|Energy Performance Rating||This property has been graded as C 62|
Prominently Located Convenience Store Investment. Let to a 5A1 Covenant for 16.5 years with no breaks.
Blyth is located on the north-east coast of Northumberland just to the south of the River Blyth and has a population of approximately 36,000. The town lies approximately 12 miles north of Newcastle upon Tyne and 3 miles east of the A189. The property is situated in a residential suburb ¾ of a mile to the south-west of Blyth town centre. The store is located on the corner of Southend Avenue and fronting onto Wordsworth Avenue. The property forms part of a neighbourhood retail parade. Other tenants include Coral bookmakers and a local newsagents. In addition the unit benefits from being nearby a public house and Bede Academy secondary school.
- Large prominently located convenience store serving a large local residential catchment area
- Whole property let for 16.5 years with no breaks to Martin McColl Limited with a guarantee from McColl’s Retail Group Plc
- Fixed uplifts at 2% pa compounded throughout offering guaranteed rental growth
- Total current rents reserved £25,754 pa rising to £28,434 pa on 1st February 2026
- Low passing rent of only £7.65 per sq ft
- Net Initial Yield of 6.03%, with a reversionary yield of 6.65% in May 2025
- Offers in excess of £410,000
The building is a single storey corner sited unit under a part pitched and flat roof. The retail shop is arranged over the ground floor with ancillary and staff accommodation to the rear. The sales area provides a full range of grocery products, bakery, off licence and an ATM.
The premises benefits from good on street car parking in front of the store.
|Ground - Sales||1,705 sq ft||158 sq m|
|Ground - Ancillary||1,562 sq ft||145 sq m|
|Total||3,267 sq ft||303 sq m|
The whole property is let to Martin McColl Limited for a term of 16.5 years from the 1st August 2019 on FRI terms and subject to fixed uplifts at 2% per annum compounded throughout. The passing rent is £25,000 per annum. The vendor will top up the rent to £25,754 per annum from completion until 1st February 2021 by way of an allowance on the day of completion in the purchase price.
|1st February 2026||£28,434 pa||6.65%|
|1st February 2031||£31,394 pa||7.34%|
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:
The property has an EPC rating of C62. 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).
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.
We are instructed to seek offers in excess of £410,000 (Four Hundred and Ten Thousand Pounds) subject to contract for the freehold interest, which reflects a Net Initial Yield of 6.03% assuming purchaser's costs at 4.24%.
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