47 West Street, Bridlington, North Yorkshire, YO15 3DZ
|Size||875 sq ft|
Bridlington, with a population of 31,334, is a well established commercial centre on the north-east coast, some 24 miles north of Kingston upon Hull and some 40 miles east of York. Communications are provided by the A165 and A614 which links to the M62 some 40 miles to the south-west. The subject property fronts onto West Street which accommodates the local shopping area.
The property is a mid terraced unit arranged on the ground floor as a convenience store. The upper parts of the property have been sold off long leaseholds.
|Sales (Convenience Store)||875 sq ft|
|Total NIA||875 sq ft|
999 Long Leasehold (Virtual Freehold)
The property is let to Martin McColl Limited for a term of 12 years from 17th September 2014 on FRI terms and subject to 5 yearly upward only rent reviews with fixed uplifts at 2% per annum compounded throughout. The commencing rental is £11,000 per annum.
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. For further information can be found at http://www.mccolls.co.uk/investor.
The property is elected for VAT and therefore VAT will be payable on the purchase price. However, it is anticipated that the sale will be treated as Transfer of a Going Concern (TOGC).
We are instructed to seek offers in excess of £145,000 (subject to contract) for the long leasehold interest, which reflects a net initial yield of 7.45% assuming purchasers costs at 1.8%.
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.