|Energy Performance Rating||This property has been graded as C 74|
Convenience Store Investment. Let to a 5A1 Covenant for 16.5 years with no breaks.
The city of Exeter is a major regional centre for the south-west peninsula and has a resident population of some 94,000. The city is located immediately adjacent to the M5 Motorway and has its own airport. The property is situated in the affluent town Ottery St Mary near the River Otter and 12 miles east of Exeter city centre. The town comprises several independent shops, mainly in Mill Street, Silver Street and Yonder Street. Other occupiers in the town include pubs, restaurants, coffee and tea rooms.
- Busy trading store, located in an affluent small town
- Good on street parking in front of the unit
- Rear site offering future potential to develop subject to access and planning
- Total current rents reserved £25,754 per annum rising to £28,434 per annum on 19th May 2025
- Entire property let for 16.5 years without tenant breaks to Martin McColl Ltd
- Guarantor from McColl's Retail Group Plc
- Fixed uplifts at 2% pa compounded throughout offering guaranteed future rental growth
The property is a two storey end of terraced building under a pitched slate roof with a large flat roof over the single storey extension to the rear. The retail shop is arranged over the ground floor with ancillary and staff accommodation to the rear and on the first floor. The premises benefits from good on street car parking in front of the unit.
There is a large sloping garden to the rear of the unit and may lend itself to future potential to develop if access can be achieved.
|Ground - Sales||1,900 sq ft||176 sq m|
|Ground/First - Ancillary||1,590 sq ft||148 sq m|
|Total||3,490 sq ft||324 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 uplifts at 2% per annum compounded throughout. The passing rent is £25,000 per annum. The vendor will top up the rent to £25,754 per annum from completion until 19th May 2020 by way of a reduction in the purchase price.
|19th May 2025||£28,434 pa||6.49%|
|19th May 2030||£31,394 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 C74. 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 £420,000 (Four Hundred and Twenty Thousand Pounds) subject to contract for the freehold interest, which reflects a Net Initial Yield of 5.88% assuming purchasers costs at 4.30%.
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