Tesco Stores Limited, Silk Street, Rochdale OL11 3ER
Tesco Stores Limited, Silk Street, Rochdale OL11 3ER
Rare opportunity to purchase secure, long income supermarket investment to an undoubted covenant
Located adjacent to busy interchange in edge of town location - Greater Manchester
69,100 sq ft (GIA) supermarket on a site of 4.75 acres
Comprises a Tesco Superstore with generous parking and a Tesco branded Petrol Filling Station
Let to the undoubted covenant of Tesco Stores Limited (Privity Lease)
Turnover in excess of £40,000,000,000 and a Creditsafe rating of 'Very Low Risk'
FRI lease for a term of 125 years wef 1st March 1973, expiring 28th February 2098 (c. 80 years unexpired)
Current ground rent of £382,000 per annum
Rent is subject to 14 yearly reviews with the next review schedule for 1st March 2029
Freehold
Offers in excess of £12,000,000 (Subject to Contract)
Net Initial Yield of 3.00%, Reversionary Yield of 3.92%
33 Years Purchase - Cover ratio of 42% (applying £18 psf and 4.5% NIY)