TESCO SUPERSTORE, SYBRON WAY, TN6 3DZ CROWBOROUGH

TESCO SUPERSTORE, SYBRON WAY, TN6 3DZ

FOOD STORE INVESTMENT SECURED TO TESCO STORES LTD

CROWBOROUGH


TESCO SUPERSTORE, SYBRON WAY, CROWBOROUGH TN6 3DZ

MILLBROOK INDUSTRIAL ESTATE

MILLBROOK BUSINESS PARK

CROWBOROUGH RAILWAY STATION

WEALDEN INDUSTRIAL ESTATE



INVESTMENT CONSIDERATIONS~ Crowborough is an affluent conurbation in East Sussex

~ The property comprises a foodstore extending to 27,411 sq ft

~ Busy store within a large and affluent retail catchment area

~ Total site area of 1.85 acres

~ Freehold

~ 20 year lease on assignment to Tesco Stores Ltd, with approximately 5.45 years unexpired, subject to open market review in November 2020

~ Total passing rent £395,416 (£14.43 per sq ft)

~ Low passing rent based on non-food retail but with reversion to reflect foodstore rents

~ Comprehensive site redevelopment opportunities in the future to alternative commercial uses, subject to vacant possession and necessary consents

PROPOSAL

~ We are seeking offers in excess of £5,300,000 (Five Million and Three Hundred Thousand Pounds) for the freehold interest, subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 7.00% and a capital value rate of £193 psf.



M25

M23

M2

M25

M26

M20

M20

M4

M40M1

M11

M3

A21

A16

A29

A1

A259

A26

A2

A23

A24

A272

A272

A3

A31

A331

A22

A272

A27

A27

A22

DOVER

HASTINGS

EASTBOURNE

SEVENOAKS MAIDSTONE

CRAWLEY

GUILDFORD

BASINGSTOKE

READING

SLOUGH

WOKING

ROYALTUNBRIDGE

WELLS

LEWES

UCKFIELD

BRIGHTON

NEWHAVEN

DIEPPE

CALAIS

DUNKIRK

LILLE

LE HARVE

CHERBOURG

CAEN

LITTLEHAMPTONPORTSMOUTH

MARGATE

CANTERBURY

SITTINGBOURNE

SANDWICH

SOUTHEND-ON-SEA

GRAVESEND

ROMFORD

CROYDON

ASHFORD

HEATHROW

LONDON CITY

FOLKESTONE

GATWICKASHFORD

INTERNATIONAL

CHANNEL TUNNEL

LONDON

CROWBOROUGH

LOCATION

Crowborough is an affluent market town located in East Sussex in the south east of England. The town benefits from good communications being located on the A26 trunk road, a short distance from the A267 and approximately 8 miles south west of Royal Tunbridge Wells and 45 miles south of London.

The A26 runs north to Tonbridge where it joins the A21 which runs north to Sevenoaks and J5 of the M25. To the south of Crowborough the A26 links with the A27 to Brighton and Eastbourne which are approximately 25 miles away.

Crowborough Station offers regular services into London Bridge with journey times varying from 1 hour to 1 hour 30 minutes.

ROAD

A26 2.0 miles

A22 7.7 miles

M23 20.4 miles

M25 21.6 miles

RAIL

East Croydon 52 min

London Bridge 69 min

London Gatwick 76 min

London St Pancras Int’l 91 min

AIR

London Gatwick 22.8 miles

London City Airport 49.5 miles

London Heathrow 57.0 miles

Southampton Airport 88.6 miles

Premier, PO Box 277 , Crowborough, TN6 9EH

created on Plotted Scale - 1:7,500

SYBRON WAY

FOREST RISE

FOREST DENEBURDETT ROAD

FARNIN

GHAM R

OAD

ROTHERFIELD ROAD

B2100

CROW

BORO

UGH

HILL

MOTTINS HILL

TR

EBLE

RS R

OA

D

CL

AC

KH

AM

S LA

NE

PALESGATE LAN

E

TOLLW

OO

D R

OA

D M

OU

NT

PLE

ASA

NT

WESTERN ROAD

TUBWELL LANE

CrowboroughStation

MILLBROOKBUSINESS

PARKMILLBROOKINDUSTRIAL

ESTATECOURTWELLBUSINESS

PARK

Jarvis Brook

WEALDENINDUSTRIAL

ESTATE

CROWBOROUGH

Crowborough is one of the largest of Wealden District’s market towns in terms of population which is currently estimated to be 20,951, rising to over 60,000 within a 10 km radius of the town. Historically, the town has grown from a series of previously separate villages and hamlets, including Jarvis Brook, Poundfield, Whitehill, Stone Cross and Alderbrook, Sweet Haws and Steel Cross.

The role and function of Crowborough is greatly influenced by its proximity to the town of Tunbridge Wells, which is located approximately 12km to the north east. The next nearest towns are Lewes, 24km south, Crawley 26km to the west, and Brighton, which is located 34km to the south west.

The A26 primary route (Newhaven to Maidstone via Lewes, Uckfield, Tunbridge Wells and Tonbridge) is the main road running north-south through Crowborough, carrying a significant amount of through traffic, including traffic generated locally.

The property is situated on the B2100 which runs east-west through Crowborough providing a local route connecting East Grinstead and Forest Row with Jarvis Brook, Rotherfield, Wadhurst and finally Lamberhurst

Crowborough is currently the District’s largest employment centre providing around 16% of the District’s employment, which equates to around 7,100 jobs. Crowborough also has the largest business base with over 1,000 businesses.

