McColl's Convenience Store - Moulton

Whitlow Lane, Moulton, Northwich, Cheshire, CW9 8QN

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Available
Property Type Investment
Availability For Sale
Size 2,244 sq ft
Freehold Price Offers in excess of £470,000
Energy Performance Rating This property has been graded as 67 C

McColl's Convenience Store
Long Lease to a 5A1 Covenant with large rear site for possible redevelopment

Location

Northwich, with a population of 34,000, is a prosperous Cheshire town lying at the confluence of the Rivers Weaver and Dane, 29 miles south-west of Manchester, 18 miles east of Chester and 15 miles south of Warrington. Northwich Railway runs regular services to Chester and Manchester. The premises are situated in Moulton a highly densely populated residential housing area 4 miles south of Northwich. There are currently over 300 residential homes being developed by Miller and Bovis Homes.

Key Points

  • Located in a densely populated residential area
  • The building is situated on a large site offering excellent future residential development potential subject to planning
  • Let for 16.5 years with no breaks to the excellent covenant Martin McColl Limited
  • Fixed uplifts at 2% pa
  • Passing rent £28,000 per annum
  • Net initial yield of 5.7% with a reversionary yield in April 2019 to 5.87%


The property is a well maintained two storey detached building. The retail shop is arranged over the ground floor with ancillary accommodation to the rear and on the first floor. The unit benefits from external storage and on street parking. The property is on a substantial site offering excellent future development potential.  The unit has been refitted to McColl’s standard format.

Ground Floor Sales 1,247 sq ft 116 sq m
Ground Ancilliary 189 sq ft 18 sq m
First Floor Ancilliary 808 sq ft 75 sq m
Total NIA 2,244 sq ft 209 sq m

Tenure

Freehold

Tenancy

The property is let to Martin McColl Limited for a term of 16.5 years from the 20th October 2017 on FRI terms and subject to fixed uplifts at 2% per annum compounded throughout. The passing rent is £28,000 per annum.

Rent

Year Rent Reversionary
Yield
20th April 2019 £28,845 pa 5.87%
20th April 2024 £31,848 pa 6.48%
20th April 2029 £35,163 pa 7.15%

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 £25,361 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-time 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

The property has an EPC rating of C67. A copy of the EPC is available on our website.

VAT

The property is elected for VAT which will be chargeable on the purchase price. It is anticipated the transaction is to be treated as a transfer of going concern (TOGC).

Proposal

We are instructed to seek offers in excess of £470,000 (subject to contract) for the freehold interest, which reflects a net initial yield of 5.76% assuming purchasers costs at 4.57%.

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