10/11 South Parade, Seascale, Cumbria, CA20 1PZ
|Size||2,721 sq ft|
|Energy Performance Rating||This property has been graded as . D|
Seascale is a village on the Cumbrian coast lying some 13 miles south of Whitehaven on the western edge of the Lake District National Park. It has a local population of circa 1,750 people although this is significantly extended by the rural catchment surrounding. The Sellafield Nuclear Reprocessing Plant is nearby which brings significant employment (some 10,000 people, 90% of whom are from West Cumbria) and economic activity to the area.
The property comprises a corner building of traditional construction under a pitched, slate roof formed over three storeys and a basement. The retail shop is on the ground floor with ancillary accommodation towards the rear and basement. The upper floors are residential accommodation but these are held by a third party on a long leasehold and, as such, do not form part of the beneficial interest. The property has recently been extensively refurbished and re-branded to McColl’s standard format.
|1,784 sq ft||165.7 sq m|
|Ancillary||937 sq ft||87.1 sq m|
|Total NIA||2,721 sq ft||252.8 sq m|
The ground floor is let to Martin McColl Limited for a term of 16.5 years on FRI terms from the end of November 2015 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 £25,000 per annum.
|May 2017||£25,754 pa||6.7%|
|May 2022||£28,434 pa||7.39%|
|May 2027||£31,394 pa||8.16%|
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. Further information can be found at http://www.mccolls.co.uk/investor.
We are instructed to seek offers in excess of £370,000 (subject to contract) for the freehold interest, which reflects a net initial yield of 6.5% assuming purchasers costs at 3.96%.
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.