McColl's Convenience Store - Hopton on Sea

35 Station Road, Hopton on Sea, Great Yarmouth, NR31 9BH

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Property Type Investment
Availability For Sale
Size 2,123 sq ft
Freehold Price Offers in excess of £478,000

McColl's Convenience Store

Location

Great Yarmouth is a popular seaside town on Norfolk's east coast, 20 miles east of Norwich. The town serves a population of some 58,000 and enjoys good communications with the A47 providing links to Norwich and the A11, the A147 and the A12 linking to Ipswich to the south. There are also regular rail services. The property is situated in Hopton on Sea a large seaside village 5 miles south of Great Yarmouth town centre. The unit is surrounded by densely populated residential housing and within a 5 minute walk to Haven Holiday Caravan Park and Hopton Holiday Village.

Key Points

  • Well located convenience store in a highly densely populated residential area,
  • Nearby to Haven Holiday Caravan Park and Hoseasons Hopton Holiday Village
  • Let for 16 years with no breaks to the excellent covenant Martin McColl Limited
  • Fixed uplifts at 2% pa
  • Passing rent £30,000 per annum
  • Offers in excess of £478,000
  • Net initial yield of 6% with a reversionary yield in July 2018 to 6.12%

The property is a detached two storey brick building under a pitched, tiled roof. The retail shop is arranged over the ground floor with ancillary accommodation and the first floor residential has been sold off on a long leasehold basis. There is car parking available on the forecourt in front of the unit and on the street.

Ground Floor Sales 1,220 sq ft 113 sq m
Ancillary 903 sq ft 84 sq m
Total NIA 2,123 sq ft 197 sq m

Tenure

Freehold.

Tenancy

The ground floor is let to Martin McColl Limited for a term of 16 years from the 5th July 2017 on FRI terms and subject to fixed uplifts at 2% per annum compounded throughout. There is a mini review after year 1 and 5 yearly thereafter. The passing rent is £30,000 per annum.

Rent

Year Rent Reversionary
Yield
5th July 2018 £30,600 pa 6.12%
5th July 2023 £33,785 pa 6.76%
5th July 2028 £37,301 pa 7.46%

Covenant

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

Copies of the EPC’s are available on request.

VAT

The property is not elected for VAT.

Proposal

We are instructed to seek offers in excess of £478,000 (subject to contract) for the freehold interest, which reflects a net initial yield of 6% assuming purchasers costs at 4.6%.

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