1-2 Shirley Terrace, Evenwood, Bishop Auckland, County Durham, DL14 9RB
|Size||1,292 sq ft|
|Freehold Price||Offers in excess of £325,000|
Bishop Auckland is an attractive market town with a population of some 26,000, located on the River Wear, 9 miles south of Durham and 13 miles north of Darlington. The unit situated in Evenwood, a predominantly residential area 5.5 miles south west of Bishop Auckland town centre.
The property is a two storey end of terrace double unit arranged as a ground floor shop with ancillary accommodation. There is separate rear access to a self-contained upper part residential accommodation a four bedroom flat at first floor level. The unit has recently been extensively refurbished and refitted to McColl’s standard format.
|Ground Floor Sales & Ancillary||1,292 sq ft||95 sq m|
|Total NIA||1,292 sq ft||95 sq m|
|1st Floor||4 bedrooms|
The property is let to Martin McColl Limited for a term of 16.5 years from 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 £22,000 per annum.
|May 2018||£22,663 pa||6.73%|
|May 2023||£25,022 pa||7.43%|
|May 2028||£27,626 pa||8.21%|
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 27th November 2016 reported a turnover of £518.736 million, a pre tax profit of £25.631 million and shareholder’s funds of £160.391 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.
EPC Rating available on request.
The property is not elected for VAT.
We are instructed to seek offers in excess of £325,000 (subject to contract) for the freehold interest, which reflects a net initial yield of 6.54% assuming purchasers costs at 3.57%.
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.