McColl's Convenience Store

Dukinfield, SK16 4JU

Available

Property Type Investment
Availability For Sale
Size 4081 sqft
Energy Performance Rating This property has been graded as C 64

McColl's Substantial Well Located Convenience Store


LOCATION

The town of Dukinfield is located within the Metropolitan Borough of Tameside in Greater Manchester, 6 miles east of Manchester city centre on the south bank of the River Tame. The town is located immediately to the south of Ashton-under-Lyme on the A627, 1.5 miles east of the M60 (Junction 23). The property is situated just off the main through road A627 on Astley Street where there are a number of other local occupiers.

KEY POINTS

  • Single storey detached convenience store located in a residential suburb of Manchester
  • Let for 16.5 years with no breaks to the excellent covenant Martin McColl Limited
  • Fixed uplifts at 2% pa throughout
  • Total current rents reserved £36,055 per annum, rising to £43,951 per annum in November 2029
  • Net initial yield of 6.03% with a reversionary yield in April 2024 to 6.65%

Additional Information

The property is a large single storey detached brick building under a flat roof.  The retail shop is arranged over the ground floor with large ancillary and staff accommodation to the rear.  There is a large rear access for deliveries and on street parking available in front of the unit.

Ground (Sales) 2,841 sq ft 264 sq m
Ground (Ancillary) 1,240 sq ft 115 sq m
Total NIA 4,081 sq ft 379 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 £35,000 per annum.  The vendor will top up the rent to £36,055 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 £39,808 pa 6.65%
18th November 2029 £43,951 pa 7.35%

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 26th November 2017 reported a turnover of £713.391 million, a pre-tax profit of £27.168 million and shareholder’s funds of £186.239 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:

http://www/mccolls.co.uk/investor

EPC

The property has an EPC rating of C64.  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 £570,000 (Five Hundred and Seventy Thousand Pounds) subject to contract for the freehold interest, which reflects a net initial yield of 6.03% assuming purchaser's costs at 4.96%.

< Back to properties VIEW SHORTLIST Download Marketing Brochure Download Official Copy (Title Plan) - GM570389.PDF

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


This site uses Google Analytics cookies. We use the Google Analytics to help us improve the site. The cookies collect information in an anonymous form, including the number of visitors to the site, where visitors have come to the site from and the pages they have visited on the site. Please accept if you would like to continue with cookies enabled. If you want to change your settings click here