Checkout Portfolio

Various Locations, Various

Property Type Investment
Availability For Sale
Size 0.03 - 0.46 acres
Energy Performance Rating N/A

Forecourt and Convenience Store Investment Portfolio


LOCATION

See Checkout Portfolio

KEY POINTS

  • 14 Dominant Convenience and 5 Forecourt Convenience Stores
  • Prominent and popular Convenience stores providing services to the local and loyal catchment
  • Established Forecourts occupying strategic roadside locations, with direct access to key arterial roads and motorways
  • Total Effective Rent of £739,277 per annum, subject to rental top-ups
  • Average of 16.75 years unexpired to the highly sought after covenant of Bestway Retail Ltd
  • All leases guaranteed by Bestway Wholesale Ltd, part of Bestway Group, the largest independent wholesaler in the UK
  • The Stores and Forecourts host recognisable brands including Central Stores, The Post Office, Costa Coffee and Texaco
  • All FRI leases are subject to five yearly rent reviews, with the majority benefitting from fixed increases throughout the term

An excellent opportunity to buy 19 strategically located fuel forecourt and convenience stores, in a highly popular sector, in the south of England secured to an excellent covenant for an average unexpired term of 16.75 years. The leases all have 5 yearly rent reviews, which are all fixed on the 10th anniversaries and fixed or upwards only to OMV, at the 15th anniversary. All of the units trade from established densely populated locations and serve a loyal customer base.

Tenancy Schedule

Ref Address Region Tenant Guarantor Site Area
(acres)
Effective
Rent*
(£ pa)
Fixed
Review Rent
(£ pa)
Fixed
Review
Date
Unexpired
Term
(years)
1 Three Counties Garage, South Street, Crewkerne, Somerset, TA18 8AE South West Bestway Retail Ltd Bestway Wholesale Ltd 0.27  £65,622  £74,245  31/10/2024  15.49
2 Lowers Filling Station, Main Road, Temple Cloud, Somerset,
BS39 5BZ
South West  Bestway Retail Ltd Bestway Wholesale Ltd  0.26  £70,713  £80,005  31/10/2024  15.49
3 Central Stores,
11 Commercial Road,
Uffculme, Devon,
EX15 3EB
South West  Bestway Retail Ltd Bestway Wholesale Ltd  0.03  £27,153  £30,722  02/12/2024  15.58
4 The Bear Garage,  Atworth, Melksham, Wiltshire, SN12 8HN South West  Bestway Retail Ltd Bestway Wholesale Ltd  0.46  £50,913  £57,604  16/02/2025  15.79
5 Central Stores, 
208 Portland Road, Wyke  Regis, Weymouth,
DT4 9AF
South West  Bestway Retail Ltd Bestway Wholesale Ltd  0.09  £28,285  £32,002  20/04/2025  15.96
6 Central Stores, 17 West Street, Witheridge, Tiverton, Devon,
EX16 8AA
South West Bestway Retail Ltd  Bestway Wholesale Ltd  0.16  £36,205  £40,963  01/06/2025  16.08
7 Central Stores, 33 Ley Lane, Kingsteignton,
Newton Abbot, Devon, TQ12 3JE
South West Bestway Retail Ltd  Bestway Wholesale Ltd  0.07  £16,971  £19,201  15/06/2025  16.12
8 Central Stores, Copplestone,
Crediton, EX17 5NH
South West Bestway Retail Ltd  Bestway Wholesale Ltd  0.24  £27,154  £30,722  24/08/2025  16.31
9 Milestone Services, London Road, Whimple
Exeter, Devon, EX5 2QB
South West Bestway Retail Ltd  Bestway Wholesale Ltd  0.36  £75,804  £85,765  01/09/2025  16.33
10 Central Stores, Fore Street, Chulmleigh, Devon, EX18 7BR South West Bestway Retail Ltd  Bestway Wholesale Ltd  0.04  £33,942  £38,403  30/11/2025  16.58
11 Central Stores, 7-9 Old Dean Parade, Camberley, Surrey, GU15 4DQ South East Bestway Retail Ltd  Bestway Wholesale Ltd  0.09  £33,942  £38,403  11/07/2026  17.19
12 Central Stores, Cross Street, Combe Martin, North Devon, EX34 0DD South West Bestway Retail Ltd  Bestway Wholesale Ltd  0.20  £29,417  £33,282  08/08/2026  17.27
13 Central Stores,
135 Hunnyhill, Newport, Isle of Wight, PO30 5HS
Isle of Wight Bestway Retail Ltd  Bestway Wholesale Ltd  0.09  £36,205  £40,963  06/02/2027  17.76
14 Central Stores, 1 West Street & London House, Wroxall, Isle of Wight, PO38 3BU Isle of Wight Bestway Retail Ltd  Bestway Wholesale Ltd  0.04  £37,336  £42,243  06/02/2027  17.76
15 Central Stores, St Michaels Road, Creech
St Michael, Taunton, 
Somerset, TA3 5DP
South West Bestway Retail Ltd  Bestway Wholesale Ltd  0.12  £41,862  £47,363  22/05/2027  18.05
16 Sherborne Road, 
Milborne Port,
Sherborne, DT9 5AU
South West Bestway Retail Ltd  Bestway Wholesale Ltd  0.33  £50,913  £57,604  20/06/2022  18.13
17 Central Stores, 26 Fore Street, Seaton, Devon
EX12 2AD
South West Bestway Retail Ltd  Bestway Wholesale Ltd  0.06  £25,427  £28,703  11/09/2027  18.36
18 Central Stores,
23 Arthur’s Hill, Shanklin,
Isle of Wight, PO37 6EZ
Isle of Wight Bestway Retail Ltd  Bestway Wholesale Ltd  0.16  £26,824  £29,616  27/10/2027  18.48
19 Central Stores, St Andrew’s Dairy,
46 St Andrew’s Road, Exmouth, EX8 1AS
South West Bestway Retail Ltd  Bestway Wholesale Ltd  0.03  £24,589  £27,148  14/11/2027  18.53
             £739,277  £834,327    16.75

