CONVENIENCE STORE INVESTMENT OPPORTUNITY - TESCO EXPRESS, 40 MARKET PLACE, BEDALE, NORTH YORKSHIRE DL8 1EQ
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CONVENIENCE STORE INVESTMENT OPPORTUNITY TESCO EXPRESS, 40 MARKET PLACE, BEDALE, NORTH YORKSHIRE DL8 1EQ
CONVENIENCE STORE TESCO EXPRESS, 40 MARKET PLACE,
INVESTMENT OPPORTUNITY BEDALE, NORTH YORKSHIRE DL8 1EQ
INVESTMENT SUMMARY
• Tesco convenience store investment
opportunity
• Located on Bedale high street with
ready catchment from the town and
surrounding residential areas, as well
as nearby RAF Leeming Bar
• Provides a total of 3,886 sq ft on
ground floor
• Let to Tesco Stores Limited
• 20 year FRI lease from 11 December
2012 with TOB on 11 December 2022
• 12.5 years to expiry, 2.5 years to break
• Annual rent of £54,925 per annum
• 5 yearly RPI reviews (0% & 4% collar
and cap), with the next review in 2022.
• Offers in excess of £875,000 (STC)
• Representing a Net Initial Yield of
5.94%
• The rent is to be increased in line
with RPI in December 2022. Based
on figures of 278.1 and 292.2 for
December 2017 and May 2020
respectively, the rent has so far seen
an increase of 5.1% with a further 31
months of RPI growth remaining.
Annan
NEWCASTLE
UPON TYNE
CONVENIENCE STORE CARLISLE
TESCO EXPRESS, 40 MARKET PLACE,
INVESTMENT OPPORTUNITY BEDALE, NORTH YORKSHIRE DL8 1EQ
SUNDERLAND
S O L W A Y F I R T H
DURHAM
LOCATION
M6
A1(M)
Bedale is a market town in the district of Hambleton, North Yorkshire
with a total population of 4,530, rising to 91,134 in the district. The town MIDDLESBROUGH
has a popular and thriving high street, remaining the centre of the
Stockton-On-Tees
community for the the surrounding population. The market stalls that Lake District
DARLINGTON
Whitby
open every Tuesday along the high street, are some of the oldest in the
country having been operating for around 750 years.
Richmond
North York Moors
Catterick Garrison
Northallerton
The A1 runs along the east of town, providing the main route south Leeming Scarborough
towards Leeds and York, and North to Darlington and Middlesbrough. Bedale
Thirsk
Yorkshire Dales
RAF Leeming is approximately 5 minutes drive away, a c. 1,260
Filey
Masham
communications base with over 1,000 personnel on site. Bedale also RIPON
A6055
has a railway station providing regular service to surrounding areas
Easingwold N
Boroughbridge
Leem
Bridlington
including Northallerton.
Aiskew Grange
Crakehall
LANCASTER
ad
Knaresborough
A684 Ro
le
da
A684 Harrogate Be
YORK Micklebrack
SITUATION
Wetherby
Thorp Arch
Tadcaster
A1(M)
The property is prominently situated on the towns busy high street, LEEDS
which provides a strong mix of national occupiers and independent PRESTON BLACKBURN
BRADFORD Pudsey
Sand Hill
KINGSTON
operators. The high street maintains its traditional market town feel with d Moto Leeming
Bar Services
UPON HULL
a
Ro
le
wide pedestrian areas and a strong provision of public car parking.
da
Be
Southport
WAKEFIELD Wilbert Farms
Huddersfield
M6 M62
Nearby occupiers include a number of popular local restaurant Formby M61 Bolton
M66
operators, Barclays Bank, Costa Coffee and a Post Office. In terms of
ne
Ormskirk Wigan
Sinks Lane Bedale
A684 Athletic OLDHAM DONCASTER
competing convenience stores, Co-op Food and Spar have a presence
ad
MANCHESTER
Sports
Ro
Association le
da
M1 Be
St Helens M6 SALFORD
on the high street.
