McColl's Convenience Store - Gipton

Leeds, LS9 6QQ

Available

Property Type Investment
Availability For Sale
Size 2631 sqft
Energy Performance Rating This property has been graded as C 53

McColl's Convenience Store


LOCATION

Leeds is the principal commercial, financial and administrative centre for the North of England and serves a population of some 680,000. The city enjoys excellent communications being at the junction of the M1 and M62 motorways, having regular rail services (London King’s Cross, 2 hours) and also benefiting from Leeds/Bradford Airport some 7 miles north of the city centre. The property is situated in Gipton a residential suburb of Leeds. The unit is located in a neighbourhood retail parade, occupiers including William Hill, hairdressers, take away restaurants, café, newsagents and a public house.

KEY POINTS

  • Located in a residential suburb of Leeds
  • The property is situated in local neighbourhood retail parade
  • Let for 16.5 years with no breaks to the excellent covenant Martin McColl Limited
  • Total current rents reserved £25,754 per annum rising to £31,394 per annum in 18th November 2029
  • Offers in excess of £440,000
  • Fixed uplifts at 2% pa
  • Net initial yield of 5.61% with a reversionary yield in April 2024 to 6.19%

ADDITIONAL INFORMATION

The property forms part of a local neighbourhood retail parade. The building is a two storey semi detached brick building under a pitched roof. The retail shop is arranged over the ground floor with ancillary and staff accommodation to the rear, the first floor is void and not in use. There is good car parking availability in front of the unit.

Ground (Sales) 1,740 sq ft 162 sq m
Ground (Ancillary) 891 sq ft 83 sq m
First (Void) Not measured 
Total NIA 2,631 sq ft  245 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 6.19%
18th November 2029 £31,394 pa 6.83%

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 C53. 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 £440,000 (Four Hundred and Forty Thousand
Pounds) subject to contract for the freehold interest, which reflects a net initial yield of 5.61% assuming purchasers costs at 4.41%.

< Back to properties VIEW SHORTLIST Download Marketing Brochure Download Official Copy (Title Plan) - YY8087.PDF Download Lease dated 18 May 2018 (N & M).pdf Download EPC.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


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