Cambridge is a worldwide renowned and affluent
university city with an estimated primary catchment
of 377,000 people (PROMIS), with an above average
population growth forecast over the next 10 years.
Transport communications in Cambridge are set to improve further through the £1bn of investment via the Greater Cambridge Deal. This is an agreement between local organisations and Central Government, to deliver projects to improve local transport networks and provide more sustainable travel options between key residential and employment areas. It is expected the investment will be completed by March 2022, underpinning the city's future as a vital hub of national and global research.
The property is a recently refurbished purpose built Sainsbury's
optimum sized foodstore, adjacent to an 18 pump petrol filling station,
comprising approximately 7,616.0 sq m (81,983 sq ft) gross
The property is constructed of steel portal frame with brick/profile clad elevations under a flat roof. The main customer entrance is located to the north-east corner of the store and comprises a full height glazed lobby which projects from the main curtilage of the building. Internally, the unit has been fitted out to Sainsbury's specification. To the north of the site, there is a Sainsbury's petrol filling and to the south the service yard, which also accommodates the online delivery facility.
Car parking is located to the front and side of the store and provides 426 customer spaces, giving an attractive car parking ratio of 1:17.9 sq m (1:192 sq ft).
Further information is available in the link below:
Freehold. The property has a total site area of approximately 6.871 acres (2.781 hectares) equating to a low site coverage of 27.4%.
The property is currently let on a 35 year full repairing and insuring lease from 21st December 1989 to J Sainsbury's Supermarkets Ltd with guarantee from J Sainsbury plc.
In 2014, a reversionary lease was put in place commencing on 21st December 2024, expiring 25 years after the date of its grant with a new expiry date of 29th May 2039, giving an unexpired lease term of over 20 years.
The current rent passing is £2,308,000 per annum which reflects a rate of £24.00 per sq ft. The rent is subject to upward only rent reviews, the next review falling on 21st December 2019. The lease specifies an addition for the petrol filling station of 6.6489%. The store is fully fitted with an allowance of 10% having been assessed at previous rent reviews.
Sainsbury's is one of the leading foodstore operators in the UK, and one of the Big Four supermarket chains dominating the UK's grocery market. Sainsbury's is the second largest chain of supermarkets in the UK, with a share of the UK supermarket sector of 15.4% (Kantar).
Its store portfolio extends to 605 supermarkets, 807 convenience stores and includes a successful online presence with over 250,000 online orders every week. Sainsbury's also has several other brands within the company including Sainsbury's Home, Sainsbury's Bank, Habitat, Tu and Argos.
The Property has been elected for VAT and it is anticipated that the transaction will be treated as the transfer of a business as a going concern.
We are instructed to seek offers in the region of £47,000,000 (Forty-Seven Million Pounds) subject to contract and exclusive of VAT. An acquisition at this level would reflect a Net Initial Yield of 4.6%, assuming purchaser's costs of 6.80%.