McColl's Convenience Store and Residential Investment - Bishop Auckland

Bishop Auckland, DL14 9RB

Available

Property Type Investment
Availability For Sale
Size 1292 sqft
Energy Performance Rating N/A

McColl's Convenience Store


LOCATION

Bishop Auckland is an attractive market town with a population of some 26,000, located on the River Wear, 9 miles south of Durham and 13 miles north of Darlington. The unit situated in Evenwood, a predominantly residential area 5.5 miles south west of Bishop Auckland town centre.

KEY POINTS

  • Well located recently extensively refurbished convenience store with residential upper parts
  • New 16.5 year lease with no breaks to the excellent covenant Martin McColl Limited
  • Fixed uplifts at 2% pa payable 5 yearly
  • Passing rent £22,663 per annum
  • Offers in excess of £355,000
  • Net initial yield of 6.15% and a reversionary yield in May 2023 to 6.79%

The property is a two storey end of terrace double unit arranged as a ground floor shop with ancillary accommodation. There is separate rear access to a self-contained first floor four bedroom flat. The unit has been extensively refurbished and refitted to McColl’s standard format.

Ground Floor Sales & Ancillary 1,292 sq ft 95 sq m
Total NIA 1,292 sq ft 95 sq m
1st Floor Flat 4 bedrooms

Tenure

Freehold

Tenancy

The property is let to Martin McColl Limited for a term of 16.5 years from 7th November 2016 on FRI terms and subject to 5 yearly fixed uplifts at 2% per annum compounded throughout.  The passing rent is £22,663 per annum.

Rent

Year Rent Reversionary Yield
7th May 2023 £25,022 pa 6.79%
7th May 2028 £27,626 pa 7.49%

Covenant

McColl’s trade from over 1,600 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 £25.361 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.

EPC

EPC Rating available on request.

VAT

The property is not elected for VAT.

Proposal

We are instructed to seek offers in excess of £355,000 (subject to contract) for the freehold interest, which reflects a net initial yield of 6.15% assuming purchasers costs at 3.84%.

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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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