SO41 Tesco, 110-111 High Street, Lymington

Lymington Tesco Investment

The property comprises a modern infill development of concrete framed construction extending to three storeys beneath a mansard roof at the front and two storeys beneath a flat roof to the rear.

The front elevation incorporates a full height retail display frontage, with pedestrian access to the residential upper floors and UPVC double glazed windows at first and second floors, the latter being within the mansard roof.

Internally, the accommodation is laid out to provide open plan retailing on the ground floor with loading and additional customer access to the rear. Ancillary storage accommodation is situated on the northern section of the first floor, which is accessed from the rear of the ground floor.

The first and second floors above the front (southern) part of the building provide residential accommodation with independent access from the High Street. The flats offer good sized accommodation with each floor comprising a self- contained flat with four rooms, kitchen, bathroom and WC.

At the rear is an extensive loading area which has a concrete floor, painted brick walls and fluorescent strip lighting. Two goods lifts link with the first floor and two concertina loading doors open to the rear service yard.

Tenure

Freehold subject to the individual occupational lease.

Tenancy

The property is let on an overriding lease of the whole for a term of 30 years from 26th February 2002 to 25th February 2032, at a rent of £209,500 per annum. The lease is subject to 5 yearly upward only rent reviews with the next one due February 2027.

Rateable Value

The property has been provided with the following Rateable Value in the 2020 Rating List:-

Description Rateable Value

Supermarket and premises £208,000

EPC

The unit has been awarded a C51 EPC Rating. A copy of all EPC is available upon request.

VAT

The investment will be sold as a TOGC and will therefore be exempt from paying VAT.

Price

Unconditional offers are invited in the order of £3,500,000, reflecting a Net Initial Yield of 5.62% assuming usual purchasers costs of 6.51%.

Viewings

For a formal viewing strictly by appointment with Savills.

Money Laundering

A successful purchaser will be required to provide the appropriate information to satisfy current AML regulations when Heads of Terms are agreed.

Lymington is an affluent Georgian town and a port lying on the west bank of the Lymington River on the Solent, on the southern edge of the New Forest. The town is situated approximately 29 kilometres (18 miles) south of Southampton and 26 kilometres (16 miles) east of Bournemouth.

The town is accessed from single carriageway A roads through the New Forest and has a railway station providing rail services into London Waterloo. The premises are situated on the northern side of the High Street and occupy a very central trading position adjacent to White Stuff and close to WH Smith, Waterstones and Superdrug.

The property occupies a 100% prime trading position in the centre of Lymington. The store has a principal frontage to the High Street plus a second customer entrance from the public car park to the rear.

Overriding lease of the whole to Tesco Stores Ltd

100% prime position in Lymington High Street

GIA of 16,453 sq ft (1,528 sq m)

Tesco have been in occupation for over 60 years

8 years unexpired term

Undoubted covenant

Commercial rent of £209,500 per annum

2 flats above included within the freehold

Large service yard and secondary customer access at rear

Very few alternative / comparable large commercial units within the town centre

Guide price £3.5 million, reflecting a net initial yield of 5.62%