|Energy Performance Rating||This property has been graded as C 73|
Well Secured Convenience Store Investment. Let to a 5A1 covenant for 16.5 years with no breaks.
Long Eaton, with a population of some 45,000, is a town in Derbyshire. It lies just north of the River Trent some 7 miles south-west of Nottingham and immediately to the east of Junction 25 of the M1 motorway. The town is primarily accessed via the A6005 Main Road. The property is situated on the southeastern side of the busy B560 Tamworth Road, a short distance south of Long Eaton town centre in a primarily residential area. The unit is located in a retail parade with local occupiers including a bakery, florist, estate agent and a Formula One Auto/Tyre Centre.
- Located in a good residential area
- Busy trading store benefitting from rear large customer car park
- Substantial unused upper parts
- Total current rents reserved £36,055 per annum rising to £39,808 per annum on 19th May 2025
- Whole property let for 16.5 years with no breaks to Martin McColl Ltd with a guarantee from McColl's Retail Group Plc
- Let to a D&B 5A1 Covenant
- Fixed uplifts at 2% pa compounded throughout offering guaranteed rental growth
- Low passing rent of only £6.22 per sq ft excluding the first floor
The property is part single, part two storey detached brick building under part flat and part pitched slate roof. The retail shop is arranged over the ground floor with ancillary and staff accommodation to the rear. There is a large first floor only partly used by the tenant for storage purposes.
The premises benefit from its own large rear customer car park and good on street car parking.
|Ground - Sales||1,844 sq ft||171 sq m|
|Ground - Ancillary||3,946 sq ft||367 sq m|
|First - Ancillary||1,518 sq ft||141 sq m|
|Total NIA||7,308 sq ft||679 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 £35,000 per annum. The vendor will top up the rent to £36,055 per annum from completion until 19th May 2020 by way of a reduction in the purchase price.
|19th May 2025||£39,808 pa||6.60%|
|19th May 2030||£43,951 pa||7.28%|
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 C73. 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 £575,000 (Five Hundred and Seventy Five Thousand Pounds) subject to contract for the freehold interest, which reflects a net initial yield of 5.97% assuming purchaser's costs at 4.97%.