AUCTION DATE
Freehold
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.
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.
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.
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).
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 Limited | 23 Feb 2019 | 24 Feb 2018 | 25 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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