Description
The property comprises 1,925 sq.ft of ground floor retail accommodation.
The property also benefits from the exclusive use of 13 car parking spaces to the forecourt.
The passing rent is currently £24,290 pa and due to rise to £26,818 pa wef 23/04/2024. However, the vendor will top up the shortfall in rent upon completion, which effectively equates to a gross initial yield in excess of 6.95%.
There is a further fixed increase, to £29,609 pa in 2029, equating to a reversionary yield of 7.69%.Tenancy
The property is wholly let to Martin McColl Limited, for a period of 20 years wef 23/04/2014. The lease is on effectively full repairing insuring terms and includes fixed increased based on 2% per annum and compounded every 5 years.
Covenant
McColl's are a leading neighbourhood retailer in England, Scotland and Wales, and trade from around 1,400 stores (Source: www.mccolls.co.uk).For the year ended 25 November 2018 Martin McColl Limited reported a turnover of£835,333,000, pre-tax profit of £34,718,000, shareholders funds £218,271,000 and a net worth of £71,797,000 (Source: Experian 14.08.2020).The rent will rise to £26,818 pa in 2024 and £29,609 pa in 2029.
Tenure
‘Virtual Freehold’ A 999 year Long Leasehold, which commenced 23/04/2014. Peppercorn ground rent.
VAT
Prices and rental are exclusive of VAT if chargeable.
