Central Stores

Combe Martin, EX34 0DD

For Sale

Property Type Investment
Availability For Sale
Size 1664 sqft
Energy Performance Rating This property has been graded as D 82

Attractive C-Store and Self-Contained 2 bed flat with Redevelopment Potential. Let for further 16 years unexpired with no breaks.


LOCATION

Combe Martin is a seaside village and holiday destination on the northwest edge of Exmoor National Park, located 2.7 miles east of Watermouth, 4 miles east of Ilfracombe and 11.8 miles north of Barnstaple. The store is situated within an established tourist destination and predominantely residential area located adjacent to the A399 and 500 feet from the beach front. Other occupiers within the immediate area include a primary school, Boots pharmacy and a Car Repair Centre.

KEY POINTS

  • Attractive C-Store with a first floor self-contained two bedroom flat
  • Property offers a future redevelopment opportunity to a single large dwelling or individual apartments subject to planning
  • The store benefits from a customer pull in area to the front of the store
  • Total current rents reserved £29,417 per annum rising to £33,282 per annum in August 2026
  • Internally benefits from a Tchibo Coffee Machine and the sale of a selection of hot food items
  • Situated 500 feet from the beach front
  • Trading superbly well in this difficult environment
  • Let on an overriding lease for a further 16 years unexpired guaranteed by the excellent covenant Bestway Wholesale Ltd
  • Fixed uplifts at 2.25% compounded throughout
  • VAT is not applicable
  • Rent has been paid in full and on-time with currently no arrears
  • Purchase at this level would reflect a Net Initial Yield of 6% with a reversionary yield of 6.79% in August 2026
  • Offers in excess of £469,000

Description

The property is a part of a detached two storey stone built building under a pitched slate roof.  The store is arranged over the ground floor with staff and storage accommodation to the rear of the unit.  The sales area provides a range of grocery products, off license, beach accessories, Tchibo coffee machine, hot food items and an ATM.  On the first floor there is a self-contained two bedroom flat.

The store benefits from a customer pull in area in front of the store for up to 6 cars.

Ground - Sales 1,212 sq ft 113 sq m
Ground - Ancillary 452 sq ft 42 sq m
First - 2 Bedroom Flat  
Total 1,664 sq ft 155 sq m

Tenure

Freehold.

Tenancy

The whole property is let to Bestway Retail Limited guaranteed by Bestway Wholesale Limited for a term of 20 years from the 8th August 2016 (16 years 1 month unexpired) at a current rent of £26,000 per annum.  The lease provides for 2.25% per annum compound uplifts every fifth year of the term and contains full repairing and insuring covenants.  The vendor will top up the rent to £29,417 per annum from completion until 7th August 2021 by way of a reduction in the purchase price.

Rental Uplifts

Year Rent

Reversionary
Yield

August 2026 £33,282 pa 6.79%
August 2031 £37,656 pa 7.68%

Covenant

Guaranteed by Bestway Wholesale Limited until Bestway Retail Limited posts two consecutive years’ net profit at Companies House exceeding £10million.

Bestway Retail Limited operates approximately 182 stores and supplies a further 500 (approximately) convenience stores which are operated by other companies.
Further information can be found at: www.bestwaywholesale.co.uk

For the year ended 30th June 2019, Bestway Wholesale Limited (Guarantor) reported a turnover of £1.632bn, a pre-tax profit of £3.199m, shareholders’ funds of £98.749m.

EPC

The property has an EPC rating of D82. A copy of the EPC is available on our website.

Anti-Money Laundering Regulations

In accordance with Anti-Money Laundering Regulations, two forms of identification and  confirmation of the source of funding will be required from the successful purchaser.

VAT

The property is not elected for VAT.

Proposal

We are instructed to seek offers in excess of £469,000 (Four Hundred and Sixty-Nine Thousand Pounds) subject to contract and exclusive of VAT.

A purchase at this level would reflect a Net Initial Yield of 6% with a reversionary yield of 6.79% in August 2026 assuming purchaser’s costs of 4.56%.

< Back to properties VIEW SHORTLIST Download Marketing Brochure Download Official Copy (Register) - DN357119 - Cross Street, Coombe Martin.pdf Download Official Copy (Title Plan) - DN357119 - Cross Street, Coombe Martin.pdf Download EPC - Cross Street, Coombe Martin.pdf

Viewing & Further Information

For further information, or if you would like to arrange a viewing, please contact our agents:

Michael Braier

020 7478 9112

CONTACT AGENT


Nick Sherling

020 7478 9113

CONTACT AGENT


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