McColl's Convenience Store - Hucknall

Nottingham, NG15 7SB

Available

Property Type Investment
Availability For Sale
Size 3144 sqft
Energy Performance Rating N/A

McColl's Convenience Store


LOCATION

Hucknall, with a population of some 29,000, is a market town situated some 6 miles north of Nottingham city centre, approximately 129 miles north of London and 18 miles northeast of Derby. The town is located on the A611, adjacent to the M1 motorway, midway between Junctions 26 and 27. The premises itself is situated on Portland Road at the junction of Wyburn Street opposite the Royal Oak Public House. Nearby occupiers include Coop Funeral Care, a hairdresser, kitchen showroom and café. There have recently been a number of large developments in the area by Bellway Homes, Harron Homes and Mccarthy & Stone which should assist the store turnover.

KEY POINTS

  • Single storey detached convenience store located in a densely populated residential area
  • Dominant alone corner sited store
  • Let for 16.5 years with no breaks to the substantial covenant Martin McColl Limited
  • Offers in excess of £470,000
  • Fixed uplifts at 2% pa throughout
  • Total current rents reserved £28,329 per annum, rising to £34,533 per annum in November 2029
  • Net initial yield of 5.76% with a reversionary yield in April 2024 to 6.36%

ADDITIONAL INFORMATION

The property is a single storey detached brick built premises under a flat roof. The store is arranged over the ground floor with ancillary space to the rear.  There is ample unrestrictive on-street car parking in Wyburn Street and off street to the front of the building.

Ground (Sales) 1,846sq ft 171.5 sq m
Ground (Ancillary) 1,298 sq ft 120.5 sq m
Total NIA 3,144 sq ft 292 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 £27,500 per annum.  The vendor will top the rent to £28,329 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 £31,278 pa 6.36%
18th November 2029 £34,533 pa 7.03%

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 £25,361 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-time 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 D81. 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 £470,000 (Four Hundred and Seventy Thousand Pounds) subject to contract for the freehold interest, which reflects a net initial yield of 5.76% assuming purchasers costs at 4.57%.

< Back to properties VIEW SHORTLIST Download Marketing Brochure Download EPC.pdf Download Lease.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


This site uses Google Analytics cookies. We use the Google Analytics to help us improve the site. The cookies collect information in an anonymous form, including the number of visitors to the site, where visitors have come to the site from and the pages they have visited on the site. Please accept if you would like to continue with cookies enabled. If you want to change your settings click here