SECURE CONVENIENCE STORE INVESTMENT OPPORTUNITY THE CO-OPERATIVE, STATION ROAD, , TR6 0DD Investment Summary

• Secure convenience store investment • Freehold site of c. 0.56 acres (0.23 hectares) • 5 yearly upward only CPI reviews (1-3% collar opportunity and cap) • Sale and leaseback to undoubted covenant of • Fantastic beachside location in popular and Co-operative Group Food Limited (D&B 5A1) • Offers in excess of £1,690,000 (STC) wealthy tourist town • 15 year FRI lease without break from • Representing a Net Initial Yield of 5.24% • Well-presented and recently refitted store completion of sale • Estimated reversionary yield of 6.08% in the (2015), scheduled to received latest Co-op • Low initial rent of £95,000 per annum (£21.13 5th anniversary and 7.05% in 10th anniversary branding in 2020. psf) • Provides a total of 4,496 sq ft M4

SWANSEA NEWPORT M4

M4 CARDIFF BRISTOL

SECURE CONVENIENCE STORE THE CO-OPERATIVE, STATION ROAD, BATH PERRANPORTH, CORNWALL TR6 0DDWeston-Super-Mare INVESTMENT OPPORTUNITY BRISTOL CHANNEL

Minehead WELLS Exmoor Glastonbury

Location

Bideford TAUNTON Perranporth is a picturesque town on M5 Yeovil the north coast of Cornwall. The town lies 1 mile east of the St Agnes Heritage Coastline EXETER and approximately 8 miles south-west of . The town DORCHESTER has a population of c. 3,000 people which swells enormously Exmouth Weymouth in the summer, with Perranporth beach receiving an estimated Dartmoor

10,000 visitors a day. Torquay

Newquay Cornwall as a whole has benefitted massively from the rise of PLYMOUTH staycations, and remains the most popular UK destination for the fifth year running (Travelodge holiday Index) with visitors St Ives spending an average of £926 per week long trip. Falmouth

Perranporth Golf Club

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PERRANPORTH RUGBY CLUB SECURE CONVENIENCE STORE THE CO-OPERATIVE, STATION ROAD, INVESTMENT OPPORTUNITY PERRANPORTH, CORNWALL TR6 0DD

Situation Description & Accommodation Tenancy The property holds a highly prominent position on The property itself comprises of a purpose-built The property will be let from completion of the sale to Station Road, occupying a corner position for visitors single storey convenience store constructed in 2007, the Co-operative Group Food Limited on a full repairing coming from both the northern and southern roads, extending to a total of 4,496 sq ft of which 3,008 sq ft is and insuring lease for a term of 15 years. and located just a minutes walk from the beach and ground floor sales and 1,488 sq ft is back of house. the many holiday homes surrounding it. The initial rent of £95,000 per annum (£21.13 psf) is to The property is of brick and render construction under be reviewed every 5 years in line with the consumer The property lies at the end of St Pirians Road which a pitched profile metal roof and sits on a site of 0.56 price index (capped and collared at 1%-3%). forms the traditional town high street, with nearby acres (0.23 hectares) including a concrete surfaced car occupiers primarily consisting of independent park with spaces for c. 33 vehicles. operators. Retail accommodation in Perranporth is Tenure traditionally in short supply, and as such there is little The store was refitted in 2015 and is due to have the Freehold (Title number: CL207322). competition in the immediate vicinity. latest Co-op branding installed in 2020. SECURE CONVENIENCE STORE THE CO-OPERATIVE, STATION ROAD, INVESTMENT OPPORTUNITY PERRANPORTH, CORNWALL TR6 0DD

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. In the first half of 2018 the group opened 45 new stores and created 600 jobs, and with the acquisitions of Nisa and a 5-year deal to supply Costcutters, the company has seen significant recent growth. A summary of Co-operative Group Food Limited accounts is set out below.

Co-operative Group 5th January 2019 6th January 2018 31st December 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 SECURE CONVENIENCE STORE THE CO-OPERATIVE, STATION ROAD, INVESTMENT OPPORTUNITY PERRANPORTH, CORNWALL TR6 0DD

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 The property has an energy performance of identification and confirmation of the source of funding will be be payable on the purchase price. The transaction will rating of D-93. A copy of the certificate can be required from the successful purchaser. not be able to be dealt with as a TOGC. provided upon request. SECURE CONVENIENCE STORE THE CO-OPERATIVE, STATION ROAD, INVESTMENT OPPORTUNITY PERRANPORTH, CORNWALL TR6 0DD

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 Daniel Campbell £1,690,000 Tel: 07741 593 968 and subject to contract. A purchase at Email: [email protected] this level reflects a5.24% net initial yield Mark Powell Tel: 07825 077 724 and after deducting sale and leaseback Email: [email protected] purchase costs of 7.18%. Christopher Dee: 40 Peter Street, Manchester M2 5GP

Year Rent Per Annum Running Yield

Initial Rent £95,000 5.24%

Year 5 £110,131 6.08%

Year 10 £127,672 7.05% 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 We have applied an average CPI rate of 3% as an estimate of future rental growth and yield performance. 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. September 2019.