Central Stores

Copplestone, Crediton, EX17 5NH

For Sale

Property Type Investment
Availability For Sale
Size 2383 sqft
Energy Performance Rating This property has been graded as C 63

Dominant Trading C-Store on large site with potential for future redevelopment. Let for further 15 years unexpired with no breaks


LOCATION

Crediton is located 13 miles north west of Exeter on the A377, the main arterial road linking with Barnstaple to the north west and at the junction with A3072 which links to Tiverton. The unit is situated in Copplestone an attractive picturesque village located 4.6 miles north west of Crediton. Copplestone is located just off the area’s principle arterial road the A377. The village benefits from being served by Copplestone Train Station providing services to Barnstaple and Exeter St David’s with ongoing connections to London and beyond. The store is situated in a predominantly residential area benefitting from 40 new homes currently being developed by Kier Living nearby. Other occupiers within the immediate area includes a primary school and several independent retailers.

KEY POINTS

  • Dominant store situated in a predominately residential area with very limited competition from other convenience stores
  • Located just off the A377
  • 40 new homes currently being developed by Kier Living nearby
  • Total current rents reserved £27,154 pa rising to £30,722 pa in August 2025
  • Property sits on large site offering excellent potential for future redevelopment subject to planning
  • The store benefits from its own large on site customer car park
  • Internally there is a Post Office, Tchibo Coffee Machine and the sale of a selection of hot food items
  • Trading superbly well in this difficult environment
  • Let for a further 15 years unexpired guaranteed by the excellent covenant Bestway Wholesale Limited
  • 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 July 2026
  • Offers in excess of £433,500

Description

The property is a single storey building under a flat roof on a large site with separate storage buildings to the rear of the shop. The store is arranged over the ground floor with staff accommodation to the rear of the unit. The sales area provides an internal Post Office, range of grocery products, off license, Tchibo coffee machine, hot food items and an ATM.

The unit benefits from its own on site car park for approximately 8 cars.

Ground - Sales 1,588 sq ft 148 sq m
Ground - Ancillary 795 sq ft 74 sq m
Total 2,383 sq ft 222 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 24th August 2015 at a current rent of £24,000 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 £27,154 per annum from completion until 24th August 2020 by way of a reduction in the purchase price.

Rental Uplifts

Year Rent

Reversionary
Yield

August 2025 £30,722 pa 6.79%
August 2030 £34,759 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 C63. 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 £433,500 (Four Hundred and Thirty-Three Thousand Five Hundred 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 2025 assuming purchaser’s costs of 4.38%.

< Back to properties VIEW SHORTLIST Download Marketing Brochure Download 16 - Lease Coppelstone Crediton 24 Aug 2015 - WS Retail.pdf Download Lic to Assign - Gladavon & Cross Hotel - 1 Aug 2018 - Bestway.pdf Download Official Copy (Register) - DN601736 (1).pdf Download Official Copy (Title Plan) - DN601736 (1).pdf Download 9612-3041-0446-0400-4091 EPC.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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