Trading As a Morrisons Daily Let to Martin Mccoll Limited On
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Morrisons Daily 377-379 Warrington Road, Merseyside L35 8LD FREEHOLD CONVENIENCE STORE INVESTMENT Trading as a Morrisons Daily Let to Martin McColl Limited on a Savoy Stewart New 15 Year Lease with no Breaks INVESTMENT CONSIDERATIONS _________________________________________ LOCATION We are instructed to seek offers in excess of £425,000 The city of Liverpool is one of the major commercial and retailing centres of North- (Four Hundred and Twenty Five Thousand West England with a population in excess of Pounds) subject to contract and exclusive 480,000. The city has road communications of VAT. being served by the M53, M57 and M62 motorways which in turn link to the M6, 4 A purchase at this level would reflect a Net Initial Yield of 7%, with a reversionary yield miles from Liverpool city centre. of 7.72% in 2025 assuming purchaser’s costs of 4.33%. SITUATION Trading as Morrison Daily will be let on The property is located in Rainhill, a densely a new lease to the excellent covenant populated suburb of Liverpool situated 8 Martin McColl Limited miles to the east of the city centre and ½ mile to the north-east of the junction of the M62, New 15 year lease with no breaks M57 and A5080. paying £31,000 pa The premises are situated on the northern Fixed uplifts at 2% per annum side of Warrington Road (A57) close to its compounded throughout offering junction with Chatsworth Road. Nearby is guaranteed rental growth Rainhill Railway Station. Occupiers in the nearby vicinity include a number of well Freehold established local traders. Savoy Stewart DESCRIPTION The property is a mid terraced building of brick construction under a pitched roof forming part of a local retail parade. The store is a double shop unit arranged over the ground floor with a sales area providing a range of grocery products, off license Costa Coffee machine, hot food items and an ATM. On the first floor is two self contained flats which have been sold off on long leases. ACCOMMODATION Floor SQ FT SQ M Ground –Sales 1473 137 Ground-Ancillary 927 86 Total NIA 2,400 223 TENURE Freehold subject to two first floor flats being sold off on long leases at a peppercorn. TENANCY Trading as a Morrison Daily let to Martin McColl Limited on a new 15 year lease from completion on FRI terms and subject to 5 yearly upward only rent reviews with fixed uplifts at 2% per annum compounded throughout. The commencing rent is £31,000 per annum. RENTAL UPLIFTS Year Rent Reversionary Yield 2025 £34,226 7.72% 2030 £37,788 8.52% Savoy Stewart COVENANT McColl’s trade from over 1,600 stores throughout the UK with approximately three quarters of those being convenience stores and the remainder trading as newsagents. Their brands include McColl’s, Martin’s and R. S. McColl. For the year ending 25th November 2018 reported a turnover of £835.333 million, a pre-tax profit of £34.718 million and shareholder’s funds of £218.271 million. The combined group has a turnover in excess of £1.1bn. It employs over 22,000 full and part-time staff and is visited by over 5 million customers every week. The company floated on the London Stock Exchange in 2014. Further information can be found at: https://www.mccollsplc.co.uk/investors Savoy Stewart EPC TERMS & CONDITIONS Messrs Savoy Stewart, for themselves and for the vendors or lessors of this property for whom they act, give notice that: The propertyhas an EPC rating of D76. A copy of the EPC is available on our website. I. These particulars are a general outline only, for the guidance of prospective purchasers or tenants, and do not constitute VAT the whole or any part of an offer or contract. II. Savoy Stewart cannot guarantee the accuracy of any description, dimensions, references to condition, necessary The property is elected for VAT which will be chargeable on the purchase price. It is anticipated permissions for use and occupation, and other details contained herein, and prospective purchasers or tenants must not rely the transaction is to be treated as a transfer of going concern (TOGC). on them as statement of fact or representations, and must satisfy themselves as to their accuracy. III. No employee of Messrs Savoy Stewart has any authority to make or give PROPOSAL any representation or warranty or enter into any contract whatever in relation to the property. We are instructed to seek offers in excess of IV. Rents, prices, premiums and service charge quoted in these particulars may be subject to VAT in addition and V. Messrs Savoy Stewart will not be liable, in negligence or otherwise, for any £425,000 loss arising from the use of these particulars. (Four Hundred and Twenty Five Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect a Net Initial Yield of 7%, with a reversionary yield of 7.72% in 2025 assuming purchaser’s costs of 4.33%. VIEWING & FURTHER INFORMATION All interested parties are requested to make any appointments strictly through Savoy Stewart. Michael Braier Nicholas Sherling E: [email protected] E: [email protected] T: 020 7478 9112 T: 020 7478 9113 Savoy Stewart.