McColl's Convenience Store - Scholar Green

Stoke on Trent, Staffordshire, ST7 3HF

Under Offer

Property Type Investment
Availability For Sale
Size 2753 sqft
Energy Performance Rating This property has been graded as C 55

McColls Convenience Store


LOCATION

Stoke-on-Trent, with a population of 457,165, is a conurbation historically known as a manufacturing area specialising in the pottery and ceramics industries. It is approximately 45 miles south of Manchester and 55 miles north of Birmingham and is served by Junctions 15 and 16 of the M6 motorway. Junction 15 is to the south-west of Stoke-on-Trent city centre, approximately 2 miles away while Junction 16 is some 7 miles to the north-west. The area has seen significant inward investment and redevelopment in the past few years, which has concentrated around the A50 trunk road, the main road link into the town from the east. The unit is located in Scholar Green an affluent village 9 miles north of Stoke on Trent. The property is prominently located on Congleton Road, very nearby is Scholar Green Primary School.

KEY POINTS

  • A prominently located busy trading convenience store
  • Located in an affluent village 9 miles north of Stoke on Trent town centre
  • Let 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
  • Net initial yield of 5.45% with a reversionary yield in February 2025 to 6.02%

ADDITIONAL INFORMATION

The building is a stand alone single storey detached property under a flat roof. The retail shop is arranged over the ground floor with ancillary and staff accommodation to the rear.  The premises benefits from its own large customer car park located directly behind the unit.

Ground Floor (Sales) 2,083 sq ft 194 sq m
Ground Floor (Ancillary) 670 sq ft 62 sq m
Total NIA 2,753 sq ft 256 sq m

TENURE

Freehold

TENANCY

The property is let to Martin McColl Limited for a term of 16.5 years from 21st August 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 the rent up to £33,480 per annum from completion until 25th February 2020 by way of a reduction in the purchase price.

RENT

Year Rent

Reversionary
Yield

25th February 2025 £36,964 pa 6.02%
25th February 2030 £40,812 pa 6.64%

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 C55. 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 £585,000 (Five Hundred and Eighty Five Thousand
Pounds) subject to contract for the freehold interest, which reflects a net initial yield of 5.45% assuming purchasers costs at 5.01%.

< Back to properties VIEW SHORTLIST Download Marketing Brochure Download EPC.pdf Download Lease Download Official Copy (Title Plan) - CH364570.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


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