Convenience Store Investment – Let to Sainsburys at £14,000 pa

A ground floor retail unit let to Sainsburys Supermarkets Ltd. (J Sainsbury Plc) situated in a central location in Cottingham. The current net rent (between the rent and the ground lease and the rent being received from Sainsburys) is £10,400 per annum. Title Our client’s interest is a Lease for 125 years from 11th March 1966 at an initial rental of £3,000 per annum subject to a review on a full repairing and insurance basis. The rent reviews are 25 yearly, subject to mechanisms within the Lease (27% of the net rental value of the demised premises at the date of review or £3,000 whichever is higher). With effect from 10th March 2016 the passing rental is £3,600 per annum. Location Cottingham is a large village in the East Riding of Yorkshire. It forms part of Hull’s urban area, and lies 4 miles north-west of the centre of Kingston upon Hull, and 6 miles south-east of Beverley on the eastern edge of the Yorkshire Wolds Tenure: Leasehold Title number: HS175635 Length of Lease/Term: 125 years from 11th March 1966 Ground Rent : £3,600 Finance is available on this lot. For a decision-in-principle visit togethermoney.com/amydip/ ANTI-MONEY LAUNDERING REGULATIONS In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser. Every effort has been made to confirm the accuracy of the lot details including any defect in the title both with the vendor and their solicitor. Auction House will not be held responsible for any failure to disclose any such defects. Any purchasers choosing to buy without viewing in person are doing so at their own risk and acknowledge that the auctioneer will not be held responsible for any issues that may arise due to them being unintentionally missed from the video or sales particulars. Please refer to legal pack for additional fees and the Auction Information document for guidance prior to bidding.

The unit has not been inspected by Auction House but we have been provided with the following information from the vendor.

The total floor area is 1,315 ft2 which includes 858 ft2 sales area, 101 ft2 cash office and 256 ft2 storage. Tenancy The current tenant is Sainsbury’s Supermarkets Ltd. (J Sainsbury Plc) who also occupy the adjoining no 36 King Street, which is not included in this sale. The lease is for 15-years with effect from 2nd March 2015 at a passing rental of £14,000 per annum. The rent review pattern is 5 yearly and there is a tenant’s break option in March 2025. The repairing obligation is effective FRI and there is a Schedule of Condition dated October dated 19th October 1981 appended to the lease.

Energy Efficiency Rating (EPC)

Current Rating TBC

Local Authority

East Riding of Yorkshire Council

Offered in association with

Jeremy Rubin and Co

Additional Fees

Administration Charge - 1.8% inc VAT of the purchase price, subject to a minimum of £1800 inc VAT, payable on exchange of contracts.

Disbursements - Please see the legal pack for any disbursements listed that may become payable by the purchaser on completion.