35 Station Road, Hopton on Sea, Great Yarmouth, NR31 9BH
|Size||2,123 sq ft|
|Freehold Price||Offers in excess of £478,000|
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.
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|
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.
|5th July 2018||£30,600 pa||6.12%|
|5th July 2023||£33,785 pa||6.76%|
|5th July 2028||£37,301 pa||7.46%|
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.
Copies of the EPC’s are available on request.
The property is not elected for VAT.
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%.
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.