Central Convenience Store - Wiveliscombe

8-10 West Street, Wiveliscombe, Somerset, TA4 2JP

Property Type Investment
Availability For Sale
Size 3,139 sq ft
Freehold Price Offers in excess of £430,000

Central Convenience Store & Large Four Bedroom Maisonette


Wiveliscombe is an attractive Somerset market town situated on the B3227 some 9 miles west of Taunton, 15 miles south-west of Bridgwater and 11 miles north-west of Wellington. The town serves a rural catchment area.

The property is located in the centre of the town in West Street just off The Square.
There is a wide range of multiple retailers including Natwest, Day Lewis Pharmacy and numerous local occupiers in this picturesque market town.

Key Points

  • Well located convenience store and a large self contained four bedroom maisonette in an attractive market town
  • Let on an overriding lease for 20 years from June 2016 without breaks
  • Let to WS Retail Limited with a guarantee from Palmer & Harvey McLane Limited
  • Future development potential on rear land subject to planning
  • Fixed uplifts at 2.5% per annum payable 5 yearly
  • Passing rent £28,000 per annum
  • Offers in excess of £430,000
  • Net initial yield of 6.24% with a reversionary yield at year 5 to 7.06%

The premises is a Grade II listed five storey terraced property arranged as a ground floor convenience store with ancillary accommodation in the rear and in the basement of the unit.  In addition, the tenant benefits from the use of a small office on the first floor. There is a self-contained large four bedroom maisonette at first, second and a third floor attic room with access at the rear of the retail unit. There are additional garages to the rear of the site that offer further future development potential.

Floor Sq ft Sq m
Convenience Store 862 80
Ancillary - Basement, Ground
& 1st Floor
962 89
Residential - 4 Bedroom
Maisonette - 1st/2nd/3rd floors
1,315 122
Total 3,139 291


Year Rent Reversionary
June 2001 £31,679 pa 7.06%
June 2026 £35,841 pa 7.99%
June 2031 £40,550 pa 9.04%




The entire property is let to WS Retail Limited (trading as Central Convenience Stores) with a guarantee from Palmer Harvey & McLane Limited without breaks for a term of 20 years from 6th June 2016 on FRI terms and subject to 5 yearly upward only rent reviews with fixed uplifts at 2.5% per annum compounded throughout. The commencing rental is £28,000 per annum.


WS Retail Ltd (trading as “Central Stores”) operate appx 100 stores in  the South West, they have been successfully expanding their business and are showing consistent profits. P&H guarantee the income for the whole 20 year term.

For the year ending April 2016:

Turnover - £54.98m

Gross Profit - £11.63m

Total Assets - £500,000

Palmer & Harvey McLane Limited (P&H) act as full guarantor throughout the lease term and own 100% of WS Retail Ltd who are the operating tenant. P&H has 3400 employees and has a Dun & Bradstreet rating of 5A1 representing a minimum risk of business failure. Further information is available at www.palmerharvey.co.uk.

It is the UK’s number 1 delivered wholesaler, with an annual turnover of more than £4 billion, serving multiple, convenience, forecourt and CTN retail outlets.  

For the year ending April 2016:

Turnover - £4.388 billion 

Gross profit - £173m

Net assets - £115m 

Shareholders’ funds - £129m


The property is NOT ELECTED for VAT.


We are instructed to seek offers in excess of £430,000 (subject to contract) for the freehold interest, which reflects a net initial yield of 6.24% assuming purchasers costs at 4.36%.

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