Tesco Express 170 Whippendell Road, Watford, Hertfordshire WD18 7NB - Christopher Dee
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Tesco Express 170 Whippendell Road, Watford, Hertfordshire WD18 7NB
Tesco supermarket investment
• Let to Tesco Stores Limited expiring November • ERV of £59,466 per annum (November 2018)
2023 (5.6 years unexpired) assuming 3% per annum growth
• Current topped up rent of £58,400 per annum • 999 year long leasehold at a peppercorn
(February 2018 RPI index figures)
• Offers in the region of £935,000 (STC)
• 5 yearly uncapped RPI reviews
• Net Initial Yield of 5.91%, Reversionary Yield of
(next due November 2018)
6.02% in November 2018*
Watford is a prominent north west London
town, which has attracted a number of
national and international employers.
Watford
Watford is a major commercial and retail centre located 18 miles
north west of London and benefits from excellent transport links both
nationally and within the South East, by virtue of its proximity to the M25
and M1 motorways. Junction 5 of the M1 is approximately 1.1 miles to
the north east whilst junction 19 of the M25 motorway is approximately
4.7 miles to the north west.
Sat Nav – WD18 7NB
Tesco Express 170 Whippendell Road, Watford, Hertfordshire WD18 7NB
Watford Junction station is approximately
1 mile to the north west of the property.
Watford
Watford Junction station is approximately 1 mile to the north west of the
property and benefits from regular services running to London Euston.
London Heathrow airport is approximately 23 miles to the south east.
Watford is a prominent north west London town, which has attracted a
number of national and international employers including Asda, Marks
and Spencer, Tesco Stores, John Lewis, Taylor Woodrow, Total UK and
TK Maxx.
In excess of 96,000 people live in Watford with a district population
of 120,960.
Sat Nav – WD18 7NB
Tesco Express 170 Whippendell Road, Watford, Hertfordshire WD18 7NB
Situation
The property occupies an 170
extremely prominent position
WHIPPENDELL ROAD
WATFORD
on the junction of Whippendell Road and Harwoods Road,
midway between the A412HERTFORDSHIRE
Rickmansworth RoadWD18
and the7NB A number of national multiple
A4145 Vicarage Road. retailers are represented
The store is adjacent to a school and forms part of a along Whippendell Road
local retail area serving the residential neighbourhood. A together with a blend of
SO
number of national multiple retailers are represented along
local traders.
4
UT
11
HS
Whippendell Road together with a blend of local traders.
EA
AV 71.6m
18
EN
UE
6
The property is approximately 1 mile from the town centre
11
and is withinChater
200 metres of Watford Football Club.
Infant School
AD
RO
LL
DE
8
Description
12
4
EN
12
2a
9
IPP
WH
2
The property comprises a modern self-
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RW
OO
contained ground floor retail unit which forms
DS
RO
part of a larger residential building developed
14
2
AD
14
1
in 2008. The principal entrance to the unit
70.4m
fronts the street corner and is therefore very
0
15
prominent to passing traffic.
1
19
Tank 15
3
El Sub Sta
nd
Internally, the unit provides predominantly
a
open plan accommodation which has been
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tiv b
r va Clu
e t
ns ni s
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Un
i o
fitted out in Tesco’s latest Express format. To
the rear of the trading area is a secure store
16
5
7
13
2
room, staff areas and WC’s.
Sa
1
lis
to
bu
16 use
To the rear of the property, accessed from
ry
0
H
17
o
16
0
1
Harwoods Road, is a large surface car park
7
12
5
with 24 spaces, 8 of which are dedicated to
the store.
17
8
12
7
2
17
15
69.2m
8
Tesco Express 170 Whippendell Road, Watford, Hertfordshire WD18 7NB
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House TCB
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Accommodation Covenant Status
We have measured the property in accordance with Tesco Stores Limited (Company Number: 00519500)
the RICS Code of Measuring Practice (6th Edition). The reported the following trading figures for the year end
property has the following approximate gross internal 2017:-
areas:
Turnover £40.134 billion
Sq m Sq Ft Pre Tax Profits £266 million
Ground Floor 286.09 3,080 Shareholders Funds £1.265 billion
Total 286.09 3,080 The company are an undoubted covenant and have a
Dun & Bradstreet credit rating of 5A1.
Energy Performance Certificate Further information can be found at www.tesco.com
Energy Performance certificates can be provided on
request. VAT
VAT will be payable on the purchase price. It is
Tenure anticipated that the sale will be dealt with as a transfer
The property is held long leasehold for a term of 999 of a going concern.
years from 17th November 2008 at a peppercorn.
Proposal
Tenancy Our client is seeking offers in excess of £935,000 for
The property is let to Tesco Stores Limited on a 15 year their long leasehold interest. A purchase at this level
FRI lease with effect from from 17th November 2008, reflects a 5.91% net initial yield on a rental top up basis,
expiring 16th November 2023 (5.6 years unexpired). after deducting standard purchasers costs.
The rent is reviewed every 5 years to RPI (uncapped), *Assuming the RPI (All Items) Index grows by 3% from
with the next review due on 17th November 2018. the February 2018 figure until review in November 2018,
the rent would increase to £59,466 per annum. An
The current passing rent will be topped up until 17th
increase to this figure would provide a reversionary yield
November 2018 review at £58,400 per annum based
of 6.02%, after deducting standard purchasers costs.
on the February 2018 RPI (All Items) figure (278.1).
Tesco Express 170 Whippendell Road, Watford, Hertfordshire WD18 7NB
For further information or to arrange an inspection, please contact the joint agents.
Christopher Dee Fairhurst Estates Limited
40 Peter Street Fairhurst House
Manchester 7 Acorn Business Park
M2 5GP Heaton Lane
Stockport
Daniel Campbell
Cheshire
Tel: 07741 593968
SK4 1AS
Email: dc@christopherdee.co.uk
Nigel Blyth
Rob Steward
Tel: 0161 476 9476
Tel: 07768 168022
Email: nigel.blyth@fairhurst-estates.co.uk
Email: rs@christopherdee.co.uk
Mark Powell
Tel: 07825 077724
Email: mp@christopherdee.co.uk
MISREP: The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained here in is not guaranteed and is for general guidance only
and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy. Christopher Dee nor any of its employees or representatives
has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property. Rents quoted in these particulars may be subject to VAT in addition. The reference to
any mechanical or electrical equipment or other facilities at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable or fulfilling its intended function.
Prospective tenants/purchasers should satisfy themselves as to the fitness of such equipment for their requirements. Designed and Produced by Ask 0161 976 1836. March 2018.
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