|Energy Performance Rating||This property has been graded as C 53|
McColl's Convenience Store
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.
- 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%
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|
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.
|18th November 2024||£28,434 pa||6.19%|
|18th November 2029||£31,394 pa||6.83%|
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.
The property has an EPC rating of C53. 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 £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%.
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