*The Vendor will top up all rents to their next respective fixed uplift from completion, as per the effective rents in the above schedule.

Tenant Guarantor Clause

All leases, secured to Bestway Retail Limited, are additionally secured by the guarantor Bestway Wholesale Limited. The lease provides for the potential to release the guarantor under the condition that Bestway Retail Limited record a pre-tax profit of £10,000,000, for a period of two consecutive years.

Covenant Information

Established in 1976, Bestway Wholesale has grown to become the UK’s largest independent food and drink wholesaler. It forms part of the British multinational conglomerate company The Bestway Group which also has global business interests in Banking, Cement, Pharmacy, Milling and Property Investment.

Bestway Wholesale highlights include:

  • 8th largest privately-owned company and 5th largest family-owned business
  • 18% market share in the grocery wholesale sector
  • Employs over 4,500 people in the United Kingdom
  • 62 warehouses and over five and a half million square feet of selling space
  • Operates 127 Central Stores in the UK
  • 9.7% increase in Net Worth in 2018

Bestway Wholesale Limited reported the following results over the last 3 years:

  30th June 2018 30th June 2017 30th June 2016
Turnover £1,611,557,000 £1,651,048,000 £1,431,159,000
Pre-Tax Profit £10,307,000 £6,354,000 -£8,099,000
Net Worth £96,721,000 £88,162,000 £82,324,000

Bestway Retail Limited reported the following results over the last 3 years:

  30th June 2018 30th June 2016
Turnover £80,459,000 £36,227,000
Pre-Tax Profit -£265,000 £474,000
Net Worth -£267,000 -     

In 2018 Bestway acquired 127 Central Convenience stores as part of its £7.5m purchase of Conviviality Retail which included fascias Bargain Booze, Wine Rack, Select Convenience and Central Convenience. Across the group this included 600 franchisee stores and 207 corporate-owned stores, with the majority of Central stores falling under the central  ownership. The new acquisition is now organised under the company, Bestway Retail Limited.

VAT

The transaction will be treated as a transfer of a going concern (TOGC).

EPC

Further information is available on request.

Proposal

We are instructed to seek offers in excess of £12,000,000 (Twelve Million Pounds), subject to contract and exclusive of VAT. A purchase at this level provides a Net Initial Yield of 5.75%, which will rise every year from 2024 in accordance with the fixed rental increases and will reflect the following year end reversionary yield profile:

2024 5.94%
2025 6.22%
2026 6.28%
2027 6.52%
< Back to properties VIEW SHORTLIST Download Marketing Portfolio.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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