McColl's Convenience Store

Grimsby, DN36 5AD

Available

Property Type Investment
Availability For Sale
Size 1947 sqft
Energy Performance Rating This property has been graded as B 48

Well Located Convenience Store Investment. Let to Martin McColl Ltd for a term of 20 years.


LOCATION

Grimsby, with an estimated population of 87,500 is a well-established commercial centre and a major fishing port situated on the south bank of the Humber Estuary, some 34 miles south-east of Hull and 43 miles north-east of Lincoln. The town enjoys quick links to the national motorway network via the A80 to the M180 and also has regular rail services. The unit is located in the affluent village of Holton le Clay located 5 miles south of Grimsby town centre. The property is located in a neighbourhood parade on Louth Road. Other occupiers include a Pharmacy and Fish & Chip take away restaurant.

KEY POINTS

  • Well located convenience store in an affluent village
  • Let for 20 years to the excellent covenant Martin McColl Limited with just under 15 years unexpired
  • Fixed uplifts at 2% per annum payable 5 yearly
  • Passing rent £24,290 per annum
  • 999 years Long Leasehold (Virtual Freehold)
  • Net Initial Yield of 6.36%, with a reversionary yield of 7.02% in April 2024
  • Offers in the region of £367,500

The premises comprises of a detached two storey property under a pitched tiled roof.  The building is arranged as a ground floor convenience store with ancillary and residential accommodation on the first floor that has been sold off on long leasehold basis.  There is ample car parking for up to 15 cars in front of the property.  The unit has recently been extensively refurbished by McColl’s to their standard format.

Sales - Convenience Store 1,544 sq ft 143 sq m
Ancillary 403 sq ft 37 sq m
Total NIA 1,947 sq ft 180 sq m

Tenure

999 years Long Leasehold (Virtual Freehold).

Tenancy

The property is let to Martin McColl Limited for a term of 20 years from 22nd April 2014 at a passing rent of £24,290 per annum on FRI terms and subject to 5 yearly upward only rent reviews with fixed uplifts at 2% per annum compounded throughout.

Rental Uplifts

Year Rent Reversionary
Yield
23rd April 2024 £26,818 pa 7.02%
23rd April 2029 £29,609 pa 7.75%

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 25th November 2018 reported a turnover of £835.333 million, a pre-tax profit of £34.718 million and shareholder’s funds of £218.271 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 https://www.mccollsplc.co.uk/investors.

EPC

The property has an EPC rating of B48. A copy of the EPC is available on our website.

VAT

The property is not elected for VAT.

Proposal

We are instructed to seek offers in the region of £367,500 (Three Hundred and Sixty Seven Thousand Five Hundred Pounds) subject to contract for the freehold interest, which reflects a net initial yield of 6.36% assuming purchasers costs at 3.94%.

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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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