McColl's Convenience Store - Kiveton Park

Sheffield, S26 6RB

Under Offer

Property Type Investment
Availability For Sale
Size 3207 sqft
Energy Performance Rating This property has been graded as C 60

McColl's Convenience Store with flat above


LOCATION

Kiveton Park Village is approximately 11 miles south east of Sheffield and 2.6 miles from Junction 31 of the M1 Motorway and is located on the B6059. The village is served by two railway stations: Kiveton Bridge and Kiveton Park. The Chesterfield Canal lies to the south, while the villages of Todwick and South Anston are to the north and east. The premises itself is situated on Wales Road close to the junction of Walesmoor Road in a dominant position serving a densely populated residential area.

KEY POINTS

  • Part single and part two storey detached convenience store and 3 bedroom flat
  • A dominant stand alone store located in an attractive residential area
  • Let on an overriding lease for 16.5 years with no breaks to the substantial covenant Martin McColl Limited
  • Total current rents reserved £33,480 per annum rising to £40,812 per annum in 2029
  • Offers in excess of £580,000
  • Fixed uplifts at 2% pa throughout
  • Net Initial yield of 5.5% with a reversionary yield in November 2024 to 6.07%

ADDITIONAL INFORMATION

The property is a part single and part two storey detached building. The store is arranged over the ground floor with large ancillary and staff accommodation to the rear. A training area and staff rooms are located on part of the 1st floor whilst there is also a self contained 3 bedroom flat on another part first floor over the rear area of the ground floor shop. There is ample off street car parking available and a small site to the rear.

Ground Floor (Sales) 1,695 sq ft 157 sq m
Ground (Ancillary) 955 sq ft 89 sq m
First Floor (Taining Area) 560 sq ft 52 sq m
First floor (3 Bedroom Flat) -        -      
Total NIA 3,207 sq ft 298 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 £32,500 per annum. The vendor will top up the rent to £33,480 per annum from completion until 18th November 2019 by way of reduction in the price.

RENT

Year Rent

Reversionary
Yield

18th November 2024 £36,964 pa 6.07%
18th November 2029 £40,812 pa 6.70%

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 C60. 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 £580,000 (Five Hundred and Eighty Thousand Pounds) subject to contract for the freehold interest, which reflects a net initial yield of 5.5% assuming purchasers costs at 4.99%.

< Back to properties VIEW SHORTLIST Download Marketing Brochure Download EPC.pdf Download Lease.pdf Download Official Copy - Title Plan - SYK494240.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