lytton way, stevenage sg1...
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Let to Euro Garages Ltd
New 15 year full repairing and insuring lease commencing 1st January 2016
Commencing rent of £120,000 p.a.x.
Offers invited in excess of £2,065,000 subject to contract
Net Initial Yield of 5.5%
LYTTON WAY, STEVENAGE SG1 1HH
Stevenage
Royston
GreatChesterford
Chipping
Wattonat Stone
Harpenden
Luton
LetchworthGarden City
WelwynGarden City
Cheshunt
Hertford
WareWaterford
Harlow
Epping
St Albans
LYTTON WAYSERVICE STATION
A1/(M)
A1/(M)
M1
A10
A505
A10
A10
A120A602
A602
A600
A505
A602
A414A414
A414
A6
A1
M25
M25M11
J8
J7
J9
LOCATION Stevenage is a ‘New Town’ located in Hertfordshire with a population of about 86,000 people, situated approximately 33 miles North of Central London. Adjacent to J7 & J8 of the A1(M) it benefits from excellent transport links to London and the South, being approximately 17 miles North of J23 of the M25.
Trains from Stevenage railway station go directly into Kings Cross in 24 minutes. (Source: National Rail).
LOCATION
J7
A6
02 A
60
2 A6
02 A
60
2
Let
chm
ore
Roa
d
A1156
A
1156 Fairlands Way
A
1115
A
1115
Gra
ce W
ay
Six Hills Way
Six Hills Way Six Hills W
ay
St. G
eo
rges W
ay A
60
2
Lond
on R
oad
Val
ley
Way
Trinity Road Sish Lane
Gunne
ls W
ood
Road
Martins Way
Martins Way
Gunnels W
oo
d R
oad
A602
A602 A602
No
rth R
d
A1/(M)
A1/(M)TOJ8
A1/(M)
StevenageStation
Stevenage
AsdaSupercentre
KnebworthPark Junction
ArlingtonBusinessPark
TescoStores
LYTTON WAYSERVICESTATION
SITUATION The Property is located on the West side of the A602 immediately adjacent to the junction with Trinity Road leading to the Old Town, which is less than 0.3 miles to the North East and approximately 0.5 miles to the North of Stevenage Railway Station.
The A602 is one of the principal arterial routes through Stevenage linking it to J7 & J8 of the A1(M).
SITUATION
DESCRIPTION The investment comprises a site area of approximately .54 acres of which .49 acres (shaded in pink on the site plan) is let to an Esso branded petrol filling station incorporating a Spa convenience store which benefits from an ATM. The filling station has a covered pump area containing 8 (4 hose) multi-product dispensers, allowing the servicing of 8 vehicles at any one time. The canopy has a clear height of 4.6m. There is further parking on the site for approximately 14 vehicles and a separate pressurised air dispenser bay.
The remainder of the site (shaded in blue) does not form part of the lease and benefits from vacant possession. This area provides approximately 11 additional parking spaces and therefore could provide additional rental income.
Subway
Cyc
le W
ay
e
Subway
Cycl
Way
TRINITY ROAD
Filling Station
Reproduced from the Ordnance Survey Map with permission of the Controller of Her Majesty's Stationery Office. © Crown Copyright 2016. Carter Jonas LLP ES100021719
DESCRIPTION
TENURE The area shaded in pink is let to Euro Garages Limited on a 15 year full repairing and insuring lease from the 1st January 2016 at a commencing rent of £120,000 p.a.x., subject to 5 yearly upward only rent reviews. Euro Garages have taken an assignment from Esso Petroleum Company Limited, who has signed an Authorised Guarantee Agreement.
COVENANTEuro Garages is one of the UK’s largest privately-owned forecourt operators and have strategic brand partnerships with BP, ESSO, Shell, SPAR, Starbucks, Subway, Greggs and Burger King. They continue to grow and in 2014 acquired 103 Esso sites and 67 Shell sites.
Euro Garages had a turnover in 2014 of £646,338,000 and a Pre-tax profit of £15,307,000 (Source: Creditsafe).
EPC: Rating C (67) The full report is available upon request.
VAT: VAT is applicable.
TERMSWe are instructed to seek offers for the freehold interest, subject to the lease on the area outlined in red on the site plan, in excess of £2,065,000 (Two Million and Sixty Five Thousand Pounds) subject to contract, providing a Net Initial Yield of 5.5% assuming purchaser’s costs of 5.8%.
The vendor may consider offers for only the area outlined in red on the site plan i.e. excluding the area outlined in blue.
TENURE
CONTACT Additional information is available on request. Please contact:
MIKE PROSSERTel: 0207 7518 3224
Mob: 07789 662815
Email: [email protected]
TOM FORMANTel: 01865 517000
Mob: 07557 283 230
Email: [email protected]
Misrepresentation Act: These particulars are believed to be correct, but accuracy cannot be guaranteed and they are expressly excluded from any contract. January 2016.
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