The co-operative Heathcote Street, Longton, Stoke-on-Trent, ST3 5SN

NEW BUILD FOODSTORE INVESTMENT LET TO CO-OPERATIVE FOOD GROUP LTD WITH 14.2 YEARS UNEXPIRED

The co-operative Heathcote Street, Longton, Stoke-on-Trent, ST3 5SN

NEW BUILD FOODSTORE INVESTMENT LET TO CO-OPERATIVE FOOD GROUP LTD WITH 14.2 YEARS UNEXPIRED

INVESTMENT CONSIDERATIONS

n Located in Longton, Stoke-on-Trent

n New purpose built foodstore

n 14.2 years unexpired to the strong covenant of Co-Operative Food Group Ltd

n Lease subject to guarantee by Co-Operative Group Ltd

n Current passing rent of £73,028 pa subject to rent reviews every 5 years linked to RPI with a collar of 1% and cap of 4%

n Offers sought in excess of £1,200,000 (One Million, Two Hundred Thousand Pounds) reflecting a net initial yield of 5.75% assuming purchasers costs of 5.99%

LOCATIONStoke-on-Trent is located approximately 3.4 miles to the south of Newcastle-under-Lyme, 17 miles to the north of Stafford and 45 miles to the south of Manchester.

Stoke-on-Trent is a city and unitary authority in Staffordshire. The city recorded a population of 249,000 (2011 Census) with a catchment area of approximately 36 sq miles.

The town is well connected with the M6 motorway providing access to Manchester and Liverpool to the north and Birmingham to the south. The property is situated close to the A50 providing access to Stoke-on-Trent City Centre and the M1 Motorway.

Longton Rail Station is situated nearby providing direct access to Crewe and Derby with approximate journey times of 34 minutes and 47 minutes respectively. Stoke-on-Trent Rail Station is situated approximately 3 miles to the north west.

Liverpool

Blackpool

Hawarden

Manchester

Robin Hood

Retford

A631

A453A606

A666

A628 A616

A610

A614

A638

A623

A619

A523

A523

A525

A534

A495

A483

A523

A520

A520A500

A6102

A52

A57

A46

A52

A34

A34

A50

A38

A38

A61A53

A49

A41

A41

A49

A54A55

A51

A51

A53

A51

A54

A56

A1

A1A6

A6

M67

M1

M1

M1

A1(M)

M62

M62

M18

M6

M6

M6

M53

M56

M56

M66M61

M60

M60

M57

M58

M65

M62

M606M621

STOKE-ON-TRENT

Peak

Dis

tric

t Nat

iona

l par

k

Crewe

NantwichKidsgrove

Leek

Uttoxeter

Congleton

Newcastle-under-Lyme

Northwich

Middlewich

Wrexham

Stafford

Chesterfield

Mansfield

Worksop

Wakefield

Barnsley

Huddersfield

BuxtonMacclesfield

Rochdale

Southport

St.Helens

Wigan

BuryBolton

Oldham

Stockport

BlackburnPreston

Runcorn

CHESTER

LIVERPOOL

MANCHESTER

HALIFAX

ROTHERHAM

DONCASTER

SHEFFIELD

NOTTINGHAMDERBY Holli

ngs S

tree

t

Newmount Road

Heathcote Street

Heathcote Street

Carling G

rove

Allensm

ore Avenue

Goldenhill Road

Carron Street

Bosinney Close

Long

ley

Road

Dunster Road

Rochester Road

Edgefield RoadBarclay Street

Peve

nsey

Gro

ve

Clayfield Grove West

Clayfield Grove

Galsw

orthy Road

Kelham Road Fenpark Road

Sloane Way

Hulse Street

June Road

Annette R

aod

Imogen Close

Monty Place

Swithin D

rive

Soames Crescent

Bambury Street

Bambury Street

Forsyte Road

Sandwood Crescent

FEN PARK

The co-operative Heathcote Street, Longton, Stoke-on-Trent, ST3 5SN

NEW BUILD FOODSTORE INVESTMENT LET TO CO-OPERATIVE FOOD GROUP LTD WITH 14.2 YEARS UNEXPIRED

SITUATIONThe property is located on the northern side of Heathcote Street within a predominantly residential area. The property is situated adjacent to a local retail parade including McColl’s Retail Group and a variety of local retailers.

