McColl's Convenience Store - Shepton Mallet

30 High Street, Shepton Mallet, Somerset, BA4 5AN

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Available
Property Type Investment
Availability For Sale
Size 6,282 sq ft
Freehold Price Offers in excess of £605,000
Energy Performance Rating This property has been graded as 61 C

McColl's Convenience Store

Location

Shepton Mallet is a town and civil parish in the Mendip district of Somerset in South West England. Situated approximately 18 miles (29km) south of Bristol and 5 miles (8.0km) east of Wells, the town is estimated to have a population of 10,369. It contains the administrative headquarters of Mendip District Council. Shepton Mallet is the closest town to the site of the Glastonbury Festival, the largest music festival in Europe. Also nearby is the Royal Bath and West of England Society showground which hosts the Royal Bath and West Show, and other major shows and festivals. The property occupies a prominent corner site in the centre of the town at the junction of the High Street and Commercial Road.

Key Points

  • Well located convenience store in the centre of this popular town
  • Let for 16.5 years with no breaks to the excellent covenant Martin McColl Limited
  • Fixed uplifts throughout at 2% pa
  • Passing rent £35,000 per annum
  • Net initial yield of 5.51%


The property is arranged on ground and two upper floors with ground floor sales and ancillary space together with first floor storage and a training room.  The 1st floor commercial upper part is served with a goods lift. The 2nd floor residential has been sold off on a long lease. The property also offers the considerable benefit of a rear car park for 18 vehicles.

Ground Floor Sales 6,865 sq ft 266 sq m
Ancilliary 463 sq ft 43 sq m
First Floor Storage 2,954 sq ft 274 sq m
Total NIA 6,282 sq ft 583 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 £35,000 per annum.

Rent

Year Rent Reversionary
Yield
20th May 2019 £36,057 pa 5.7%
20th May 2024 £39,808 pa 6.29%
20th May 2029 £43,951 pa 6.94%

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 C61.

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 £605,000 (subject to contract) for the freehold interest, which reflects a net initial yield of 5.53% assuming purchasers costs at 5.06%.

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