Lot 32 Tates Limited, 4 Cranham Drive, Worcester, WR4 9PA

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Mat Harris

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

Property Enquiries

Simon Bailey

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

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BidX1 Support Team

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+44 (0) 20 7703 4401

Vendor Solicitor

Ruth Boulton

rlb@debenhamsottaway.co.uk
01923 289 917
Description
Map
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Property Summary
  • Super long dated convenience store investment
  • Located in a thriving community retail hub at the centre of Warndon
  • 5,314 sq ft on ground floor supermarket with 3 x 2 bed flats above
  • Let to Tates Limited, a wholly owned subsidiary of A.F. Blakemore & Son Limited
  • 99 years with effect from 22nd April 1969 until 21st April 2068 (47.7 years unexpired)
  • Original Privity Tenant is Barrow’s Stores Limited - Barrows Stores acquired the business of C.C. Barrows.
  • Current rent of £38,500 per annum (£7.25 psf)
  • 14 year reviews to OMRV of ground floor supermarket only (hypo term unexpired residue)
  • Next review 22nd April 2025 – Estimated Rental Value of circa £70,000 per annum (£13.15 psf)
Tenure

Freehold

Location

Warndon is a densely populated residential suburb to the north east of Worcester City Centre.

The subject property adjoins a parade of local shops.

Description

The property is constructed of brick and is part single storey ground floor and two upper floors under a flat felt roof.

The ground floor provides an open plan supermarket/ convenience store with internal Post Office counters. There are 3 x 2 bedroom 2-storey maisonettes including kitchen, bathroom and 4 rooms. Please note we have not had access to the residential accommodation.

The first floor to the rear provides storage and staff accommodation for the Spar unit.

There is rear access with loading yard.

Accommodation

The property extends to a total of 5,314 sq ft on ground floor. The residential accommodation has not been measured.

The property sits on a site of 0.20 acres (0.08 hectares) which includes a delivery yard to the rear and car parking spaces to the front.

Tenancy

The entire property is let on asssignement to Tates Limited (owned by A.F. Blakemore & Son Limited), on full repairing and insuring terms for a term of 99 years with effect from 22nd April 1969 until 21st April 2068 (47.7 years unexpired).

The current rent of £38,500 per annum (£7.25 psf) is subject to 14-year reviews to OMRV of ground floor supermarket only (hypothetical term is the unexpired residue). The next review is due on 22nd April 2025 and we believe the estimated rental value is £70,000 per annum (£13.15 psf).

The Privity lease was first entered into between the Associated Cement Workmens Pensions Trustee and the tenant of Barrows Stores Limited with a guarantor from Key Markets Limited.

Barrows Stores acquired the business of C.C. Barrows which had shops at Five Ways and in Harborne High Street in the late 1950’s. Eventually, Barrows Stores Ltd was sold, in 1966, to Fitch Lovell, then a larger supermarket chain.

Fitch Lovell themselves were sold to Booker in 1990 for £300million becoming Booker Group Limited.

Original Privity Guarantee Key Markets Limited was sold to Co-operative Group Food Limited.

VAT
Please refer to Legal Documents
Property Table

Covenant Status

Tates Limited is a (Company Number: 01718303) is a wholly owned subsidiary of A.F. Blakemore & Sons Limited (Company Number: 00391135).

A.F Blakemore & Son Limited is one of the UK’s largest family owned wholesale distributor and retailer of food produce and the operation of grocery-based convenience stores. The company owns and operates 280 SPAR convenience stores in the UK and distributes to over 1,000 stores. The company employs over 7,800 people. Tates Limited is a dormant company but is leaseholder of 141 properties throughout the UK.

Further information on the company can be found on its website www.afblakemore.com

A summary of A.F. Blakemore & Son Limited’s accounts are set out below: 

A.F. Blakemore
& Son Limited
30 April 201930 April 201830 April 2017
Revenue£1,135,638,000£1,256,891,000£1,306,165,000
Pre- Tax Profit£6,006,000(£20,658,000)£7,354,000
Net Assets£78,505,000£42,085,000£57,328,000

 

Booker Group Limited (Company Number: 05145685) was founded in 1835, and is the UK’s leading food wholesale with over 13,000 employees serving a total of 1.2 million customers across the UK and India.

In January 2017, it was announced that the supermarket retailer Tesco purchased the company for £3.7 billion – resulting in Britain’s biggest retailer combining with the country’s largest wholesaler.

The Booker Group comprises Booker Wholesale, Makro, Booker Direct, Classic Drinks, Ritter Courivaud, Chef Direct, Premier, Family Shopper, Budgens, Londis and Booker India.

A summary of Booker Limited’s accounts are set out below:

Booker Group Limited30 April 201930 April 2018
Revenue--
Pre-Tax Profit£153,000,000(£23,800,000)
Net Assets£471,900,000£327,300,000

 

Co-operative Group Food Limited (Company Number: 26715R) is a wholly owned subsidiary of The Cooperative Group Limited which was established in 1844 and now operates 4,500 outlets with almost 90,000 employees and has an annual turnover of £10.50 billion.

Co-operative Group Food is the UK’s 5th largest food retailer with almost 2,800 local, convenience and medium sized stores employing over 69,000 people. Furthermore existing arrangements with independent co-operative societies means they supply more than 7,700 stores. In the first half of 2018 the group opened 45 new stores and created 600 jobs, and with the acquisitions of Nisa and a 5-year deal to supply Costcutters, the company has seen significant recent growth.

A summary of Co-operative Group Food Limited accounts is set out below:

Co-operative Group
Food Limited
5 Jan 20196 Jan 201831 Dec 2016
Turnover£7,185,200,000£6,940,200,000£6,933,400,000
Pre-Tax Profit£207,900,000£232,500,000£154,200,000
Shareholder Funds£1,970,500,000£1,875,100,000£1,805,400,000

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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.
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