A level development site benefiting from full planning consent for the erection of a modern convenience store with 5 flats above. The convenience store will provide approximately 4,283 sq ft of floor space and will benefit from ample customer parking. The Co-Operative supermarket have signed an Agreement For Lease for the proposed convenience store at a rent of £65,000pa for a term of 15 years. A superb opportunity for developers and investors.
A level parcel of land benefiting from full planning consent for the erection of a 4,436 sq ft convenience store (inclusive of stores) and 5 self-contained flats above (4 x one bedroom flats and 1 x two bedroom flat). The Co-Operative Supermarket have signed an Agreement For Lease for the new supermarket at an initial rent of £65,000pa.
The site is located on Heron Way, just off Kennedy Way/A432 in Chipping Sodbury.
GROSS DEVELOPMENT VALUE (GDV) -
We understand agents appraisals have been obtained providing an estimated value of circa £1.2m for the convenience store (on the basis it is let to The Co-Operative at £65,000pa), and approximately £750,000 - £800,000 for the 5 flats.
This would equate to a GDV in the region of £1,950,000 - £2,000,000.
PROPOSED FLOOR AREAS -
Retail Area: 238 sq m / 2,561 sq ft
Back of House: 160 sq m / 1,722 sq ft (arranged over two floors)
Flat 1: 1 bed 51 sq m
Flat 2: 1 bed 51 sq m
Flat 3: 2 bed 61 sq m
Flat 4: 1 bed 52 sq m
Flat 5: 1 bed 54 sq m
Application No: P20/23744/F
Description of Development: Erection of a convenience store with 5no flats above, retention of existing public house, with associated access and parking.
Decision Date: 5th May 2021
COMMUNITY INFRASTRUCTURE LEVY (CIL) -
We have yet to receive a copy of the agreed CIL but understand the liability amounts to approximately £50,000.
AGREEMENT TO LEASE -
We understand the Co-Operative Group Food Limited have completed an Agreement For Lease for the proposed convenience store. The Co-op Annual Report 2020 states a Group Revenue of £11.5bn (up 5.6% on 2019).
LEASE TERMS -
A 15 year term on effectively full repairing and insuring terms has been agreed, at an initial rent of £65,000pa with 5 yearly rent reviews (with a 1% / 3% collar and cap) and tenant break options.
The site is open for inspection at all times.
All figures quoted are exclusive of vat unless otherwise stated.
Maggs & Allen use all reasonable endeavours to supply accurate property information in line with the Consumer Protection from Unfair Trading Regulations 2008. These property details do not constitute any part of the offer or contract and all measurements are approximate.
It should not be assumed that this property has all the necessary Planning, Building Regulation or other consents. Any services, appliances and heating system(s) listed have not been checked or tested. Please note that in some instances the photographs may have been taken using a wide angle lens.
Any site and floor plans provided are for indicative purposes only and should not be relied upon.