|Energy Performance Rating||N/A|
Well Secured Convenience Store Investment. Let to a 5A1 Covenant for 16.5 years with no breaks.
The attractive market town of Worksop, with a population of 37,000, is located on the River Ryton at the junction of the A57 and A619, approximately 17 miles southeast of Sheffield and 12 miles north of Mansfield. The property is situated in the affluent village of Blyth, some 5.5 miles south west of Worksop and 12 miles south of Doncaster city centre. Other nearby occupiers include a couple of public houses, a dentist and a local gift shop. The area will benefit from Symmetry Park, a new £60m industrial/distribution park development located at J34 A1(M).
- Busy trading store, located in an affluent village
- Only convenience store in the village benefitting from good on street parking in front of the unit
- Whole property let for 16.5 years with no breaks to Martin McColl Ltd with a guarantee from McColl's Retail Group Plc
- Total current rents reserved £23,178 per annum rising to £25,591 per annum on 18th May 2025
- Let to a D&B 5A1 Covenant
- Fixed uplifts at 2% pa compounded throughout offering guaranteed future rental growth
The building is part single, part two storey detached brick building. The retail shop is arranged over the ground floor with ancillary and staff accommodation to the rear. There is a small first floor only accessible by an external ladder.
These premises benefit from good on street car parking in front of the unit.
|Ground - Sales||980 sq ft||91 sq m|
|Ground - Ancillary||884 sq ft||82 sq m|
|Total NIA||1,864 sq ft||173 sq m|
The whole property is let to Martin McColl Limited for a term of 16.5 years from the 20th November 2018 on FRI terms and subject to fixed rental uplifts at 2% per annum compounded throughout. The passing rent is £22,500 per annum. The vendor will top up the rent to £23,178 per annum from completion until 19th May 2020 by way of a reduction in the purchase price.
|18th May 2025||£25,591 pa||6.60%|
|18th May 2030||£28,254 pa||7.17%|
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:
The property has an EPC rating of D80. A copy of the EPC is 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 £375,000 (Three Hundred and Seventy Five Thousand Pounds) subject to contract for the freehold interest, which reflects a net initial yield of 5.94% assuming purchaser's costs at 4%.
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