The High Weald Area of Outstanding Natural Beauty (AONB) encircles the town and its elevated position affords extensive views towards the South Downs. The Ashdown Forest to the east provides a popular recreational resource for residents and it also attracts visitors from further afield.





© Crown Copyright, ES 100004106. For identification purposes only.

DESCRIPTIONThe premises comprise purpose built retail accommodation with customer parking arranged to the front and one side of the building. In total there are 95 car parking spaces.

The unit has separate servicing via a separate exit/entrance on Sybron Way which also incorporates a designated service yard.

The unit has a ground floor gross internal floor area of 26,024 sq ft., and first floor offices extending to 1,377 sq ft. The site extends to 1.85 acres. Site coverage is 34%.

SITUATIONThe premises are located just off the Rotherfield Road (B2100), which is the primary east/west arterial route serving the town. Crowborough Rail Station is in close proximity to the subject premises. The town centre is approximately 1.5 miles to the north west.

Tesco Stores Ltd, Sybron Way, Crowborough, TN6 3DZ

created on Plotted Scale - 1:1,250

Misrepresentation Act: 1. Allsop LLP on their own behalf and on behalf of the instructing party, whose agents Allsop are, 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 asto the property are to be relied on as statements or representations of fact; and (c) the instructing party does not make or give, and neither Allsop nor any of their members nor any person in their employment has any authority to make or give, any representation or warranty whatsoever inrelation to the property. The only representations, warranties, undertakings and contractual obligations to be given or undertaken by the instructing party are those contained and expressly referred to in the written contract for sale or agreement for lease between the instructing party and apurchaser 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 availableand 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.

TENANCY

The property is held on assignment to Tesco Stores Limited for a term of 20 years with effect from and including 16th November 2005. The passing rent is £395,416 per annum equating to £14.30 per sq ft subject to further open market review in November 2020.

The lease was assigned to Tesco in 2008 and at the time of the open market rent review in 2015, the permitted use

under the occupational lease was changed to reflect the permitted planning use for Class A1 retail premises for the sale of all types and quantities of goods (including food).

The lease is held on full repairing and insuring terms inside the security of tenure provisions in the Landlord & Tenant Act 1954.

PLANNING

The property benefits from a Certificate of Lawfulness from 11/04/2008 confirming the existing use as Retail (A1 Use) for the sale of all types and quantities of goods (including food and drink), with car parking (WD/2008/0537/LDP).





*(before exceptional & other items)

COVENANT

Tesco is a multinational groceries and general merchandise retailer and the largest food retailer in the UK, operating 6,707 stores globally of which 3,777 are in the UK and Republic of Ireland.

Tesco is listed on the London Stock exchange and a constituent of the FTSE 100 with a market capitalisation of £22.62bn as of 01/06/2020 headquartered in Cheshunt, England. The Group employs over 400,000 people globally with over 19 million Clubcard members in the UK alone.

In 2020, sales fell slightly to £56.4bn, a decrease of 0.7% compared to 2019 sales of £56.9bn. This reflects a strong performance the Food business and the success of the acquisition of Booker’s wholesaling operations. Group Operating Profit was £2,959m up 13.5% on 2019 profit of £2,607m.

In 2020, The Tesco Group:

~ Made significant progress in the financial year ended 29 February 2020, as they marked the completion of their 5-year turnaround plan.

~ Announced the proposed sale of their businesses in Thailand and Malaysia will release material value and allow them to simplify and focus our business.

~ Appointed a new Group Chief Executive, Ken Murphy, to succeed Dave Lewis in October 2020.

Other Operational Highlights Include:

~ Opened 18 new Tesco Express stores in the UK and ROI and opened 5 new Jack’s Stores bringing the total to 12 Jack’s in the UK.

~ Opened two new stores in Malaysia, following favourable legislation changes and a further 54 new stores in Thailand, primarily in our Express format.

~ In Central Europe, a programme to address unproductive selling space by either refitting, downsizing or repurposing stores is now largely complete.

~ In Poland they moved to a two-format model, which involved closing or resizing all hypermarkets to our better performing compact hypermarket format.

Group Sales of

£56.5 bn down 0.7% on 2019

Group Sales in the UK & ROI

£45.752 bn up 0.2% on 2019

Group Operating Profit*

£2,959m up 13.5% on 2019

Tesco employs

over 400,000 people globally

Grocery market share of

26.9% in GB as of May 2020

Jeremy Hodgson07850 976116

[email protected]

For further information or to make arrangements for viewing please contact:

Tom Dales07799 663631

[email protected]

Andrew Wise07535 045149

[email protected]

allsop.co.uk

PROPOSALWe are seeking offers in excess of £5,300,000 (Five Million and Three Hundred

Thousand Pounds) for the freehold interest, subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 7.00% and

a capital value rate of £193 psf.

EPCPlease refer to the Allsop Marketing Dataroom for supporting documentation.

VATWe understand the property has been elected for VAT. It is anticipated that

the sale will be treated as a Transfer of Going Concern (TOGC).

ANTI-MONEY-LAUNDERINGA successful bidder will be required to provide information to satisfy the AML

requirements when Head of Terms are agreed.

DATAROOMFor access to the Allsop dataroom please use the following link:

https://datarooms.allsop.co.uk/register/TescoCrowborough

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 06.20

TESCO SUPERSTORE, SYBRON WAY, TN6 3DZ CROWBOROUGH

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