11 December 2024: Wednesday 11 December 2024 - 9:00am
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    Key features

    • Rarely Available Prime Retail Investment
    • Let to the Undoubted Covenants of Tesco Stores Limited and Nottingham City Council
    • Approx. 9.5 Years Unexpired
    • RPI linked Reviews (cap and collar 1%-4% p.a.)
    • 2024 Break Option Not Exercised
    • An approx. 4,000 sq ft (371.61 sq m)
    • Prime Town Centre Pitch
    • Investment Let at £109,029 p.a. (10% GIY on Guide Price)
    • Seven Week Completion Available

    Description

    The property comprises a rarely available supermarket investment opportunity let to the undoubted covenant of Tesco with nine years unexpired.

    Arranged across ground and three upper floors, the property comprises three retail units to the ground floor and upper parts, however all areas outside of the Tesco demise are sold off on a long-leasehold basis.

    The Tesco unit provides An approx. 4,000 sq ft (371.61 sq m) of accommodation and is let to Tesco Stores Limited on a 20 year lease with no breaks expiring 09/03/2034 and paying £103,493 per annum. The lease is subject to five yearly RPI linked reviews with a cap and collar of 1%-4% per annum, with the next review due 10/03/2029.

    The rear bin stores are let on three separate leases to Nottingham City Council for a combined £5,536 per annum and therefore the total aggregate rent is £109,029 per annum.

    The property occupies a prime pitch on Upper Parliament Street, one of the principal retail streets in Nottingham Town Centre. The area is characterised by a a number of national an boutique occupiers including McDonalds, Sainsburys and Wagamama. The Victoria Centre is opposite the property which is anchored by John Lewis and House of Fraser.

    Additional information

    Tenure

    Freehold

    Tenancy

    19-21 Upper Parliament Street is let to Tesco Stores Limited on a 20 year lease with no breaks expiring 09/03/2034 and paying £103,493 per annum. The lease is subject to five yearly RPI linked reviews with a cap and collar of 1%-4% per annum, with the next review due 10/03/2029.


    The tenant did not serve their 2024 break option displaying confidence in the location.


    The rear bin stores are let on three separate leases to Nottingham City Council for a combined £5,536 per annum.


    The remaining retail units within the property and the upper parts are sold off on a long leasehold basis at a peppercorn rent.


    Tesco Stores Limited


    • D&B Rating: 5A2
    • Turnover (2023): £47.48bn
    • Pre Tax Profit (2023): £565m

    Rent

    £109,029 per annum
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      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

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