Hinckley Le10 2Jq
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WATLING STREET HINCKLEY LE10 2JQ FORECOURT & CONVENIENCE STORE INVESTMENT LOCATED IN CLOSE PROXIMITY TO M69 MOTORWAY WITH AN UNEXPIRED TERM OF 17 YEARS FORECOURT & CONVENIENCE STORE INVESTMENT LOCATED IN CLOSE WATLING STREET, HINCKLEY, LE10 2JQ PROXIMITY TO M69 MOTORWAY WITH AN UNEXPIRED TERM OF 17 YEARS INVESTMENT CONSIDERATIONS PROPOSAL ■ Strategically located Petrol Station Forecourt and foodstore, ■ Let until March 2038 with no break option - ■ We are instructed to seek offers in excess of 170 yards away from junction 1 of the M69 motorway unexpired term of 17 years £1,650,000 (One Million, Six Hundred and ■ Situated southbound on the busy A5 trunk road, being the ■ Let to Rontec Properties (No.4) Limited, Fifty Thousand Pounds) subject to contract final petrol station before the motorway guaranteed by Rontec Roadside Retail Limited and exclusive of VAT. A purchase at this level ■ Comprising of 2,342 sq ft of retail accommodation and Rontec Service Stations 1A reflects a Net Initial Yield of 5.75% rising and 8 petrol pumps, occupying a site of 0.34 acres ■ Additional guarantee by the undoubted covenant to 6.00% in June 2024 after allowing for ■ Located south of Hinckley town, 13 miles of Co-operative Group Food Limited until 2027 purchaser’s costs of 6.15%. from Leicester and Coventry ■ Estimated retail sales of £570,000 per annum and fuel volume ■ Producing an income of £100,814.76 per annum of 4.3m litres per annum subject to fixed annual uplifts of 2% ■ Freehold FORECOURT & CONVENIENCE STORE INVESTMENT LOCATED IN CLOSE WATLING STREET, HINCKLEY, LE10 2JQ PROXIMITY TO M69 MOTORWAY WITH AN UNEXPIRED TERM OF 17 YEARS Stoke-on-Trent Newcastle-under-Lyme North (M6) North (M1) Sheffield Stoke on Trent, NOTTINGHAM Manchester, Liverpool LOCATION DERBY M1 Hinckley is the second largest town in Leicestershire, located at the midpoint between Leicester and Coventry approximately 13 miles M6 (21 km) south west of Leicester town centre, 13 miles (21 km) north east of Coventry town centre and 5 miles (8km) north east of Nuneaton. Burton upon Trent Midlands Airport The town is strategically located for logistics purposes, being at the heart of the motorway network system with excellent road connections in all directions and remains popular with occupiers like DPD, who recently completed their largest hub in Europe, to be located justShrewsbury north Cannock of Hinckley town. Immediately south of the town, the M69 acts as the main connecting route between the M1 and the M6. The A5 also runs Telford M54 LEICESTER directly to the south of the town and connects the M42 to both the M6 and M1. M6 TOLL M42 Walsall Hinckley Railway Station provides regular services on the Cross County Line to Leicester Station (journey time, 19 minutes) and Birmingham HINCKLEY Peterborough New Street station (journey time 40 minutes). Birmingham International Airport is located approximately 20 miles south east of Hinckley. West Bromwich A5 M69 BIRMINGHAM M6 M1 A1(M) M5 P Y Birmingham E H A International R H P D COVENTRY S A BRITANNIA Kidderminster E R R Airport BU A D PARK L D L R COVENTRY RO L W U F M42 G U A B R Y Y L ROA Coventry M45 O M40 NG D Airport L A N Warwick E NORTHAMPTON THREE POTS Worcester PARKStratford-upon-Avon South - Bristol South - London and South East E D AV Bedford TEA WS NE W E LBE C K Hereford AVENU VE Milton RST A R BROCKHU U E Keynes G B M50 Y R M40 M1 O M5 A D A1(M) D A5 A RO Y E LUTON GLOUCESTER WOLV Luton Airport J1 M69 J1 A5 EY ROAD CKL HIN COMMUNICATION CAR TRAIN MAJOR ROADS LEICESTER 13.9 miles 24 mins LEICESTER 19 mins M69 (Junction 1) 170 yds BIRMINGHAM 35 mins COVENTRY 13.8 miles 25 mins M6 (Junction 2) 6.6 miles LONDON EUSTON 100 mins BIRMINGHAM 31.8 miles 35 mins (VIA NUNEATON) M1 (Junction 21) 9.7 miles FORECOURT & CONVENIENCE STORE INVESTMENT LOCATED IN CLOSE WATLING STREET, HINCKLEY, LE10 2JQ PROXIMITY TO M69 MOTORWAY WITH AN UNEXPIRED TERM OF 17 YEARS M69 MOTORWAY © Crown Copyright, ES 100004106. For identification purposes only. SITUATION The property is strategically positioned immediately adjacent to Junction 1 of the M69 Motorway, on the south side of the busy A5 trunk road. The surrounding area is semi-rural, thereby serving both transient and regular commuter trade. Being the last stop before the motorway, accessible from both lanes and open SITE AREA for 24 hours, this site is strategically placed relative to its competition. 