|Energy Performance Rating||This property has been graded as D 84|
Prominently Located Convenience Store Investment. Let to McColl's Retail Group Plc for 16.5 years with no breaks.
Bury is located approximately 8 miles north of Manchester, midway between Bolton and Rochdale, some 6 miles from each. The town benefits from good road communications being situated 1 mile west of Junction 2 of the M66 Motorway which in turn leads to the M62 Motorway, 4 miles to the south. The property is situated in a residential suburb 1 mile west of Bury town centre. The unit is prominently situated on the Ainsworth Road in a densely populated residential area.
- Large well maintained first floor by the tenant
- Vacant first floor studio flat
- Whole property let for 16.5 years with no breaks to Martin McColl Ltd with a guarantee from McColl’s Retail Group Plc
- Total current rents reserved £25,754 pa rising to £28,434 pa on 21st August 2025
- Fixed uplifts at 2% pa compounded throughout offering guaranteed rental growth
- Low passing rent of £7.10 per sq ft
- Offers in excess of £390,000
- Net Initial Yield of 6.34%, with a Reversionary Yield of 7% in May 2025
The building is a two storey brick built corner sited unit under a pitched roof. The retail shop is arranged over the ground floor with ancillary and staff accommodation to the rear and large well maintained storage on the first floor. There is also a vacant studio flat in need of repair.
There is customer car parking available on the street and in the adjacent road.
|Ground - Sales||1,666 sq ft||155 sq m|
|Ground - Ancillary||393 sq ft||37 sq m|
|First - Ancillary||1,458 sq ft||135 sq m|
|Total NIA||3,517 sq ft||327 sq m|
999 years long leasehold from December 1901 at a ground rent of £11.50 per annum.
The whole property is let to Martin McColl Limited with a guarantee from McColl’s Retail Group PLC for a term of 16.5 years from the 21st February 2019 on FRI terms. The lease is subject to fixed uplifts at 2% per annum compounded throughout and the passing rent is £25,000 per annum. The vendor will top up the rent to £25,754 per annum from completion until 21st August 2020 by way of an allowance on the day of completion in the purchase price.
|21st August 2025||£28,434 pa||7%|
|21st August 2030||£31,394 pa||7.73%|
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 D84. 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 £390,000 (Three Hundred and Ninety Thousand Pounds) subject to contract for the freehold interest, which reflects a net initial yield of 6.34% assuming purchaser's costs at 4.11%.
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