|Energy Performance Rating||This property has been graded as D 91|
Convenience Store Investment. Let to McColl's Retail Group Plc for 16.5 years with no breaks.
Whitehaven is a seaside town approximately midway between Kendal and Carlisle, close to the Lake District National Park benefitting from good road links via the A595. Whitehaven has a population of circa 23,000 people and is one of the principal conurbations in West Cumbria. The proximity of the Lake District provides local employment in tourism as well as significant numbers employed in the energy industry. The property is situated in Seacliffe, a residential suburb 1 mile south of Whitehaven town centre. The store fronts onto Lakeland Avenue close to the junction with Buttermere Avenue. The store serves a large residential catchment area.
- Detached convenience store serving large residential catchment
- Whole property let for 16.5 years with no breaks to Martin McColl Limited with a guarantee from McColl’s Retail Group Plc
- Fixed uplifts at 2% pa compounded throughout offering guaranteed rental growth
- Total current rents reserved £19,058 pa rising to £21,041 pa on 16th February 2026
- Net Initial Yield of 6.37%, with a reversionary yield of 7.03% in February 2026
- Offers in excess of £290,000
A detached building under a part pitched and flat roof, comprising a ground floor shop with internal access to ancillary storage at first floor level. The sales area provides a full range of grocery products and off licence.
The premises benefits from good on street car parking in front of the store.
|Ground - Sales||1,259 sq ft||117 sq m|
|Ground - Ancillary||549 sq ft||51 sq m|
|First - Ancillary||215 sq ft||20 sq m|
|Total||2,023 sq ft||188 sq m|
The whole property is let to Martin McColl Limited for a term of 16.5 years from the 16th August 2019 on FRI terms and subject to fixed uplifts at 2% per annum compounded throughout. The passing rent is £18,500 per annum. The vendor will top up the rent to £19,058 per annum from completion until 16th February 2021 by way of an allowance on the day of completion in the purchase price.
|16th February 2026||£21,041 pa||7.03%|
|16th February 2031||£23,231 pa||7.76%|
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 25th November 2018 reported a turnover of £835.333 million, a pre-tax profit of £34.718 million and shareholder’s funds of £218.271 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 D91. 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).
Anti-Money Laundering Regulations
In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser.
We are instructed to seek offers in excess of £290,000 (Two Hundred and Ninety Thousand Pounds) subject to contract for the freehold interest, which reflects a Net Initial Yield of 6.37% assuming purchaser's costs at 3.18%.
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