97 High Street, Milton Regis, Sittingbourne, Kent, ME10 2AR
|Size||3,066 sq ft|
|Freehold Price||Offers in excess of £660,000|
|Energy Performance Rating||This property has been graded as 69 C|
Sittingbourne, with a population of some 38,000, is located on the A2 some 45 miles south-east of London and 12 miles from Maidstone. Access is provided by way of the A249 to Junction 5 of the M2 Motorway. HS1 High Speed Rail provides links to Central London in approx. one hour. The property is situated in Milton Regis village, a suburb to the north of the town centre.
The property which is semi detached is of traditional brick construction under a pitched and tiled roof. The accommodation is arranged over basement ground and first floor with a second floor attic room in the eaves. There is a car park to the rear for approximately 10 vehicles. The premises is in the centre of the village and nearby occupiers include Lloyds Pharmacy, an Indian Restaurant, a doctors surgery and other local occupiers.
|Ground Floor Sales||2,230 sq ft||206.5 sq m|
|Ancillary||836 sq ft||80 sq m|
|Basement, 1st & Attic Floors
unoccupied no current access
|Total NIA||3,066 sq ft||286.5 sq m|
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 initial rent is £40,000 per annum.
|20th April 2019||£41,208 pa||5.92%|
|20th April 2024||£45,496 pa||6.54%|
|20th April 2029||£50,232 pa||7.22%|
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.
The property has an EPC rating of C69.
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).
We are instructed to seek offers in excess of £660,000 (subject to contract) for the freehold interest, which reflects a net initial yield of 5.75% assuming purchasers costs at 5.21%.
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.