|Energy Performance Rating||This property has been graded as C 60|
McColl's Convenience Store with 3 bedroom flat
Kiveton Park Village is approximately 11 miles south east of Sheffield and 2.6 miles from Junction 31 of the M1 Motorway and is located on the B6059. The village is served by two railway stations: Kiveton Bridge and Kiveton Park. The Chesterfield Canal lies to the south, while the villages of Todwick and South Anston are to the north and east. The premises itself is situated on Wales Road close to the junction of Walesmoor Road in a dominant position serving a densely populated residential area.
- Part single and part two storey detached convenience store and 3 bedroom flat
- A dominant stand alone store located in an attractive residential area
- Let on an overriding lease for 16.5 years with no breaks to the substantial covenant Martin McColl Limited
- Total current rents reserved £33,480 per annum rising to £40,812 per annum in 2029
- Fixed uplifts at 2% pa throughout
- Net initial yield of 6.27% with a reversionary yield in November 2024 to 6.92%
- Offers in excess of £510,000
The property is a part single and part two storey detached building. The store is arranged over the ground floor with large ancillary and staff accommodation to the rear. A training area and staff rooms are located on part of the 1st floor whilst there is also a self contained 3 bedroom flat on another part first floor over the rear area of the ground floor shop. There is ample off street car parking available and a small site to the rear.
|Ground Floor (Sales)||1,695 sq ft||157 sq m|
|Ground (Ancillary)||955 sq ft||89 sq m|
|First Floor (Taining Area)||560 sq ft||52 sq m|
|First floor (3 Bedroom Flat)||-||-|
|Total NIA||3,207 sq ft||298 sq m|
The property is let to Martin McColl Limited for a term of 16.5 years from the 18th May 2018 on FRI terms and subject to fixed uplifts at 2% per annum compounded throughout. The passing rent is £32,500 per annum. The vendor will top up the rent to £33,480 per annum from completion until 18th November 2019 by way of an allowance on the day of completion in the purchase price.
|18th November 2024||£36,964 pa||6.92%|
|18th November 2029||£40,812 pa||7.64%|
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 25th November 2018 reported a turnover of £835.333 million, a pre-tax profit of £34.718 million and shareholder’s funds of £218.271 million.
The combined group has a turnover in excess of £1.1bn. It employs over 22,000 full and part-time staff and is visited by over 5 million customers every week. The company floated on the London Stock Exchange in 2014. Further information can be found at https://www.mccollsplc.co.uk/investors.
The property has an EPC rating of C60. A copy of the EPC is available on our website.
The property is elected for VAT which will be chargeable on the purchase price. It is anticipated the transaction is to be treated as a transfer of going concern (TOGC).
We are instructed to seek offers in excess of £510,000 (Five Hundred and Ten Thousand Pounds) subject to contract for the freehold interest, which reflects a net initial yield of 6.27% assuming purchasers costs at 4.74%.
Viewing & Further Information
For further information, or if you would like to arrange a viewing, please contact our agents:
020 7478 9112
020 7478 9113