McColl's Convenience Store - Bath

6 Argyle Street, Bath, BA2 4BA

Property Type Investment
Availability For Sale
Size 976 sq ft
Freehold Price Offers in excess of £755,000

Well located convenience store


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.

Key Points

  • Well located convenience store in an historic and attractive town centre
  • Located in highly desirable world heritage city
  • New 16.5 year lease with no breaks to the excellent covenant Martin McColl Limited
  • Fixed uplifts at 2% pa payable 5 yearly
  • Passing rent £40,000 per annum
  • Offers in excess of £755,000
  • Net initial yield of 5.03% and a reversionary yield in November 2018 to 5.18%

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.

Ground Floor
(Convenience Store)
586 sq ft 54 sq m
Ancillary 390 sq ft 36 sq m
Total NIA 976 sq ft 90 sq m
Upper Floors
1st, 2nd and Attic Floors
Two Flats  


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.


Year Rent Reversionary Yield
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


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%.

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