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.