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Lot 3 Click here for addendum

Commercial Investment Let to Iceland Foods Limited – Gross Yield 10.6%
10 week completion

Situation

Located on the western side of Nottingham Road, close to the junction with West Way, on this established Retail Park which houses B&M Home Store and The Hanger. In addition, nearby multiples include Aldi, Starbucks, KFC, McDonald's, The Range, Greggs and Card Factory.
The market town of Alfreton is located in the Amber Valley, approximately 12 miles north-east of Derby and 20 miles south of Sheffield enjoying easy access to the A38 and A61 being approx. 4 miles west of the M1 (Junction 28).

Property

A Ground Floor Supermarket with Ancillary Staff Accommodation on the first floor.
In addition, the property includes a Loading Area with a roller shutter door and on site parking for approx. 30 cars.

Accommodation

Site Area Approx. 0.68 Acres

Ground Floor Supermarket
Area Approx. 7,170 sq ft¹

First Floor Staff Ancillary
Area Approx. 925 sq ft¹

________________

Total Area Approx. 8,095 sq ft¹

_{¹Areas supplied by Vendor.}

VAT is applicable to this Lot

Tenure

Leasehold for a term of 999 years from 4th January 1993 at a peppercorn ground rent.

Tenancy

The entire property is let on a full repairing and insuring lease to Iceland Foods Limited (having approx. 1,000 branches) (T/O for Y/E 29/03/24 £4.12bn, Pre-Tax Profit £15.6m and Shareholders' Funds £712m) for a term of 25 years from 28th February 2005 at a current rent of £134,547 per annum exclusive (see Note).

Note: The current rent is £118,920 p.a. rising to £134,547 p.a. on 28th February 2025, therefore the Vendor will top up this rent shortfall on completion.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

Iceland, Alfreton Trading Estate, Nottingham Road, Somercotes, Alfreton, Derbyshire DE55 4JJ