THE CO-OP, 84 GREGSON AVENUE, BRIDGEMARY, GOSPORT, HAMPSHIRE, PO13 0URFOODSTORE INVESTMENT LET TO THE SOUTHERN CO-OPERATIVE LIMITED WITH 9.5 YEARS UNEXPIRED

INVESTMENT CONSIDERATIONS

n 9.5 years unexpired to the strong covenant of The Southern Co-Operative Ltd

n Current rent passing of £57,000 pa subject to a rent review in 2021

n Single storey convenience store measuring approximately 5,213 sq ft

n Located in a popular residential area with good alternative use options

n Potential development opportunities

n Freehold

n Site area of 818 sq m (0.2 Acres)

We are instructed to seek offers in excess of £900,000 (Nine Hundred Thousand Pounds) reflecting a net initial yield of 6% assuming purchaser’s costs of 5.67%

THE CO-OP 84 GREGSON AVENUE, BRIDGEMARY, GOSPORT, HAMPSHIRE, PO13 0UR

LONDON

A350

A350

A354

A338

A338

A346

A419

A303

A303

A361

A39

A272A23

A22

A4

A358

A339

A27

A24A264

A331

A36

A36A34

A33

A34

A31

A31

A3

A37

A37

A35A35

M27

M48 M40M25

M25

M23

M40

M11

M3

M3

M5

M5

M4

M4

M1

A3(M)

A1(M)

M271M27

M49 M32

Southampton

Gatwick

Heathrow

LondonCity

LutonOxford

Bournemouth

Bristol

SouthamptonSouthampton

WinchesterWinchester

AndoverAndover

EastleighEastleigh

PortsmouthPortsmouth

SalisburySalisbury

NewburyNewbury

BasingstokeBasingstokeGuildfordGuildford

WokingWoking

ChichesterChichester

Bognor RegisBognor RegisSouthseaSouthsea WorthingWorthingBrightonBrighton

SwindonSwindonNEWPORTNEWPORT

GloucesterGloucesterCheltenhamCheltenham

BATH

OXFORD

READINGBRISTOL

DorchesterDorchester

YeovilYeovil

WeymouthWeymouth

BournemouthBournemouthGOSPORT

Wych Lane

Gregson Avenue

Gregson Avenue

Bridgemary A

venue

Tedder Road

Wavell Road

Henry C

ort Way

Henry C

ort Way

Henry C

ort Way

Montgom

ery Road

Horton Road

Harris Road

Hanbidge Cres

Main Road

Aerodrome Road

Cunningham Dr

Foxbury

Lane

Foxbury Lane

Prideaux-Brune Avenue

Fraser Road

Maynard Close

Bridgemary Road

Conifer Grove

Conifer G

rove Chatfield Road

Harwood R

d

Vla

n C

lose

James Road

Harwood Cl

Nobes Avenue

Layton Road

Keyes Road

Keyes Road

Keyes Close

Boyd Road

Agnew Road

A32 Fareham Road

A32 Fareham

Road

BRIDGEMARYPARK

BEDENHAM PRIMARY SCHOOL

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

THE CO-OP 84 GREGSON AVENUE, BRIDGEMARY, GOSPORT, HAMPSHIRE, PO13 0UR

SITUATIONThe property is situated on the west side of Gregson Avenue in the densely populated residential area of Bridgemary some four miles north of central Gosport, three miles south of Fareham and close to Fareham Road (A32). The property makes up part of a larger parade with designated parkling bays to the front. Occupiers in close proximity include Ladbrokes and a number of local traders.

DESCRIPTIONThe property comprises a single storey local convenience store measuring approximately 5,213 sq ft (484 sq m) arranged over ground floor only. The property is arranged with sales accommodation to the front of the building with storage and staff accommodation to the rear and to the property’s north side. The property benefits from a gated and walled service yard to the rear of the property providing access to the building’s rear storage room. The unit further benefits from ancillary services including an ATM to the front elevation.

TENANCYThe property is let to THE SOUTHERN CO-OPERATIVE LIMITED on a full repairing and insuring lease for a term of 15 years from 12th December 2011. The current passing rent is £57,000 pa reflecting £10.93 psf. The lease provides for upwards only rent reviews every fifth year of the term. The tenant has an option to renew the lease for a further 10 years at the end of the current term at open market rent.

TENUREFreehold

COVENANTThe Southern Co-operative Ltd (t/a The Co-operative). The Southern Co-operative runs over 250 community food stores and funeral homes across eleven counties in southern England.

The Southern Co-operative Ltd reported the following results across the last three years:

24 Jan 2016 24 Jan 2015 25 Jan 2014

Turnover 366,786,000 £350,505,000 £326,716,000

Pre-Tax Profit 2,352,000 £2,366,000 £11,814,000

Total Net Worth 94,702,000 £89,291,000 £86,555,000

LOCATIONGosport is a borough town located on the south coast of England approximately 3.2 km (2 miles) south west of Portsmouth, 8.0 km (5 miles) south east of Fareham and 24.1 km (15 miles) south east of Southampton.

The town has a population of 82,622 (2011 Census) and lies on a peninsula on the western side of Portsmouth harbour which is linked via pedestrian ferry that runs all day (journey time 3 minutes). There are 341,827 people living within a 5 mile radius of the property.

Communications are good with the town being located on the A32 which in turn links the town with the M27 and the national motorway network. Portsmouth Harbour station is accessed via ferry from Gosport providing regular direct services to London Waterloo with a fastest journey time of 1 hour 39 minutes. Southampton International airport is located 32.2 km (20 miles) to the north west.

SITE AREA818 sq m (0.2 Acres).

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 07.17

PROPOSALWe are instructed to seek offers in excess of £900,000 (Nine Hundred Thousand Pounds) reflecting a net initial yield of 6% assuming purchaser’s costs of 5.67%

DATAROOMFor access to the Allsop Data Room, please use the following link:

https://datarooms.allsop.co.uk/register/Gosport

THE CO-OP 84 GREGSON AVENUE, BRIDGEMARY, GOSPORT, HAMPSHIRE, PO13 0UR

VATVAT is not applicable to this lot.

EPCThe property has been rated grade B (39). The EPC is available on request.

PRIVATECLIENT

www.allsop.co.uk

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

Liam Stray020 7543 6769liam.stray@allsop.co.uk

Private Client Team