SECURE CONVENIENCE STORE INVESTMENT OPPORTUNITY CO-OP CONVENIENCE STORE, MONGLEATH ROAD, FALMOUTH, TR11 4PN Investment Summary

• Secure convenience store investment opportunity

• Well-presented, recently extended and refurbished unit

• Provides a total of 3,064 sq ft

• Freehold site of c 0.59 acres

• Let to Co-operative Group Food Limited with surety from Co-operative Group Limited

• Includes a 0.14 acres development site that is not demised to the Co-op

• Falmouth has a high average house price of £313,525, with prices growing 4% in 2018 and 7% in 2017

• 15 year FRI lease from 20 June 2014 expiring 19 June 2029 but with an option to renew for a further 15 years

• 9.3 years to expiry

• Low initial rent, £84,759.67 per annum

• 5 yearly upward only RPI reviews (1% & 4% collar and cap)

• Offers in excess of £1,520,000 (STC)

• Representing a Net Initial Yield of 5.25% with a further increase to 6.09% in June 2024 assuming RPI growth of 3% pa. WORCESTER

ST GEORGE’S CHANNEL CARDIGAN

HEREFORD Chipping Campden

M50

ST DAVIDS

GLOUCESTER Brecon Beacons

CO-OP CONVENIENCE STORE,M5 SECURE CONVENIENCE STORE Cirencester INVESTMENT OPPORTUNITY MONGLEATHM4 ROAD, FALMOUTH, CORNWALL TR11 4PN

SWANSEA Malmesbury NEWPORT SWINDON M4 Royal Wootton M4 Bassett CARDIFF BRISTOL Marlborough BATH Location Devizes Weston-Super-Mare BRISTOL CHANNEL Trowbridge

Falmouth is a small coastal town on the south coast Warminster Minehead WELLS Exmoor of Cornwall, 10 miles south of , 28 miles east of Glastonbury Barnstaple , 11 miles south east of and 26 miles SALISBURY Bideford TAUNTON

south west of . M5 Yeovil

Famous for the deepest natural port in Western Europe, which has historically driven the local economy, Falmouth has become EXETER DORCHESTER Poole Cornwall’s largest town, with a resident population of over 22,500 BOURNEMOUTH Exmouth which swells considerably during the holiday season with the town’s Weymouth share of the 4 million annual visitors to the county. Dartmoor Torquay

Newquay

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PORT FALMOUTH FERRY PREMIER FALMOUTH MARINA TOWN CENTRE

ST MAWES FERRY SECURE CONVENIENCE STORE CO-OP CONVENIENCE STORE, INVESTMENT OPPORTUNITY MONGLEATH ROAD, FALMOUTH, CORNWALL TR11 4PN

Description & Accommodation Tenancy Tenure The property comprises a detached convenience store The property is let to Co-operative Group Food Ltd, The property is held Freehold as outlined in red below converted from a former public house, which was with surety from Co-operative Group Limited, on a full (Title number: CL597). extensively refurbished and extended in 2014, with repairing and insuring lease for a term of 15 years from stone clad elevations under a pitched tiled roof. 20th June 2014 expiring 19 June 2029. The lease has Excluded from the tenant’s demise is the blue site an option to renew for a further 15 years. shown in the adjacent aerial photograph. This The property extends to a total of 3,064 sq ft and site totals 0.14 acres and is suitable for residential provides ground floor sales space of 2,239 sq ft with The current rent of £84,759.67 per annum is to be development subject to the appropriate planning delivery, ambient and refrigerated stock areas, and staff reviewed every 5 years in line with the retail price index permissions. room/WC to the rear. (collared and capped at 1% & 4%), the next occurring on 20 June 2024. The first floor consists of a one-bedroom apartment with fully fitted kitchen and bathroom, as illustrated by the images provided. Access to the apartment is provided separately to the rear and although demised to the tenant, it is currently unused.

The property sits on a site of 0.59 acres (0.25 hectares) which includes a delivery yard as part of the car park to the side and front that provides spaces for 32 vehicles. Access and egress to and from the site is from both Mongleath Road and Boslowick Road. SECURE CONVENIENCE STORE THE CO-OPERATIVE,CO-OP 58 CONVENIENCE TOWN GREEN STORE, LANE, INVESTMENT OPPORTUNITY MONGLEATHAUGHTON, ROAD, FALMOUTH, ORMSKIRK, CORNWALL LANCASHIRE TR11 L39 4PN6SF

Covenant Status

Co-operative Group Food Limited (Company Number: 26715R) is a wholly owned subsidiary of The Co-operative Group Limited which was established in 1844 and now operates 4,500 outlets with almost 90,000 employees and has an annual turnover of £10.50 billion. Co-operative Group Food is the UK’s 5th largest food retailer with almost 2,800 local, convenience and medium sized stores employing over 69,000 people. Furthermore existing arrangements with independent co-operative societies means they supply more than 7,700 stores. A summary of Co-operative Group Food Limited accounts is set out below.

Co-operative Group 5th Jan 2019 6th Jan 2018 31st Dec 2016 Food Limited

Turnover £7,185,200,000 £6,940,200,000 £6,933,400,000

Pre Tax Profits £207,900,000 £232,500,000 £154,200,000

Shareholder Funds £1,970,500,000 £1,875,100,000 £1,805,400,000

A summary of Co-operative Group Limited accounts is set out below.

Co-operative Group 5th Jan 2019 6th Jan 2018 31st Dec 2016 Food Limited

Turnover £10,162,000 £8,943,0900,000 £9,472,000,000

Pre Tax Profits £93,000,000 £73,000,000 (£132,000,000

Shareholder Funds £3,069,000,000 £3,015,000,000 £3,241,000,000

Interior image is an example of standard Co-op fitout SECURE CONVENIENCE STORE CO-OP CONVENIENCE STORE, INVESTMENT OPPORTUNITY MONGLEATH ROAD, FALMOUTH, CORNWALL TR11 4PN

FALMOUTH

Anti-Money Laundering Regulations VAT EPC In accordance with Anti-Money Laundering Regulations, two forms The property is elected for VAT and therefore VAT will be The property has an energy performance of identification and confirmation of the source of funding will be payable on the purchase price although we anticipate rating of D-88. A copy of the certificate can required from the successful purchaser. the sale will be able to be dealt with as a TOGC. be provided upon request. SECURE CONVENIENCE STORE CO-OP CONVENIENCE STORE, INVESTMENT OPPORTUNITY MONGLEATH ROAD, FALMOUTH, CORNWALL TR11 4PN

Proposal Further Information For further information or to arrange an inspection, please contact: We are instructed to quote offers in excess of exclusive of VAT Mark Powell £1,520,000 Tel: 07825 077 724 and subject to contract. A purchase at Email: [email protected] this level reflects a5.25% net initial yield James Kinsler Tel: 07825 870 209 after deducting standard purchase costs. Email: [email protected] We have applied an average RPI rate of 3% as an estimate of future rental growth and yield performance: Chris Bathurst Tel: 07957 138 003 Email: [email protected] Year Rent Per Annum Running Yield Christopher Dee: 40 Peter Street, Manchester M2 5GP June 2019 £84,759.67 5.25%

June 2024 £98,269.69 6.09%

MISREP: The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained here in is not guaranteed and is for general guidance only and prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves as to their accuracy. Christopher Dee nor any of its employees or representatives has any authority to make or give any representation or warranty or enter into any contract whatever in relation to the property. Rents quoted in these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment or other facilities at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable or fulfilling its intended function. Prospective tenants/ purchasers should satisfy themselves as to the fitness of such equipment for their requirements. April 2020.