LIDL, 5 LOW WALK, WELLINGTON CENTRE, ALDERSHOT, GU11 1DB - LONG LET SOUTH EAST SUPERMARKET INVESTMENT WITH FIXED UPLIFTS - Allsop
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PRIVATECLIENT
LIDL, 5 LOW WALK, WELLINGTON CENTRE, ALDERSHOT, GU11 1DB
LONG LET SOUTH EAST SUPERMARKET INVESTMENT WITH FIXED UPLIFTS
LIDL, 5 Low Walk, Wellington Centre, Aldershot, GU11 1DB Long Let South East Supermarket Investment
Investment Considerations
■■ Attractive town centre foodstore investment ■■ Fixed rental uplifts every 5 years with a net rent ■■ Offers are sought in excess of £2,360,000
■■ Situated in the affluent South East commuter rising to £179,005 per annum in June 2020 (Two Million Three Hundred and Sixty Thousand),
town of Aldershot ■■ The property forms part of the Wellington subject to contract and exclusive of VAT.
Shopping Centre which is home to a number A purchase at this level would reflect a net initial
■■ Let to the excellent covenant of LIDL UK GMBH yield of 6.00% based on the net rent with a
for a minimum of 7.75 years (to first break) of national retailers including Boots, WH Smith,
Wilko, Argos, Sports Direct and Vodafone guaranteed reversionary net yield of 7.13%
■■ The unit comprises a total of 1,285.8 sq m (13,841 from June 2020 after allowing for purchaser’s
sq ft) of modern, well configured floor space ■■ Held Long Leasehold with approximately costs of 6.38%.
147 years to run
■■ Current net rent of £150,719 per annum
LIDL, 5 Low Walk, Wellington Centre, Aldershot, GU11 1DB Long Let South East Supermarket Investment
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LIDL, 5 Low Walk, Wellington Centre, Aldershot, GU11 1DB Long Let South East Supermarket Investment
Aldershot
RETAILING IN ALDERSHOT
Aldershot has a good retail offering for a town of its size providing
approximately 720,000 sq ft of retail space with the prime pitch
being centred on The Wellington Centre and the pedestrianised
Union Street and Wellington Street. There is a 400+ space car
park within the Wellington Centre which acts as the town centre’s
principal parking. The main bus station is also in close proximity
on Station Road. Major retailers in the town include Boots,
Peacocks, Argos, JD Sports, WH Smith, Superdrug, Vodafone,
O2 Telephones, New Look and Clarks Shoes. Union Street and
Wellington Street benefit from an open market every Thursday.
Aldershot
© Crown Copyright, ES 100004106. For identification purposes only.
Experian Goad Plan Created: 27/09/2017
SITUATION
50 metres
WELLINGTON CENTRE Created By: Allsop
LOWER GROUND
The property forms part of the Wellington Centre, the For more information on our products and services:
Copyright and confidentiality Experian, 2017. © Crown copyright and
town’s main shopping centre, with frontage and access onto www.experian.co.uk/goad | goad.sales@uk.experian.com | 0845 601 6011
database rights 2017. OS 100019885
Wellington Street. Neighbouring occupiers include Brighthouse,
Poundworld, HSBC, Wilko and Sports Direct.
DEMOGRAPHICS
Aldershot has a primary catchment population of 115,000
NAM
(Source: PROMIS) with the population expected to grow by 0.7%
AST
E TR
across the next 5 years. The population within a 5 mile radius
AVE
L
of the town is estimated to be circa 221,000 people. Aldershot
comprises an affluent population with a significantly above NES
S
E FIT
average proportion of adults of working age categorized within ANY
TIM
the most affluent AB Social Group. The level of car ownership is
also significantly above the national average with a particularly
high proportion of 2 car households.
LIDL, 5 Low Walk, Wellington Centre, Aldershot, GU11 1DB Long Let South East Supermarket Investment
DESCRIPTION
The property comprises a large, well configured foodstore arranged over
ground floor only. The unit benefits from frontage on to the pedestrianised
Wellington Street. The unit forms part of the lower ground element of The
Wellington Shopping Centre.
Lidl has designated trolley bays in the 400+ space multi-storey car park
above the Centre. This is accessible via 3 x high speed passenger lifts.
We understand the tenant intends to refurbish the store in the near future.
The property provides a Gross Internal Area (GIA) of 1,285.8 sq m (13,841 sq ft).
TENURE
Leasehold.
The property is held long leasehold from The Council of the Borough of
Rushmoor for a term of 176 years from 1st September 1988 and expiring
31st August 2164. The yearly head rent is 10% of the net income as
outlined in the headlease (copy available upon request) and the current
head rent is £16,746.57 per annum. The headlease has an unexpired
term of approximately 147 years.
TENANCY
The entire property is let to LIDL UK GMBH on a 25 year full repairing and
insuring lease from 8th June 2010 expiring on 7th June 2035 (approximately
17.75 years unexpired). The current gross rent is understood to be
£167,466 per annum and the net rent is £150,719 per annum. The lease
has fixed rent reviews every five years with the gross rents outlined below:
8 June 2020: £198,895 p.a. (Net - £179,005 p.a.)
8 June 2025: £236,217 p.a. (Net - £212,596 p.a.)
8 June 2030: £280,562 p.a. (Net - £252,506 p.a.)
The tenant has an option to break at the end of either the fifteenth
(June 2025) or twentieth (June 2030) year of the term.
COVENANT INFORMATION
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 650 stores and 10 distribution centres
across Great Britain employing over 20,000 people.
Lidl was the UK’s fastest grocery chain in the three months through to
mid-September with sales increasing 19.2% and taking its market share to
a new high of 5.3%. This growth is set to continue with Lidl’s Chief Executive
Christian Hartnagel recently outlying plans to open between
50 and 60 stores a year between now and 2019.
LIDL UK GMBH has the following financial information:
29 Feb 2016 28 Feb 2015 28 Feb 2014
Sales Turnover £38,277,000,000 £34,162,000,000 £30,722,000,000
Profit Before Taxes £2,114,000,000 £1,668,000,000 £1,488,000,000
Tangible Net Worth £8,929,000,000 £7,625,000,000 £6,580,000,000
SERVICE CHARGE EPC
The unit contributes to a service charge for the Wellington Centre. The EPC is available upon request.
There is a service charge cap for the unit. For 2017/18 this is
budgeted at £33,684.02. During each subsequent service charge
year the cap for the preceding year increases in line with RPI. VAT
The service charge budget for 2017/18 for Lidl is £23,783.34. We understand the property has been elected for VAT.
Full information is available in the dataroom. It is anticipated that the sale will be treated as
a Transfer of Going Concern (TOGC).
DATAROOM
For access to the Allsop Dataroom please use the following link:
http://datarooms.allsop.co.uk/register/aldershot
PROPOSAL
Offers are sought in excess of £2,360,000 (Two Million Three Hundred and Sixty Thousand),
subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield
of 6.00% based on the net rent with a guaranteed reversionary net yield of 7.13% from
June 2020 after allowing for purchaser’s costs of 6.38%.
For further information or to make arrangements for viewing please contact:
PRIVATE CLIENT TEAM
Jonathan Butcher Alex Butler
020 7543 6755 020 7543 6722
jonathan.butcher@allsop.co.uk alex.butler@allsop.co.uk
www.allsop.co.uk
PRIVATECLIENT
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 10.17
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