Cooper Rose has launched the sale of Sainsbury’s in Bishop Auckland, a prime foodstore investment let to the excellent covenant of Sainsbury’s Supermarkets Ltd for a further 14.5 years.
The property is located in the historic market town of Bishop Auckland in County Durham, serving a catchment of over 100,000 people within a 15-minute drivetime.
Occupying a highly prominent position on the A688, adjacent to the successful and fully let Bishop Auckland Retail Park, the purpose-built foodstore was developed in 2010 and comprises a total GIA of 96,702 sq ft, together with a 6-pump Petrol Filling Station and 612 car parking spaces.
The store incorporates an Argos concession and operates dot-com delivery service.
The freehold site extends to approximately 8.6 acres.
The occupational lease expires on 28 September 2035 at a passing rent of £2,075,043 pa (reflecting an affordable rate of £19.50 psf), subject to 5-yearly OMV reviews.
We are instructed to seek offers in excess of £37,000,000 (Thirty Seven Million Pounds) subject to contract and exclusive of VAT, for our client’s freehold interest. A purchase at this level would show an attractive Net Initial Yield of 5.25% allowing for standard purchaser’s costs of 6.80%.
Contact Ben Rose, Sammy Whittaker or our joint agents Morgan Williams
