6 Argyle Street, Bath, BA2 4BA
|Size||976 sq ft|
|Freehold Price||Offers in excess of £755,000|
The city of Bath is a World Heritage Site and attracts over 3.8 million day visitors each year. Bath is located 97 miles west of London and 12 miles east of Bristol on the A36 and A4 trunk roads and junction 18 of the M4 motorway is within 10 miles. The city has a good train service to both London and Bristol.
This building is situated on the north side of Argyle Street, close to the famous Pulteney Bridge over the River Avon. The property occupies a prominent corner position and other occupiers close by include Bang & Olufsen, The Bath Rugby Shop, Phase Eight, Oxfam and Dorothy House Hospice. There are a wide range of speciality retailers and cafés on Pulteney Bridge, which leads to and from the city centre.
This attractive period property comprises a four storey building of traditional construction with a retail unit on ground floor, ancillary accommodation in the basement and residential accommodation on the upper floors. The residential accommodation, which consists of two flats, have been sold off on a long lease.
|586 sq ft||54 sq m|
|Ancillary||390 sq ft||36 sq m|
|Total NIA||976 sq ft||90 sq m|
1st, 2nd and Attic Floors
Freehold subject to the upper floors being sold off on 199 years from 01.01.2006 at peppercorn with a reversion in 2204.
The property is let to Martin McColl Limited for a term of 16.5 years from the 7th November 2016 on FRI terms and subject to fixed uplifts at 2% per annum compounded throughout. The first review is in 18 months and thereafter 5 yearly. The commencing rental is £40,000 per annum.
|November 2018||£41.208 pa||5.18%|
|November 2023||£45,497 pa||5.72%|
|November 2028||£50,232 pa||6.31%|
McColl’s trade from over 1,300 stores throughout the UK with approximately three quarters of those being convenience stores and the remainder trading as newsagents. Their brands include McColl’s, Martin’s and R. S. McColl. For the year ending 29th November 2015 reported a turnover of £489.336 million, a pre tax profit of £22.229 million and shareholder’s funds of £134.740 million.
The combined group has a turnover in excess of £1bn. It employs nearly 20,000 full and part-tine staff and is visited by over 4.5 million customers every week. The company floated on the London Stock Exchange in 2014. Further information can be found at http://www.mccolls.co.uk/investor.
The property is elected for VAT and therefore VAT will be payable on the purchase price. However it is anticipated that the sale will be treated as Transfer of a Going Concern (TOGC).
We are instructed to seek offers in excess of £755,000 (subject to contract) for the freehold interest, which reflects a net initial yield of 5.03% assuming purchasers costs at 5.42%.
Savoy Stewart is a commercial property agent and commercial property surveyor located on Oxford Street, in the heart of London. We provide comprehensive services that meet specific commercial property needs all around London and the surrounding areas.