Town centre investment let to Superdrug Stores Plc

Occupying a prominent town centre trading position, adjacent to Morrisons Daily/Post Office and amongst such multiples as Nationwide, Ladbrokes, Premier Express and a host of independent retailers. Ilfracombe is a popular seaside resort on the North Devon Coast, 10 miles north of Barnstaple and benefitting from good road access via the A361 which links with the M5 (Junction 27). A mid terraced building comprising a large ground floor shop with basement, and first and second floor ancillary accommodation, providing a total area of approximately 6,855 sq ft. The ground floor shop has a gross frontage of 23'2" and an area of approximately 3,050 sq ft, with basement ancillary of approximately 2,317 sq ft, first floor ancillary of approximately 1,218 sq ft, and second floor ancillary of approximately 270 sq ft. Held on a leasehold for a term of 999 years from 29th September 1972 (thus having approximately 945 years unexpired) at a fixed ground rent of £900 p.a. The entire property is let on a full repairing and insuring lease to Superdrug Stores PLC t/a Superdrug (having approximately 789 branches, with a turnover for year ending 27/12/2025 of £1.7 billion, pre-tax profit of £144 million and shareholders' funds of £471 million) for a term of 30 years from 24th June 2000 (in occupation for over 26 years) at a current rent of £25,000 per annum exclusive. Rent review June 2025 (outstanding) and tenant's break June 2028. Note: The tenant also operates a pharmacy in the premises.