LIDL 12-18 WINSOVER ROAD SPALDING PE11 1EJ VIRTUAL FREEHOLD TOWN CENTRE SUPERMARKET INVESTMENT - ALLSOP
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LiDL 12-18 WINSOVER ROAD SPALDING PE11 1EJ VIRTUAL FREEHOLD TOWN CENTRE SUPERMARKET INVESTMENT
LiDL
12-18 WINSOVER ROAD
SPALDING PE11 1EJ
SPALDING
UNITED FC
CHATTERTON
WATER TOWER
TOWN SOUTH HOLLAND
CENTRE DISTRICT COUNCIL
SPALDING
LIBRARY
SPALDING
STATION
WOLSELEY
PLUMBING
Site outline for indicative purposes only.
LiDL 12-18 WINSOVER ROAD SPALDING PE11 1EJ 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%
LiDL
12-18 WINSOVER ROAD
SPALDING PE11 1EJ
NEWCASTLE
UPON TYNE
●
A1(M)
A1(M) YORK
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LEEDS
●
HULL
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M62
GRIMSBY
M18 M180
M1
SHEFFIELD
LINCOLN
M1
NOTTINGHAM BOSTON
SPALDING
LOCATION
LOUGHBOROUGH
KINGS LYNN Spalding, with a population of approximately 30,000, is an Rail communications are also good with Spalding Railway station
NORWICH attractive market town situated within Lincolnshire. It is located offering regular routes to Peterborough (journey time: 20 minutes),
oll LEICESTER PETERBOROUGH
M42
at the centre of a major region of flower and vegetable Lincoln (journey time: 54 minutes) and London King’s Cross
HAM M69 cultivation and so it benefits from a thriving agricultural industry (journey time: 95 minutes).
M6 A1(M) and various vegetable packing plants who sell their produce The population of the South Holland district, which Spalding
onto supermarkets. The town is located approximately 18.5 miles forms a large part has increased by 15.40% between 2001 and
NORTHAMPTON BURY ST
CAMBRIDGE EDMUNDS north of Peterborough, 50 miles south east of Nottingham and 27 2011 and has grown 1.7% annually since then. This represents one
M40
BEDFORD
miles west of Kings Lynn. of the highest growth rates for a local authority area in England
M1
MILTON KEYNES
Spalding benefits from excellent road communications being and Wales.
M11 directly adjacent to the A16 (Spalding bypass), which links the A1 South Holland’s population is predicted to increase to over
LUTON
A1(M) (M) to the North East of England and the A151, which provides a 102,000 by 2021.
CHELMSFORD
direct route to the A17 and Kings Lynn to the east.
OXFORD
M40 M25
LONDON
M4
3.4m 2
Tank
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Bd
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& Wa
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4.6
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SH
37
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© CrownOrdnance
Copyright, ES 100004106. For identification
number 100022432. Plottedpurposes only.
3
Survey © Crown Copyright 2019. All rights reserved. Licence Scale - 1:1250
SITUATION
The 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.
DESCRIPTION
The subject property, which fronts Winsover Road to the front The Lidl is situated over ground floor to provide modern open
and Spalding Town Railway Station to the rear, comprises the plan retailing space with loading bay access to the eastern
majority of the Winsover Centre. The Winsover Centre was side of the building.
constructed in the 1980’s as a food supermarket for Co-Op but The Car Park, has a maximum capacity of approximately 150
has more recently been sub-divided to provide 2 large retail cars, is accessed via Station Approach and provides 2 hours
units (B&M and Lidl) fronting the car park with 6 smaller retail free parking.
and office units fronting Winsover Road.
LiDL
12-18 WINSOVER ROAD
SPALDING PE11 1EJ
TENURE
Virtual Freehold by way of a 999 year lease.
TENANCY
The 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 Area
(sq ft) (sq m)
Ground 12,639 1,174.2
12,639 1,174.2
COVENANT INFORMATION
LIDL
Lidl originated in Germany with its first store LIDL UK GMBH has the following financial information:
opening in 1973 and has grown to become one
28/02/2018 28/02/2017 29/02/2016
of Europe’s leading food retailers. The first Lidl UK
opened in 1994 and currently has over 740 stores Turnover £46,086,000,000 £41,526,000,000 £38,277,000,000
and 13 distribution centres across Great Britain employing over
Pre-Tax Profit £1,684,000,000 £1,709,000,000 £2,086,000,000
20,000 people.
Total Net Worth £10,587,000,00 £9,943,000,000 £8,929,000,000
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.
SERVICE CHARGE
The 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.
EPC VAT PROPOSAL
The EPC is available We understand the property has been elected
upon request. for VAT. It is anticipated that the sale will We are instructed to seek offers in excess of £1,640,000 (One Million
be treated as a Transfer of Going Concern Six Hundred and Forty Thousand Pounds) subject to contract and
(TOGC).
DATAROOM exclusive of VAT. A purchase at this level would reflect a net initial
For access to the Allsop Dataroom please use the following yield of 7.51%, assuming purchaser’s costs of 6.16%
link: http://datarooms.allsop.co.uk/register/spalding
For further information or to make arrangements for viewing please contact:
Ronnie Morgan Jonathan Butcher Alex Butler
020 7543 6808 020 7543 6722 020 7543 6755
ronnie.morgan@allsop.co.uk jonathan.butcher@allsop.co.uk alex.butler@allsop.co.uk allsop.co.uk
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
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