11 Scarsdale Place, Buxton, Derbyshire, SK17 6EF
|Size||2,242 sq ft|
|Freehold Price||Offers in excess of £425,000|
|Energy Performance Rating||This property has been graded as 71 C|
Buxton is an attractive spa town and resort with a population of some 22,000. The town is situated 21
miles south-east of Manchester and 11 miles east of Macclesfield in the Peak District National Park. The Devonshire Campus of the University of Derby is housed in one of the town’s historic buildings. The property itself is located on Scarsdale Place just off the High Street in the centre of the town. Nearby occupiers include Betfred and RBS together with a number of local traders.
The property is arranged on ground and two upper floors with ground floor sales and ancillary space together with first and second floor residential which has been sold off on long occupational leases. The property is of traditional brick construction under a pitched and tiled roof. There is ample on street car parking.
|Ground Floor Sales||1,552 sq ft||144 sq m|
|Ancilliary||690 sq ft||64 sq m|
|1st & 2nd Floor Residential|
|Total NIA||2,242 sq ft||208 sq m|
Freehold. The upper parts have been sold off on a long leasehold basis at a total ground rent of £300 per annum.
The property is let to Martin McColl Limited for a term of 16.5 years from the 10th November 2017 on FRI terms and subject to fixed uplifts at 2% per annum compounded throughout. The initial rent is £25,000 per annum, in addition a £300 per annum ground rent is received to the freeholder.
|10th May 2019||£25,904 pa||5.84%|
|10th May 2024||£28,584 pa||6.45%|
|10th May 2029||£31,544 pa||7.11%|
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 C71.
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 £425,000 (subject to contract) for the freehold interest, which reflects a net initial yield of 5.71% assuming purchasers costs at 4.33%.
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