- 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
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).
Please refer to Legal Documents
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|
*Terms and Conditions
Buyers are strongly advised to read these terms and conditions, and check the Special Conditions and any applicable Addendum, prior to bidding on a Lot. Additional costs, charges and encumbrances may apply for Buyers once they have made a successful bid in relation to a property.
- The reserve price is the minimum price at which the property can be sold at auction.
- Where a guide price (or range of prices) is given, that guide is the minimum price at which, or range of prices within which, the seller may be prepared to sell on the date on which the guide price, or range of prices, is published. The sale price, whether prior to or at the auction, can be above or below the guide price depending upon market activity. BidX1 and the seller accept no responsibility for any losses, costs or damages incurred by a buyer as a result of relying on any guide price. The buyer must decide how much they should bid for any Lot. All guide prices are quoted subject to contract. Guide prices given by BidX1 or the seller cannot be accepted by the buyer as being a professional valuation for any purpose in accordance with the requirements or guidance notes of relevant professional bodies or other authorities.
- Both the guide price and the reserve price may be subject to change up to and including the day of the auction. Whilst every effort is made to ensure that these guides are not misleading, it is possible that the reserve price set for any Lot may exceed the previously quoted guide price (as the seller may fix the final reserve price just before bidding commences).
- The guide price for the Lot does not include the administration fee of £1,000 (inclusive of VAT) charged by BidX1. In the case of a joint agent this administration fee will be £2,000 (exclusive of VAT). In addition, the guide price does not include VAT on the sale price, or any additional costs, charges or encumbrances that might apply to some Lots and/or some buyers. The Special Conditions of Sale of the seller, and any applicable Addendum, will state if there are other costs, charges or encumbrances and whether the seller has elected to charge VAT on the sale price.
- To participate in the sale BidX1 must hold a minimum amount from all bidders. This participation amount is fully refundable in the event that you are not the successful purchaser. For example, a participation fee of £4,500 comprises £3,500 relating to your bidder security (partial deposit payment) and an administration fee of £1,000 inc. VAT payable directly to BidX1. A higher participation amount may be payable depending on the reserve price of the Lot.
- Please note that Lots may be sold or withdrawn prior to auction.
- No information, statement, description, quantity or measurement contained in any sales particulars or given orally or contained in any webpage, brochure, catalogue, email, letter, report, docket or hand out issued by or on behalf of BidX1 or the seller in respect of the property shall constitute a representation or a condition or a warranty on behalf of BidX1 or the seller. Any information, statement, description, quantity or measurement so given or contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller are for illustration purposes only and are not to be taken as matters of fact. Any mistake, omission, inaccuracy or mis-description given orally or contained in any sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller shall not give rise to any right of action, claim, entitlement or compensation against BidX1 or the seller. All bidders must satisfy themselves by carrying out their own independent due diligence, inspections or otherwise as to the correctness of any and all of the information, statements, descriptions, quantity or measurements contained in any such sales particulars, webpage, brochure, catalogue, email, letter, report or hand out issued by or on behalf of BidX1 or the seller.