0.34a (0.14 ha). FUEL VOLUME SHOP SALES The property is situated directly next door to Miller & Carter Steak House and the Hinckley Knight Public House, on the southern border of Hinckley town. DESCRIPTION The forecourt provides 8 pumps with customer parking and a medium sized Shop N’ Drive convenience store, open 24 hours a day with integral Costa PRIME LOGISTICS CONNECTIVITY Express and ATM facilities. The retail accommodation totals 2,342 sq ft, of which £570,000 DPD’s largest parcel hub in Europe, totalling 276,454 sq ft, is 1.7 miles north the sales area is approximately 1,423 sq ft. Additionally, there are 8 car parking 4.3m of the property located in Sketchley with an additional hub 1.6 miles south spaces creating an easily accessible retail store. litres* p.a. of the premises also demonstrating the prime location of the property The forecourt was constructed in the middle of the site allowing for HGVs in terms of far reaching road connectivity. Being the last stop before the and lorries to conveniently enter and exit the site without difficult manoeuvring. motorway combined with the heavy traffic flow onto nearby motorways provides a solid base for a competitive fuel station. TENURE Freehold. *Source: Experian Catalist FORECOURT & CONVENIENCE STORE INVESTMENT LOCATED IN CLOSE WATLING STREET, HINCKLEY, LE10 2JQ PROXIMITY TO M69 MOTORWAY WITH AN UNEXPIRED TERM OF 17 YEARS TENANCY The property is let in its entirety to Rontec Properties (No.4) Limited on a lease expiring on 20th March 2038 at a passing rent of £98,838 per annum. The rent will rise to £100,814.76 per annum in June 2021 and the vendor will top up to this level. The lease is subject to fixed annual increases of 2% every June and is guaranteed by Rontec Roadside Retail Limited. The rent is set to increase to £102,831.06 per annum in June 2022. There is a tenant’s guarantee by Co-Operative Foodstores Limited (32443R) and additionally, a guarantor’s guarantee by Cooperative Group Food Limited (26715R) until June 2027 or lease assignment. The property is let on a fully repairing and insuring lease and is excluded from the security provisions of the Landlord and Tenant Act 1954. TENANT’S COVENANT RONTEC ROADSIDE RETAIL LIMITED CO-OPERATIVE GROUP FOOD LIMITED Rontec Roadside Retail is one of the leading players in the UK revamp, all Rontec stations will be held up as brand champions for Co-Operative Group Food Limited is the controlling entity of the forecourt industry, operating 240 forecourts, making it the ninth Esso. Supported by a major TV advertising campaign, the stations food retailing division of the wider Co-Operative Group society. largest UK forecourt retailer, ahead of retailers including Esso will be at the very cutting edge of forecourt design, to raise The Covid Pandemic witnessed this division of the Co-op Group and Co-Op. The company was formed in June 2011 to acquire greater awareness and market penetration for the Esso brand. 5.2% grow and underlying Group Profits were boosted by the surge in the assets of Total Oil UK and is led by Gerald Ronson, a highly Food sales up Rontec Properties (No.4) Limited - Below Average Risk (80) sales of the food business. experienced fuel retailer and founder of Heron Service Stations since March 2020 lockdown in 1966, and its successor, Snax 24. 30 Sept 2019 30 Sept 2018 30 Sept 2017 The annual accounts for the last three years show the following: Rontec has remained acquisitive: in 2014, it purchased 36 stores Turnover £3,574,000 £3,931,000 £3,757,000 Cooperative Foodstores Limited (32443R) in South Wales and the South West of England from Esso. A Pre-Tax Profit -£464,000 -£1,858,000 £8,547,000 4 Jan 2020 5 Jan 2019 6 Jan 2018 year later, it purchased a further 25 stores from Esso and BP in the South East of England. Rontec and Snax 24 then merged, Total Net Worth £3,973,000 £4,499,000 £6,716,000 Revenue £1,569,000,000 £1,577,700,000 £1,575,500,000 combining the operations and assets of those companies to Profit £83,400,000 £51,000,000 £41,100,000 trade under the Rontec name. In 2016, Rontec acquired a Rontec Roadside Retail Limited - Very Low Risk (100) Total Net Worth £447,300,000 £527,000,000 £521,000,000 package of 40 sites from the Co-Op and an additional 11 in 7.2% 2019 across England and Wales. 30 Sept 2019 30 Sept 2018 30 Sept 2017 Cooperative Group Food Limited (26715R) Food retail market share in July was highest for Turnover £1,292,192,000 £1,251,371,000 £1,229,857,000 In 2015, Esso launched their innovative Synergy programme. 5 Jan 2019 6 Jan 2018 31 Dec 2016 almost two decades Designed to promote a number of new fuels and refresh the Pre-Tax Profit- £68,074,000 £27,345,000 £27,883,000 Revenue £7,185,200,000 £6,940,200,000 £6,933,400,000 Esso brand, Synergy targets premium fuel purchasers and reflects Total Net Worth £502,795,000 £170,315,000 £126,845,000 a higher quality brand experience.