Tesco Express Unit 257 Ordsall Lane, Salford, M5 3NG
For Sale
- Investment, Retail
- 2,793 Sq Ft
- £850,000
A Secure Convenience Store Investment Opportunity
Under Offer
Key Features
- Very strong covenant tenant
- Secure investment
- Prime location along Ordsall Lane
- New build construction
- Long leasehold premises
- 5 yearly rent reviews
- Net initial yield of 6.24%
- Reversionary yield of 7.64% after the first review (assuming CPI growth of 3% per annum)
Property Description
The property is a newly built and predominantly 7 storey mixed use development of traditional brick construction, with restaurant and convenience store operators to the ground floor and residential apartments over.
The subject of this Sale is the Long Leasehold interest which is to be formed out of part of the ground floor which has been let to Tesco Stores Ltd on a new 15-year FRI lease.
The unit is let in a shell and core condition, with Tesco Stores Ltd agreeing to undertake their fit out as set out in the plans on the following pages. Tesco are due to commence fit out works imminently.
The subject of this Sale is the Long Leasehold interest which is to be formed out of part of the ground floor which has been let to Tesco Stores Ltd on a new 15-year FRI lease.
The unit is let in a shell and core condition, with Tesco Stores Ltd agreeing to undertake their fit out as set out in the plans on the following pages. Tesco are due to commence fit out works imminently.
Tenancy
Let to Tesco Stores Limited on a new 15 year effective FRI lease without break options at a rent commencing at £56,000pa + VAT.
A 9 month rent free period has been agreed for Tesco to undertake their fit out.
The lease is subject to 5 yearly upward only rent reviews in line with CPI, collared and capped at 1% and 3% respectively.
A 9 month rent free period has been agreed for Tesco to undertake their fit out.
The lease is subject to 5 yearly upward only rent reviews in line with CPI, collared and capped at 1% and 3% respectively.
Covenant
Tesco is the largest grocery retailer in the UK, achieving its highest market share since February 2022, growing 0.6 percentage points to 27.7%.
The supermarket giant bolstered its position as the UK’s largest retailer as sales jumped 4.6% year on year, according to new data from Kantar.
Tesco serves customers throughout the UK across its more than 800 Tesco Extra and Superstores, and also its 2000 Tesco Express stores, for which this is one.
The supermarket giant bolstered its position as the UK’s largest retailer as sales jumped 4.6% year on year, according to new data from Kantar.
Tesco serves customers throughout the UK across its more than 800 Tesco Extra and Superstores, and also its 2000 Tesco Express stores, for which this is one.
Sale
Offers are invited in excess of £850,000 for the long leasehold interest.
• Net initial yield of 6.24% (after allowing purchasers costs of 5.5%).
• Reversionary yield of 7.64% after the first review (assuming CPI growth of 3% per annum).
The long leasehold interest shall be for 250 years on completion of works at a peppercorn rent and will be subject to a service charge.
• Net initial yield of 6.24% (after allowing purchasers costs of 5.5%).
• Reversionary yield of 7.64% after the first review (assuming CPI growth of 3% per annum).
The long leasehold interest shall be for 250 years on completion of works at a peppercorn rent and will be subject to a service charge.
Anti-Money Laundering Regulations
In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.
Accommodation
| Name/Floor | Sq Ft | Sq M | Availability |
|---|---|---|---|
| Ground Tesco Express Unit | 2,793 | 259.48 | Let |
Location
Bridgewater Wharf is Manchester’s latest addition to the residential property market. Welcoming 376 premium apartments to a stunning waterfront location, the launch of Bridgewater Wharf Manchester provides the perfect time and place to invest in a city centre brimming with success and opportunity.
The property fronts on to the very busy Ordsall Lane, which links Old Trafford to Salford and then Manchester City Centre via Regents Road.
Manchester is a leading UK city with an undeniable global presence in the sectors of business, industry, education, culture and innovation.
Bridgewater Wharf finds itself located in an enviable part of Manchester city centre, nestled between the digital business hubs of MediaCityUK, the trendy bars and restaurants of Deansgate, and the sleek retail and financial district of Spinningfields.
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