McColl's Convenience Store - Great Houghton

Barnsley, S72 0DB

Under Offer

Property Type Investment
Availability For Sale
Size 1871 sqft
Energy Performance Rating N/A

McColl's Convenience Store


LOCATION

Great Houghton is a village and civil parish in the Metropolitan Borough of Barnsley in South Yorkshire, on the border with West Yorkshire. It lies to the west of Thurnscoe, on the B6411 road. The village is positioned 8 miles east of Barnsley and 14 miles from the A1 junction via the B6273. The premises itself is situated on Roterham Road close to the junction with Thurnscoe Lane in a predominantly residential area. Nearby occupiers include an NHS Pharmacy and Texaco petrol filling station.

KEY POINTS

  • Single storey detached convenience store located in a densely populated residential area
  • Dominant stand alone store
  • 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 18th November 2029
  • Net initial yield of 5.74% with a reversionary yield in November 2024 to 6.34%

ADDITIONAL INFORMATION

The property is a single storey detached brick built premises under a pitched and tiled roof. The store is arranged over the ground floor with a small ancillary space to the rear. There is ample unrestricted on street car parking.

Ground Floor (Sales) 1505sq ft 140 sq m
Ground (Ancillary) 366 sq ft 34 sq m
Total NIA 1871 sq ft 174 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 the rent up 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%

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 £25.631 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-tine 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 C60. 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 and 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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