Central Store - Combe Martin
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Central Store - Combe Martin ATTRACTIVE C-STORE AND SELF CONTAINED 2 BEDROOM FLAT WITH REDEVELOPMENT POTENTIAL LET FOR FURTHER 16 YEARS UNEXPIRED WITH NO BREAKS CENTRAL STORES, CROSS STREET, COMBE MARTIN, NORTH DEVON EX34 0DD COMBE MARTIN MAP Mway Map Micro Map Bristol Channel COMBE INVESTMENT MARTIN A39 Combe Minehead Martin H CONSIDERATIONS Lynton A Ilfracombe Beach N G Porlock M A3123 A N A39 Car P A361 AT We are instructed to seek offers in excess of Park H A39 A399 Williton Bideford Barnstaple A358 Bay A396 REW 'S COMBE CL A39 H £469,000 From T T MARTIN A339 S S W A Ilfracombe OS P Bideford Dulverton CR Museum O (Four Hundred and Sixty-Nine D N Hartland A A C E COMBE MARTIN A361 R M Thousand Pounds) O M 26 S G S Y N A39 S R A MAP T Combe Martin O H Primary A purchase at this level would reflect a A388 O A377 27 M School Net Initial Yield of 6% with a reversionary A386 Tiverton LN RIDGE BO EA B R OS yield of 6.79% in August 2026 assuming A3124 O R Lapford UG H R M5 D purchaser’s costs of 4.56%. A3072 A3072 Bude A396 A39 A30 Crediton A377 Okehampton A388 › Attractive C-Store with a first floor 29 From A39 Mway Map Micro Map A339 LOCATION A30 KIN Taunton self-contained two bedroom flat G S 30 Exeter T Exeter A30 Airport › The property offers a future redevelopment Combe Martin is a seaside village and holiday A386 A382 31 opportunity to a single large dwelling or destination on the northwest edge of Exmoor individual apartments subject to planning National Park, located 2.7 miles east of Watermouth, 4 miles east of Ilfracombe and › Bristol Channel The store benefits from a customerCOMBE pull in 11.8 miles north of Barnstaple. area to the front of the store and internally MARTIN from a Tchibo Coffee Machine and the sale A39 Combe Minehead Martin H LynSITUATIONton A of a selection of hot foodIlf itemsracombe Beach N G Porlock M A3123 A › Situated 500 feet from the beach front N The store is situated within an establishedA39 Car P A361 AT tourist destination and predominantely Park H › Trading superbly well in this difficult A39 A399 Williton residential area located adjacent to the A399 environmentBideford and 500 feet from the beach front. OtherA358 Bay Barnstaple R › Let on an overriding lease for a further A396 EW 'S occupiers within the immediate area include COMBE CL 16 years unexpired guaranteed byA39 the a primary school, Boots pharmacy and a Car H From T T MARTIN excellent covenant Bestway Repair Centre. A339 S S W A Ilfracombe OS P Bideford Dulverton CR Museum O Wholesale Limited D N Hartland A A C E A361 R M O M › Fixed uplifts at 2.25% compounded 26 S G S Y N A39 S R A throughout T Combe Martin O H Primary A388 27 O › Total current rents reserved £29,417 per A377 M School A386 Tiverton LN annum rising to £33,282 per annum in RIDGE BO EA B R OS August 2026 A3124 O R Lapford UG H R M5 D › VAT is not applicable A3072 A3072 Bude A396 › Rent has been paid in full and on-time with A39currently no arrears A30 Crediton A377 Okehampton A388 29 From A39 A339 A30 KIN Taunton G S 30 Exeter T Exeter A30 Airport A386 A382 31 DESCRIPTION The property is a part of a detached two storey stone built building under a pitched slate roof. The store is arranged over the ground floor with staff and storage accommodation to the rear of the unit. The sales area provides a range of grocery products, off license, beach accessories, Tchibo coffee machine, hot food items and an ATM. On the first floor there is a self-contained two bedroom flat. The store benefits from a customer pull in area in front of the store for up to 6 cars. ACCOMMODATION FLOOR SQ FT SQ M Ground – Sales 1,212 113 Ground – Ancillary 452 42 First - 2 Bedroom Flat Total 1,664 155 TENURE Freehold. TENANCY The whole property is let to Bestway Retail Limited guaranteed by Bestway Wholesale Limited for a term of 20 years from the 8th August 2016 (16 years 1 month unexpired) at a current rent of £26,000 per annum. The lease provides for 2.25% per annum compound uplifts every fifth year of the term and contains full repairing and insuring covenants. The vendor will top up the rent to £29,417 per annum from completion until 7th August 2021 by way of a reduction in the purchase price. RENTAL UPLIFTS YEAR RENT REVERSIONARY YIELD August 2026 £33,282 pa 6.79% August 2031 £37, 656 pa 7.68% COVENANT Guaranteed by Bestway Wholesale Limited until Bestway Retail Limited posts two consecutive years’ net profit at Companies House exceeding £10million. Bestway Retail Limited operates approximately 182 store and supplies a further 500 (approximately) convenience stores which are operated by other companies. Bestway Further information can be found at: WWW.BESTWAYWHOLESALE.CO.UK For the year ended 30th June 2019, Bestway Wholesale Limited (Guarantor) reported a turnover of £1.632bn, a pre-tax profit of £3.199m, shareholders’ funds of £98.749m. EPC The property has an EPC rating of D82. A copy of the EPC is available on our website. www.savoystewart.co.uk ANTI-MONEY LAUNDERING REGULATIONS In accordance with Anti-Money Laundering Regulations, two forms of identification and confirmation of the source of funding will be required from the successful purchaser. VAT The property is not VAT elected. PROPOSAL We are instructed to seek offers in excess of £469,000 (Four Hundred & Sixty-Nine Thousand Pounds) Subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 6% with a reversionary yield of 6.79% in August 2026 assuming purchaser’s costs of 4.56%. TERMS & CONDITIONS VIEWING & FURTHER INFORMATION Messrs Savoy Stewart, for themselves and for the vendors or lessors of this property for whom they act, give notice that: All interested parties are requested to make any appointments strictly I. These particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute the whole or any part of an offer or contract. through Savoy Stewart. II. Savoy Stewart cannot guarantee the accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation, and other details contained herein, and prospective purchasers or tenants must not MICHAEL BRAIER NICHOLAS SHERLING rely on them as statement of fact or representations, and must satisfy themselves as to their accuracy. [email protected] [email protected] III. No employee of Messrs Savoy Stewart has any authority to make or give any representation or warranty or enter into 020 7478 9112 020 7478 9113 any contract whatever in relation to the property. www.savoystewart.co.uk IV. Rents, prices, premiums and service charge quoted in these particulars may be subject to VAT in addition and SAVOY STEWART V. Messrs Savoy Stewart will not be liable, in negligence or otherwise, for any loss arising from the use of these particulars. 020 7495 3666.