McColl's Convenience Store - Hartlepool

Hartlepool, Cleveland, TS26 9AW

Under Offer

Property Type Investment
Availability For Sale
Size 3129 sqft
Energy Performance Rating This property has been graded as C 57

McColl's Convenience Store


LOCATION

Hartlepool, with a population of some 87,000, is located approximately eight miles north of Middlesbrough. The town benefits from excellent road communications, with the A689 dual carriageway providing direct links to both the A19 and the A1(M). The unit is located in a residential suburb 1 mile south of Hartlepool town centre. The property is situated in a neighbourhood local retail parade with various other local occupiers.

KEY POINTS

  • Located in a residential suburb 1 mile south of Hartlepool town centre
  • 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 £28,329 per annum rising to £34,533 per annum 25th February 2030
  • Net initial yield of 5.89% with a reversionary yield in February 2025 to 6.51%

ADDITIONAL INFORMATION

The building is a two storey corner brick building under a pitched slate roof. The retail shop is arranged over the ground floor with ancillary and staff accommodation to the rear. There is an additional 2,662 sq ft of underutilized space on the first floor.

The premises benefits from good on street parking in front of the unit.

Ground Floor (Sales) 1,952 sq ft 181 sq m
Ground Floor (Ancillary) 1,177 sq ft 62 sq m
Total NIA 3,129 sq ft 290 sq m

TENURE

Freehold.

TENANCY

The whole property is let to Martin McColl Limited for a term of 16.5 years from the 25th August 2018 on FRI terms and subject to fixed uplifts at 2% per annum compounded throughout. The passing rent is £27,500 per annum. The vendor will top up the rent to £28,329 per annum from completion until 25th February 2025 by way of a reduction in the purchase price.

RENT

Year Rent

Reversionary
Yield

25th February 2025 £31,278 pa 6.51%
25th February 2030 £34,533 pa 7.18%

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 C57. 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 £460,000 (Four Hundred and Sixty Thousand
Pounds) subject to contract for the freehold interest, which reflects a net initial yield of 5.89% assuming purchasers costs at 4.52%.

< Back to properties VIEW SHORTLIST Download Marketing Brochure Download EPC Download Lease Download Official Copy (Title Plan) - CE187827.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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