A single storey supermarket totalling 74,899 sq ft and currently let to Tesco Property Nominees (No 5) Ltd and Tesco Property Nominees (No 6) Ltd, guaranteed by Tesco Plc, on full repairing and insuring terms, for 20 years from 8 December 2009 with annual RPI reviews, subject to a collar of 0% and a cap of 4%. The current rent is £2,184,220 pa. The lease is outside the 1954 Act.There are 530 parking spaces (1:141 sq ft GIA).
The property is held long leasehold from Tesco Stores Ltd for a term of 999 years at a fixed rent of £2 pa, with an option to acquire the freehold reversion any time after 8th December 2059 for the sum of £2. The property was originally acquired from Tesco as a sale and leaseback transaction.
Cortex Partners LLP acted on behalf of DTZ Investment Management Ltd.
Other deals in this sector: