• Highly Secure Income

• Let to Co-operative Group Food Ltd – Net assets, £1.97 bn

• Approximately 10.5 years unexpired lease term with 5.5 years term certain

• Located in a densely populated London suburb

• Highly prominent position

• £1,200,000, subject to contact

• 5.90% net initial yield

The property occupies a highly prominent position on Friern Barnet Road at its junction with Station Road.

New Southgate railway station is approximately 150 metres to the south of the property and Arnos Grove underground station is approximately 650 metres to the east.

Notable occupiers nearby include Sainsbury’s Local and a BP/M&S petrol filling station.

Friern Barnet Retail Park is located approximately 450 metres from the property. Occupiers include McDonald’s, Subway, Costa Coffee, Sports Direct, B&Q and Pets at Home.

The property also benefits from being in a densely populated residential area. The Place, by Origin Housing, is a new development directly opposite the property on Station Road comprising of 16 one, two and three bedroom apartments.

The property comprises a modern, highly prominent ground floor retail unit. Internally, the unit provides a modern convenience store which has been fitted out by the tenant to their usual corporate style.

The upper floors are sold off and comprise 36 luxury residential apartments which do not form part of the sale.

The property is not listed and is not located within a conservation area.

The property is held by way of a 999 year long leasehold from 21st April 2017 at a peppercorn ground rent.

Co-operative Group Food Limited has reported the following figures:

Co-operative Group Food Limited is a subsidiary of the Co-operative Group Ltd, one of the largest retailers in the UK. The Co-operative operate in a range of areas including food, clothing, insurance and funeral services.
Co-operative Group Food Limited are the fifth largest food retailer in the United Kingdom with over 2,800 stores and over 69,000 employees across its local, convenience and medium sized stores.

For the year ending 6th January 2018, Co-operative Group Limited reported a turnover of £9,470,000,000, profit before tax of £72,000,000 and a total net worth of £2,191,000,000.

For further information visit www.coop.co.uk.

The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

We are instructed to seek offers in excess of £1,200,000 (One Million, Two Hundred Thousand Pounds), subject to contract and exclusive of VAT, reflecting a net initial yield of 5.90%, assuming purchasers’ costs of 5.93%.

Please note that a purchaser will be re-charged the cost of searches and surveys which are provided in the data room.

Please note a purchaser will be charged a transaction fee of £5,000 + VAT.

1. An opportunity to acquire a modern convenience store investment in a densely populated London suburb;

2. The property is situated in a highly visible position;

3. Let to the highly secure covenant of Co-operative Group Food Limited (Pre-Tax Profits £208 million, Net Assets £1.97 billion);

4. Approximately 10.5 years unexpired lease term;

5. Attractive lot size to an investor interested in acquiring a London investment;

6. A purchase at the asking price reflects an attractive net initial yield.

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