DESCRIPTIONThe property comprises a newly built single storey local convenience store with sales accommodation and ancillary and storage accommodation at ground level. The property benefits from pedestrian and vehicular access from Heathcote Street.

The unit is served by a loading area to the front of the property and benefits from eight car parking spaces for customer use.

ACCOMMODATIONThe property provides the following Gross Internal Area (GIA):

Accommodation Sq M Sq Ft

Ground Floor Sales 389.0 4,187

TENUREVirtual Freehold - 999 year lease at a peppercon rent, subject to appropriate rights and reservation over the common parts.

COVENANTCo-Operative Group Ltd’s annual accounts can be summarised as follows:

Accommodation 04 January 2014 03 January 2015 02 January 2016

Sales Turnover £10,534,000,000 £9,433,000,000 £9,301,000,000

Profit/(Loss) Before Taxes (£277,000,000) £124,000,000 £23,000,000

Total Net Worth £756,000,000 £1,940,000,000 £2,006,000,000

UndCR

Ward Bdy

CF

Und CF

Posts

CLOSE

HATHERSAGE

CLOSE

HATHERSAGE

LAMOTTE CLOSE

HEATHCOTE STREET

Hanover House

4

185

12

1

10

10

108

13

2

Posts

133

8

52

3

40

Ps

FORSYTE ROAD

CLAYFIELD GROVE WEST

105

3

19

181

11

49

87

20

2

12

The Old Sal

8597

179

36

(PH)165

166

75

0m 10m 20m 30m

Ordnance Survey © Crown Copyright 2016. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250

PUBENTRANCE

Public House

seating area

to be removed

Bicyclestand

30 spaces

Pub car park

8 sp

aces

Food

Sto

re c

ar p

ark

IN/OUT

plantacoustic fence

PUBENTRANCE

footwaylink

cages

ATM

8.16

9.07

10.15

9.35

The Old Sal(P.H.)

© Crown Copyright, ES 100004106. For identification purposes only.

TENANCYThe property is let to Co-operative Food Group Ltd for a term of 15 years from 4th December 2015 without break on a full repairing and insuring lease expiring 3rd December 2030 at a passing rent of £73,028 pa. The rent will be reviewed every five years in line with RPI with a collar of 1% and cap of 4%; the next rent review is due on 4th December 2020.

The lease is subject to a guarantee by Co-Operative Group Ltd.

Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop is the trading name of Allsop LLP. Design Command D www.commandHQ.co.uk 10.16

Tom Dales020 7543 6869tom.dales@allsop.co.uk

For further information or to make arrangements for viewing please contact:

Jonathan Butcher020 7543 6755jonathan.butcher@allsop.co.uk www.allsop.co.uk

PROPOSALWe are instructed to seek offers in excess of £1,200,000 (One Million, Two Hundred Thousand Pounds) reflecting a net initial yield of 5.75% assuming purchasers costs of 5.99%.

VATThe property is elected for VAT and it is anticipated the transaction will be treated as a transfer of a going concern (TOGC).

NET REVERSIONARY YIELDBased on the quoting price the property is subject to potential valuable reversion at rent review in December 2020 and 2025:

Minimum Rental Uplift of 1% pa

Maximum Rental Uplift of 4% pa

2020 6.04% 7.00%

2025 6.35% 8.50%

EPCThe property has an EPC rating of B28. Further information is available upon request.

DATAROOMFor access to the Allsop Dataroom please use the following link: www.datarooms.allsop.co.uk/register/coopstoke

The co-operative Heathcote Street, Longton, Stoke-on-Trent, ST3 5SN