McColl's Convenience Store

Newbiggin By The Sea, Northumberland, NE64 6RF

Property Type Investment
Availability For Sale
Size 2725 sqft
Energy Performance Rating This property has been graded as B 47

McColl's Convenience Store Part Sublet to Wells Pharmacy. Let to a 5A1 Covenant for 16.5 years with no breaks.


LOCATION

The property is situated in Newbiggin-by-the-Sea this is a small town in Northumberland, on the North Sea coast. Once an important port for shipping grain and a coal mining town, it is still a small fishing port making use of traditional coble boats. The unit has good all year round trade and benefits with a seasonal trade boost from the caravan parks in the local area.

KEY POINTS

  • Located in a vibrant coastal village 7 miles east of Morpeth town centre
  • Good seasonal trade boost from caravan parks
  • Let on overriding lease for 16.5 years with no breaks to the excellent covenant Martin McColl Limited
  • Total current rents reserved £33,480 per annum rising to £40,812 per annum in 25th February 2030
  • Fixed uplifts at 2% pa throughout
  • Offers in excess of £490,000
  • Net initial yield of 6.53% with a reversionary yield in February 2025 to 7.21%
The building is a corner sited two storey traditional brick building under a pitched slate roof. The ground floor comprises of two retail units with ancillary and staff accommodation to the rear of the premises.  The first floor is used for additional storage. McColls have part sublet the retail accommodation to a Pharmacy.  The store benefits from on street parking and the public library car park opposite.
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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


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