Bed
LIVERPOOL Aiskew
ale
M60
M62 STOCKPORT Peak District
Beck
Aiskew Bank
Birkenhead
Widnes
WARRINGTON Farm
SHEFFIELD
M56
LLANDUDNO
Runcorn
d
Roa
Bedale ale
Bed
Beda
No
le B
rth
End
eck
Ma
et
Bedale
Stre
rk
d
et
g
e
Wyn
Pla
id
Br e
ill R ac
ce
Bedale
The
M
Golf Course
et
Big Sheep
re
St
and Little
So
ex
s
B6268 Su s ut Cow Farm
Bedale
h
En
d
Burrill Ro
ad B6285
k
Bec
ale
ad
ad
Ro
Bed
Ro
ill
rr
m
Bu
ha
Bedale Bedale
as
High School Meadows
M
Bridge
d
oa Grange
ill R
Burr Farm
CONVENIENCE STORE TESCO EXPRESS, 40 MARKET PLACE,
INVESTMENT OPPORTUNITY BEDALE, NORTH YORKSHIRE DL8 1EQ
RAF LEEMING BAR
BEDALE
MARKET SQUARE
(BEDALE MARKETS)
TO DURHAM TO HARROGATE / LEEDS
BEDALE HIGH
SCHOOL
BEDALE CHURCH
OF ENGLAND
PRIMARY SCHOOL
CONVENIENCE STORE TESCO EXPRESS, 40 MARKET PLACE,
INVESTMENT OPPORTUNITY BEDALE, NORTH YORKSHIRE DL8 1EQ
DESCRIPTION & ACCOMMODATION
The property comprises a large 3 storey convenience store converted from
a former public house with render elevations under a pitched tiled roof. The
property has been extended to the rear to provide increased back of house
space. Deliveries are provided to the rear of the store.
The ground floor trading and back of house comprises a total of 3,886 sqft,
with part first floor being used as staff areas. The top floor is unused.
TENURE
The property is held Freehold as outlined in red below (Title number:
NYK159877).
TENANCY
The property is let to Tesco Stores Limited on a full repairing and insuring
lease for a term of 20 years from 11 December 2012, expiring 10 November
2032 subject to a tenant’s option to determine on 11 December 2022 on 6
months notice.
The current passing rent of £54,925 per annum is reviewed every 5 years
in line with the retail price index (capped and collared at 4%-0%), with the
next review due on the 11th December 2022.
CONVENIENCE STORE TESCO EXPRESS, 40 MARKET PLACE,
INVESTMENT OPPORTUNITY BEDALE, NORTH YORKSHIRE DL8 1EQ
COVENANT STATUS
Tesco Stores Limited (Company Number: 519500) is a wholly owned
subsidiary of Tesco PLC which was founded in 1919.
It has become the UK’s largest retailer and the third largest grocery
retailer in the world operating 7,000 outlets nationwide with almost
275,000 employees and an annual turnover of £42 billion.
A summary of Tesco Stores Limited recent accounts is set out below.
TESCO STORES LIMITED 23 FEB 2019 24 FEB 2018 25 FEB 2017
TURNOVER £42,219,000,000 £41,367,000,000 £40,134,000,000
PRE-TAX PROFITS £737,000,000 £417,000,000 £266,000,000
SHAREHOLDER FUNDS £5,623,000,000 £4,568,000,000 £1,265,000,000
Interior images are for exemplary purposes only. The do not represent
the interior of this property, but instead a standard Tesco fitout.
CONVENIENCE STORE TESCO EXPRESS, 40 MARKET PLACE,
INVESTMENT OPPORTUNITY BEDALE, NORTH YORKSHIRE DL8 1EQ
ANTI-MONEY LAUNDERING REGULATIONS VAT EPC
In accordance with Anti-Money Laundering Regulations, The property is elected for VAT and therefore VAT will The property has an energy performance
two forms of identification and confirmation of the source be payable on the purchase price. The transaction rating of C-71. A copy of the certificate
of funding will be required from the successful purchaser. will not be able to be dealt with as a TOGC. can be provided upon request.
CONVENIENCE STORE TESCO EXPRESS, 40 MARKET PLACE,
INVESTMENT OPPORTUNITY BEDALE, NORTH YORKSHIRE DL8 1EQ
PROPOSAL FURTHER INFORMATION
We are instructed to quote offers in excess For further information or to arrange an inspection, please contact:
of £875,000 exclusive of VAT and subject Daniel Campbell
Tel: 07741 593 968
to contract. A purchase at this level reflects Email: dc@christopherdee.co.uk
a 5.94% net initial yield after deducting
standard purchase costs of 5.60%. Chris Bathurst George Walker
Tel: 07957 138 003 Tel: 07768 347 414
Email: cb@christopherdee.co.uk Email: George.Walker@allsop.co.uk
Christopher Dee: 40 Peter Street, Allsop: 33 Wigmore Street,
Manchester M2 5GP London W1U 1BZ
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. June 2020.
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