|Energy Performance Rating||N/A|
Freehold Convenience Store and Residential Investment. Let to Martin McColl Ltd for a term of 20 years.
The property is situated in Trimsaran, a community and former mining village which lies on the B4308 between Llanelli and Kidwelly in the Welsh county of Carmarthenshire. Trimsaran is six miles from Llanelli and 13 miles from Carmarthen. It is close to Burry Port Harbour, Pembrey Country Park and the Millennium Coastal Park.
- Comprising a shop and two 2 bed flats
- Entirely let to the excellent covenant Martin McColl Ltd expiring 2029 with no breaks
- Fixed uplift in 2024 (3% pa compounded)
- Total current rents reserved £ 52,749 pa rising to £61,150 pa in October 2024
- Net Initial Yield of 7.96%, with a reversionary yield of 9.23% in October 2024
- Offers in excess of £630,000
The property includes land to the rear with a total site area of 0.23 hectares (0.58 acres).
|Ground Floor - Convenience Store||2,566 sq ft||238.40 sq m|
|First Floor 2 x 2 bed flats|
|Total NIA||2,566 sq ft||238.40 sq m|
The whole property is let to Martin McColl Limited for a term of 20 years from 22nd September 2009 on FRI terms and subject to 5 yearly upward only rent reviews with fixed uplifts at 3% per annum compounded throughout. The passing rent is £52,749 per annum.
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 £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. For further information can be found at https://www.mccollsplc.co.uk/investors.
The property has an EPC rating of C61. A copy of the EPC is available on our website.
The property is elected for VAT and therefore VAT will be payable on the purchase price. However, it is anticipated that the sale will be treated as Transfer of a Going Concern (TOGC).
We are instructed to seek offers in excess of £630,000 (Six Hundred and Thirty Thousand Pounds) subject to contract for the freehold interest, which reflects a net initial yield of 7.96% assuming purchasers costs at 5.13%.