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12-18 WINSOVER ROAD SPALDING PE11 1EJVIRTUAL FREEHOLD TOWN CENTRE SUPERMARKET INVESTMENT
LiDL
SPALDING LIBRARY
TOWN CENTRE
SOUTH HOLLAND DISTRICT COUNCIL
SPALDING UNITED FC
SPALDING STATION
WOLSELEY PLUMBING
Site outline for indicative purposes only.
12-18 WINSOVER ROAD SPALDING PE11 1EJ
LiDL
CHATTERTON WATER TOWER
12-18 WINSOVER ROAD SPALDING PE11 1EJ
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INVESTMENT CONSIDERATIONS
■ Attractive town centre retail investment comprising a large supermarket
■ Situated in the attractive market town of Spalding adjacent to the Railway Station and a large car park
■ The foodstore units comprise a total of 1,174.2 sq m (12,639 sq ft) of well configured floor space
■ Let to LIDL UK GMBH Limited for a term of 25 years from 3rd November 2000 (6.5 years unexpired)
■ Total current rent of £130,700 per annum
■ Rent passing at £10.34 psf
■ Open market rent review in November 2020
■ Virtual Freehold
■ We are instructed to seek offers in excess of £1,640,000 (One Million Six Hundred and Forty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 7.51%, assuming purchaser’s costs of 6.16%
LOCATIONSpalding, with a population of approximately 30,000, is an attractive market town situated within Lincolnshire. It is located at the centre of a major region of flower and vegetable cultivation and so it benefits from a thriving agricultural industry and various vegetable packing plants who sell their produce onto supermarkets. The town is located approximately 18.5 miles north of Peterborough, 50 miles south east of Nottingham and 27 miles west of Kings Lynn.
Spalding benefits from excellent road communications being directly adjacent to the A16 (Spalding bypass), which links the A1 (M) to the North East of England and the A151, which provides a direct route to the A17 and Kings Lynn to the east.
Rail communications are also good with Spalding Railway station offering regular routes to Peterborough (journey time: 20 minutes), Lincoln (journey time: 54 minutes) and London King’s Cross (journey time: 95 minutes).
The population of the South Holland district, which Spalding forms a large part has increased by 15.40% between 2001 and 2011 and has grown 1.7% annually since then. This represents one of the highest growth rates for a local authority area in England and Wales.
South Holland’s population is predicted to increase to over 102,000 by 2021.
12-18 WINSOVER ROAD SPALDING PE11 1EJ
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M1
M25
M25
M40
M11
M40
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M50
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M32
M27
M23M20
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M6 TollM54M42
M69
M1
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M6
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M6M5
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M4M4
M3
M62M62
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M56
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M18
A1(M)
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GLASGOW●
EDINBURGH●
YORK●
NEWCASTLEUPON TYNE
●
HULL●
LEEDS●
SHEFFIELD
MANCHESTERLIVERPOOL
BLACKPOOL●
BIRMINGHAM
CARDIFF●
SWANSEA●
BRISTOL●
WORCESTER
BATH●
SOUTHAMPTON●
EXTER●
PORTSMOUTH●
MAIDSTONE●
FOLKSTONE●
OXFORD
LUTON
BEDFORD
CHELMSFORD
GRIMSBY
BOSTON
MILTON KEYNES
NORTHAMPTON
LEICESTER
NOTTINGHAM
LOUGHBOROUGH
LINCOLN
CAMBRIDGE
LONDON
BRIGHTON●
PETERBOROUGHNORWICH
KINGS LYNN
BURY STEDMUNDS
SPALDING
SITUATIONThe property is situated in a prominent position to the north of Winsover Road on the western edge of the town centre at its junction with Station Street and the town’s main railway station, Spalding Town, immediately to the north.
The main town centre, which boasts all of the usual High Street names, is situated around the semi-pedestrianised Hall Place/Market Place and larger stores are located immediately to the east on the Holland Market Retail Park, where Sainsbury’s, Wilkos, Halfords, Argos are represented alongside an Iceland, Marks & Spencers and B&Q fronting New Road.
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AVENUE
PATR
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SHORT STREETWINSOVER ROAD
GLENN
2
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6
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40
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52to 54
14 to 16
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51530m 10m 20m 30m
PE11 1EJ
Ordnance Survey © Crown Copyright 2019. All rights reserved. Licence number 100022432. Plotted Scale - 1:1250© Crown Copyright, ES 100004106. For identification purposes only.
DESCRIPTIONThe subject property, which fronts Winsover Road to the front and Spalding Town Railway Station to the rear, comprises the majority of the Winsover Centre. The Winsover Centre was constructed in the 1980’s as a food supermarket for Co-Op but has more recently been sub-divided to provide 2 large retail units (B&M and Lidl) fronting the car park with 6 smaller retail and office units fronting Winsover Road.
The Lidl is situated over ground floor to provide modern open plan retailing space with loading bay access to the eastern side of the building.
The Car Park, has a maximum capacity of approximately 150 cars, is accessed via Station Approach and provides 2 hours free parking.
TENUREVirtual Freehold by way of a 999 year lease.
TENANCYThe property is let in its entirety to Lidl UK GMBH Limited for a term of 25 years (no breaks) from 3rd November 2000 at a current passing rent of £130,700 per annum. Therefore there are 6.5 years unexpired (3rd November 2025). The passing rent equates to £10.34 psf.
The lease provides for five yearly upward only open market rent reviews with the next review on the 3rd November 2020.
ACCOMMODATION
Floor Area (sq ft)
Area (sq m)
Ground 12,639 1,174.2
12,639 1,174.2
12-18 WINSOVER ROAD SPALDING PE11 1EJ
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COVENANT INFORMATIONLIDL
Lidl originated in Germany with its first store opening in 1973 and has grown to become one of Europe’s leading food retailers. The first Lidl UK opened in 1994 and currently has over 740 stores
and 13 distribution centres across Great Britain employing over 20,000 people.
Lidl is one of the UK’s fastest growing grocery chains with sales increasing by 7.3% in the three months through to the end of January and taking its market share up 0.3% to 5.3%.
This growth is set to continue with four more warehouses in the UK set to be opened by 2025. Lidl’s Chief Executive Christian Hartnagel has outlined further plans to open a further 50 stores a year.
LIDL UK GMBH has the following financial information:
28/02/2018 28/02/2017 29/02/2016
Turnover £46,086,000,000 £41,526,000,000 £38,277,000,000
Pre-Tax Profit £1,684,000,000 £1,709,000,000 £2,086,000,000
Total Net Worth £10,587,000,00 £9,943,000,000 £8,929,000,000
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 CommandD www.commandHQ.co.uk 06.19
Ronnie Morgan020 7543 [email protected]
For further information or to make arrangements for viewing please contact:
Jonathan Butcher020 7543 [email protected]
Alex Butler020 7543 [email protected] allsop.co.uk
EPCThe EPC is available upon request.
DATAROOMFor access to the Allsop Dataroom please use the following link: http://datarooms.allsop.co.uk/register/spalding
VATWe understand the property has been elected for VAT. It is anticipated that the sale will be treated as a Transfer of Going Concern (TOGC).
PROPOSAL
We are instructed to seek offers in excess of £1,640,000 (One Million Six Hundred and Forty Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 7.51%, assuming purchaser’s costs of 6.16%
SERVICE CHARGEThe following table sets out the service charge expenditure in recent years:
Year End Expenditure Total Expenditure
2019 (Budget) £17,020
2018 £15,257.07
2017 £16,217.69
Please refer to the Allsop Marketing Data Room for supporting documentation.
