East Kilbride, Glasgow, G74 2DH
|Property Type||Retail, Investment|
|Size||1,642 sq ft|
The property is located in a densely populated residential area 1 mile south east of East Kilbride town centre. East Kilbride is a new town which forms part of the greater Glasgow conurbation in the central belt of Scotland. The town’s population is circa 75,000 and the local economy is dominated by the traditional and service industries in and around Scotland’s largest city.
The property comprises a single storey detached building of modern construction under a flat roof. The retail shop floor is at ground floor level with ancillary accommodation towards the rear. There is car parking behind the property. The unit has recently been extensively refurbished and re-branded to McColl’s new format.
|1,158 sq ft||107.6 sq m|
|Ancillary||484 sq ft||45.0 sq m|
|Total NIA||1,642 sq ft||152.6 sq m|
The property is held on a Heritable title (Scottish equivalent of Freehold)
The entire property is let to Martin McColl Limited for a term of 16.5 years on FRI terms and subject to fixed uplifts at 2% per annum compounded throughout. The first review is in 18 months and thereafter 5 yearly. The commencing rental is £16,000 per annum.
|May 2017||£16,482 pa||7.22%|
|May 2022||£18,198 pa||7.98%|
|May 2027||£20,092 pa||8.8%|
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 30th November 2014 reported a turnover of £462.850 million, a pre tax profit of £27.947 million and shareholder’s funds of £117.307 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. Further information can be found at http://www.mccolls.co.uk/investor.
This property is not elected for VAT.
EPC rating G.
We are instructed to seek offers in excess of £224,000 (subject to contract) for the Heritable title, which reflects a net initial yield of 7% 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.