McColl's Convenience Store - Denton

Manchester, M34 7PW

Available

Property Type Investment
Availability For Sale
Size 2085 sqft
Energy Performance Rating This property has been graded as C 70

McColl's Convenience Store


LOCATION

Denton which has a population of some 36,000 persons is located 5 miles east of Manchester city centre approximately 1 mile south of junction 1A of the M67 Motorway via the A6017. The store itself is situated on the corner of Haughton Green Road and Greendale Grove in a dominant position within close proximity to a number of traders serving the local community including Funeral Director, Bakery, Chinese restaurant, Butcher and Hairdresser amongst others.

KEY POINTS

  • Single storey detached convenience store ideal for a SIPP Investment
  • Dominant stand alone store mainly surrounded by good quality housing
  • Let for 16.5 years with no breaks to the substantial covenant Martin McColl Limited
  • Offers in excess of £430,000
  • Fixed uplifts at 2% pa throughout
  • Total current rents reserved £25,754 per annum rising to £31,394 per annum in November 2029
  • Net initial yield of 5.74% with a reversionary yield in November 2024 to 6.34%

ADDITIONAL INFORMATION

The property is a corner sited single storey detached brick built premises under a flat roof. The store is arranged over the ground floor with a good ancillary space to the rear.  There is ample unrestricted on street car parking.

Ground Floor (Sales) 1,435sq ft 133 sq m
Ground (Ancillary) 650 sq ft 60 sq m
Total NIA 2,085 sq ft 193 sq m

TENURE

Freehold.

TENANCY

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 £25,000 per annum.  The vendor will top up the rent to £25,754 per annum from completion until 18th November 2019 by way of a reduction in the purchase price.

RENT

Year Rent

Reversionary
Yield

18th November 2024 £28,434 pa 6.34%
18th November 2029 £31,394 pa 7.22%

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-time 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

The property has an EPC rating of C70. A copy of the EPC is available on our website.

VAT

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).

PROPOSAL

We are instructed to seek offers in excess of £430,000 (Four Hundred & Thirty Thousand Pounds) subject to contract for the freehold interest, which reflects a net initial yield of 5.74% assuming purchasers costs at 4.36%.

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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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