Lot 28 Tesco & Heron Foods, 457-459 Saffron Lane, Leicester, LE2 6UG

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
  • Well-presented property comprises two large open plan supermarket units, located in a thriving local community to the south of Leicester city centre
  • Unit 1 - Let to Tesco Stores Limited (D&B 5A1)
  • 15 years wef 25 December 2008, expiring 24 December 2023
  • Current rent of £65,890 per annum (£11.50 psf)
  • Unit 2 – Let to Heron Foods Limited (D&B 5A1)
  • 15 years wef 15 February 2010, expiring 14 February 2025
  • Current rent of £37,500 per annum (£8.23 psf)
  • Total income of £103,390 per annum
  • Average weighted unexpired term of 3.8 years
Tenure

Freehold

Location

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.

Description

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. 

VAT
Please refer to Legal Documents
Property Table
UnitTenantAccommodation (GIA)Lease TermStart DateExpiry DateRent ReviewCurrent Rent
1Tesco Stores LimitedGF - 5,091 sq.ft
FF - 646 sq.ft
Total - 5,737 sq.ft

15 years

25/12/200824/12/20235 yearly RPI£65,890 (£11.50 psf)
2Heron Foods LimitedGF - 4,553 sq.ft15 years15/2/201014/2/20255 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 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

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 Limited30 Mar 201931 Mar 201831 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

*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.

  1. The reserve price is the minimum price at which the property can be sold at auction.
  2. 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.
  3. 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).
  4. 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.
  5. 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.
  6. Please note that Lots may be sold or withdrawn prior to auction.
  7. 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.


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