|Energy Performance Rating||N/A|
McColl's Convenience Store
Southport, with a population of some 91,000, is a prosperous and attractive coastal resort town located 16 miles north of Liverpool and 19 miles south-west of Preston. The town benefits from good communications, being located at the junction of the A565 and A570, which provides direct access to the M58 Motorway and the national motorway network thereafter. The property is situated in the suburb of Marshside, approximately 2.5 miles to the north of the town centre. Specifically, the property is located on the west side of Marshside Road, opposite its junction with Lytham Road in a predominantly residential area. Occupiers close by include Crafts and Quilts, Vicks Gents Hair Stylist, M Ruston Funeral Directors, Milton Associates, Imagination Hair and Beauty and M & J Roofing.
- Ideal SIPP purchase
- Neighbourhood convenience store situated in a densely populated residential area
- Let for 16.5 years with no breaks to the excellent covenant from Martin McColl Limited
- Current rent reserved £32,965 per annum, rising to £40,184 per annum in May 2028
- Fixed uplifts at 2% pa throughout
- Net initial yield of 5.71% with a reversionary yield in May 2023 to 6.31%
The property is arranged on ground floor only to provide a convenience store with ancillary
accommodation to the rear. To the front of the property is parking for some 9 cars.
|Ground Floor Sales||2,669 sq ft||248 sq m|
The property is let to Martin McColl Limited for a term of 16.5 years from the May 2018 on FRI terms and subject to fixed uplifts at 2% per annum compounded throughout. The passing rent is £32,000 per annum. The vendor will top up the rent to £32,965 per annum from completion until 25th May 2019 by way of a reduction in the purchase price.
|25th May 2023||£36,396 pa||6.31%|
|25th May 2028||£40,184 pa||6.97%|
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 27th November 2016 reported a turnover of £518,736 million, a pre tax profit of £25,361 million and shareholder’s funds of £160,391 million. The combined group has a turnover in excess of £1bn. It employs nearly 20,000 full and part-time staff and is visited by over 4.5 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.
The property has an EPC rating of D96. A copy of the EPC is available on our website.
The property is not elected for VAT.
We are instructed to seek offers in excess of £550,000 (subject to contract) for the Freehold interest, which reflects a net initial yield of 5.71% assuming purchasers costs at 4.89%.