understand Tesco trade well from the unit and would consider an early re-gear subject to a reduction in rent. We are of the opinion the property has an estimated rental value of circa £70,000 per annum (£14.43 psf).

VAT
Please refer to Legal Documents
Property Table

Tesco Stores Limited (Company Number: 519500) is a wholly owned subsidiary of Tesco PLC which was founded in 1919.
It has become the UK’s largest retailer and the third largest grocery retailer in the world operating 7,000 outlets nationwide with almost 275,000 employees
and an annual turnover of £42 billion.
A summary of Tesco Stores Limited recent accounts is set out below

Tesco Stores Limited23 Feb 201924 Feb 201825 Feb 2017
Turnover£42,219,000,000£41,367,000,000£40,134,000,000
Pre-Tax Profit£737,000,000£417,000,000£266,000,000
Shareholder Funds£5,623,000,000£4,568,000,000£1,265,000,000

 


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Contact Mat about this property