McColl's Convenience Store, Bridlington

47 West Street, Bridlington, North Yorkshire, YO15 3DZ

Exterior
Property Type Investment
Availability For Sale
Size 875 sq ft
Freehold Price £145,000

Well located convenience store

Location

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.

Key Points

  • Let for 12 years to Martin McColl Limited
  • Fixed uplifts at 2% pa payable 5 yearly
  • Virtual Freehold
  • Passing rent £11,000 per annum
  • Net initial yield of 7.45%
  • Reversionary yield of 8.22%

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

Tenure

999 Long Leasehold (Virtual Freehold)

Tenancy

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.

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 £25.631 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.

VAT

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).

Proposal

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%.

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