|Energy Performance Rating||N/A|
Substantial Convenience Store Investment. Let to McColl's Retail Group Plc for 16.5 years with no breaks.
Oldham forms one of the satellite towns within Greater Manchester, being situated 7 miles to the north-east of Manchester city centre. The town is a destination in its own right, in addition to being a commuter town serving the wider Greater Manchester area. The town benefits from strong road and rail links to the city and wider area, in addition to being on the Metrolink tram network. It is set to benefit from significant investment in the coming years with a proposed £60m redevelopment of Oldham town centre. The property is situated in a residential suburb 1.5 miles south of Oldham town centre. The unit is situated in a retail parade with a number of other local occupiers. The store benefits from being situated nearby a number of local schools in the area.
- Large well located convenience store in local suburban retail parade
- Car parking available adjacent to the store and on street
- Property let for 16.5 years with no breaks to Martin McColl Ltd with guarantee from McColl’s Retail Group Plc
- Total current rents reserved £30,904 pa rising to £34,121 pa on 21st August 2025
- Fixed uplifts at 2% pa compounded throughout offering guaranteed rental growth
- Low passing rent of only £6.16 per sq ft
- Offers in excess of £490,000
- Net Initial Yield of 6.36%, with a Reversionary Yield of 7.02% in 2025
The building is an end of terrace two storey corner brick building. The retail shop is arranged over the ground floor with ancillary and staff accommodation to the rear. Part of the ground floor retail element has been sublet by McColl’s to a pharmacy (further information available on request).
There is car parking available adjacent to the unit and on the street.
|Ground Floor - Sales||2,107 sq ft||195 sq m|
|Ground Floor - Ancillary||2,111 sq ft||196 sq m|
|Total NIA||4,218 sq ft||391 sq m|
The property is let to Martin McColl Limited for a term of 16.5 years from 21st February 2019 on FRI terms and subject to fixed uplifts at 2% per annum compounded throughout. The passing rent is £30,000 per annum. The vendor will top the rent up to £30,904 per annum from completion until 21st August 2020 by way of an allowance on the day of completion in the purchase price.
|21st August 2025||£34,121 pa||7.02%|
|21st August 2030||£37,672 pa||7.75%|
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:
The property has an EPC rating of C66 and D79. Copies of the EPCs are 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 £465,000 (Four Hundred and Sixty Five Thousand Pounds) subject to contract for the freehold interest, which reflects a net initial yield of 6.36% assuming purchaser's costs at 4.54%.
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