AUCTION DATE
Freehold
Leicester is strategically located 43 miles north-east of Birmingham, 31miles south of Nottingham and 100 miles north-west of London. The city is the second largest in the East Midlands and is a major commercial retailing destination.
The City benefits from excellent road communications with the A50, A46 and the A563 providing access to the City Centre via junctions 21, 21A and 22, of the M1 motorway.
The City’s mainline railway station provides regular highspeed train services to London St Pancras with a journey time of approximately 1 hour.
East Midlands airport lies approximately 20 miles to the northwest of the City and provides frequent domestic and international flights.
DEMOGRAPHICS
Leicester has a diverse socio-economic and demographic profile. The 2011 Census shows that Leicester was the most populous urban centre in Leicestershire with 324,000 persons; an increase of over 45,000 since 2001.
Leicester is home to three large Universities with a combined enrollment of approximately 66,000.
Leicester, the second largest city in the East Midlands, is a major commercial and retailing destination with a shopping population of 491,000 people.
The city has a high proportion of young adults between 15 and 35, considered to be a high class spend and with good levels of disposable income.
The property is situated to the south of the City Centre, on the west side of Saffron Lane (B5366), close to the junction with St Andrews Road. There is off-street parking to the front of the property.
Occupiers close by include William Hill, Martins and a number of local traders.
The property comprises two large self-contained ground floor retail units together with staff ancillary accommodation on the first floor to Unit 1. In addition, there is a shared service yard to the rear with access from Hallaton Street.
The property occupies a site of 0.32 acres (0.13 hectares) which includes a delivery yard to the rear. Car parking is provided on street to the front of the property.
Unit | Tenant | Accommodation (GIA) | Lease Term | Start Date | Expiry Date | Rent Review | Current Rent |
1 | Tesco Stores Limited | GF - 5,091 sq.ft FF - 646 sq.ft Total - 5,737 sq.ft | 15 years | 25/12/2008 | 24/12/2023 | 5 yearly RPI | £65,890 (£11.50 psf) |
2 | Heron Foods Limited | GF - 4,553 sq.ft | 15 years | 15/2/2010 | 14/2/2025 | 5 yearly OMRV | £37,500 (£8.23 psf) |
Total | 10,290 sq.ft | £103,390 |
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 |
Heron Foods Limited (Company Number: 1392197) is a convenience store chain founded in 1978 and is based in Melton, East Yorkshire with over 250 stores, primarily in the north of England and Midlands.
The company employs c, 3,800 people. Heron Foods primarily sell frozen food but have a wide range of dry and chilled stock with named brands. In August 2017, B&M bought Heron Foods for £152m to develop a “discount convenience grocery brand”. The Heron Foods business has subsequently expanded through the opening of 20-30 new stores across the UK per annum. Heron Foods Limited is a wholly owned subsidiary of B&M.
A summary of Heron Foods Limited recent results:
Heron Foods Limited | 30 Mar 2019 | 31 Mar 2018 | 31 Mar 2017 |
Turnover | £373,077,000 | £393,820,000 | £274,440,000 |
Pre-Tax Profit | £8,221,000 | £8,996,000 | £9,672,000 |
Total Net Worth | £47,503,000 | £41,836,000 | £36,857,000 |
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