Central Store - Crewkerne

WELL SECURED FORECOURT CONVENIENCE INVESTMENT

16 YEARS UNEXPIRED LEASE WITH NO BREAKS AND FIXED UPLIFTS LET TO A 5A1 COVENANT

SOUTH STREET, CREWKERNE, SOMERSET TA18 8AE CREWKERNE Map

Mway Map Micro Map

N From Ilchester NT O PLEASA From Somerton R MT

T A303 A361 ABBEY ST ST A30 Yeovil A359 H EAST

Langport S INVESTMENT A37 T Taunton A303 Crewkerne A372

CONSIDERATIONS 25 M

A From O

R

X A358 K Library

Ilchester E

A378 Chard E N

A30 T Waitrose S

We are instructed to seek offers in excess of R T M5 D Aqua Cropmead A303 A30 WEST ST Industrial Estate A37 A359 A30 Centre HE T SO NH Fire A353 S UT AY H ES N B3165 ST L Station LN R N LL £1,035,000 A E KN B A356 C A3088 Yeovil BLA (One Million and Thirty Five Thousand A30 A303 M T S TOW I E D E Pounds) subject to contract and exclusive R HIL L D Ilminster RD G O D CREWKERNE Map R A R A356 L CH E T A R D of VAT I D SO P R A30 IS N U M E T A A H R I S T V L T Hospital E E Police H R L L H W U C A purchase at this level would reflect a CREWKERNE A F Station A303 N Y R TH Net Initial Yield of 6%, with a reversionary Chard A O

A30 B M S yield of 6.78% in October 2024 assuming ON A30 DR purchaser’s costs of 5.79%. A37 ME L M IL L O C RI H TT HILL RD AL IT S A356 URRIO AV K R C E School E V

A

A3066 E

W From ›› Located in an affluent Somerset A358 L D A356 D A R

LOCATION N R Dorchester D

market town E G Mway Map Micro Map A M E Beaminster Y R L D M The affluent Somerset market town of Crewkerne Axminster G N B3165 A ›› Strong trading location near the is located some 8 miles south-west of Yeovil and A35 L N From Ilchester NT town centre 16 miles south-east of Taunton. The A30 provides O PLEASA From Somerton R MT

T A303 A361 ABBEY ST ST A30 Yeovil east/west road links while the A356 interconnectsA359 H EAST

Langport S

with the A303, some 5 miles to the north. T ›› Comprises a Texaco branded forecourt A37 Taunton Crewkerne Railway Station provides a regularA303 Crewkerne petrol filling station, Central convenience direct serviceA372 to Exeter and London Waterloo. 25 M

store and a car showroom A The town lies on the River Parrott and the A303 From O

R

X A358 K Library

Ilchester E

A378 passes some 6 miles to the north. Chard E N

A30 T Waitrose

S R T ›› Let for a furtherM5 16 years unexpired to D Aqua Cropmead Bestway Retail Limited guaranteed by A303 A30 WEST ST Industrial Estate SITUATION A37 A359 A30 Centre Bestway Wholesale Limited, HE T SO NH Fire A353 S UT AY a 5A1 covenant The property is prominently situated on the H ES N ST L Station N R B3165 N L ELL busy A356 South Street, opposite the junction A KN B A356 C A3088 Yeovil BLA with Weavers Close and approximately 1 mileA30 ›› The convenience store, including the A303 M T S east of the town centre. The surrounding TOW I E D E sublet car showroom and workshop R HIL L D Ilminster RD G O D A R R area predominantlyA356 comprises of residential L CH E T A R D accommodation, extends in total to I D SO P R accommodation.A30 IS N U M E T A A H R I S 3,611 sq ft T V L T Hospital E E Police H R L L H W U C CREWKERNE A F Station A303 N Y R TH ›› Annual fixed uplifts at 2.5%Chard compounded A O A30 B M S throughout giving guaranteed rental ON A30 DR growth A37 ME L M IL L O C RI H TT HILL RD AL IT S A356 URRIO AV K R C E School E ›› Total current rents reserved £65,621.68 V

A per annum rising to £74,244.90 per A3066 E W From A358 L D A356 D A R

annum on 31st October 2024 R N Dorchester D

E G A M E Beaminster Y R L D M Axminster G ›› Freehold N B3165 A A35 L DESCRIPTION

The property comprises a petrol filling station forecourt with a convenience store, workshop and showroom premises in single storey buildings under both pitched and flat roofs extending to some 3,611 sq ft. The fuel forecourt supports four pumps within a two island layout providing unleaded, diesel and premium unleaded grades of fuel beneath a rectangular illuminated canopy. The sales area incorporates a Post Office and provides a full range of grocery products, off licence, bakery, general motorist products, confectionery, Costa Coffee module and an ATM. The shop also benefits from a large workshop to the rear being used as storage. The car showroom and workshop accommodation adjacent to the convenience store has been sublet by Bestway to a used car specialist. Further information available on request. ACCOMMODATION

FLOOR SQ FT SQ M

Ground Sales Area 601 sq ft 56 sq m

Ground Rear Storage/Ancillary 1,540 sq ft 143 sq m

Total 2,141 sq ft 199 sq m

CAR SHOWROOM & WORKSHOP

FLOOR SQ FT SQ M

Ground 1,200 sq ft 111 sq m

Mezzanine 270 sq ft 25 sq m

Total 1,470 sq ft 137 sq m

Total Area 3,611 sq ft 335 sq m SITE

The site extends to approximately 0.24 acres (0.09 hectares) TENURE

Freehold RENTAL UPLIFTS YEAR RENT REVERSIONARY YIELD

30th October 2024 £74,244.90 pa 6.78%

30th October 2029 £84,001.29 pa 7.67% TENANCY

The property is let by way of an overriding lease to Bestway Retail Limited, guaranteed by Bestway Wholesale Limited for a term of 20 years from the 31st October 2014 at a current rent of £58,000 per annum. The lease provides for 2.5% 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 £65,621.68 per annum from completion until 31st October 2019 by way of a reduction in the purchase price. COVENANT

The lease to Bestway Retail Limited is 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 stores and supplies a further 500 (approximately) convenience stores which are operated by other companies. Further information can be found at:

www.bestwaywholesale.co.uk

For the year ended 30th June 2017, Bestway Wholesale Limited (Guarantor) reported a turnover of £1.651bn, a pre-tax profit of £6.354m, shareholders’ funds of £88.162m and a net worth of £85.255m. (Source: Experian 09.08.2018.) FORECOURT CONVENIENCE MARKET

Within the forecourt convenience market, demand for assets offering long leases to strong covenants remains high. The market is one of only a few sectors where the occupiers remain active and willing to agree 15 year plus occupational leases with fixed or index linked rent reviews. Given the lack of stock providing these characteristics available in the open market, forecourt convenience yields have hardened in the last 12 months. Yields currently stand in the high 5%’s for assets providing long income streams and these continue to be targeted by investors.

EPC

The property has an EPC rating of C74. A copy of the EPC is available on our website. www.savoystewart.co.uk VAT

The property is elected for VAT which will be chargeable on the purchase price. It is anticipated the transaction is to be treated as a transfer of going concern (TOGC). PROPOSAL

We are instructed to seek offers in excess of £1,035,000 (One Million and Thirty Five Thousand Pounds) subject to contract and exclusive of VAT.

A purchase at this level would reflect aNet Initial Yield of 6%, assuming purchaser’s costs of 5.79%. VIEWING & FURTHER INFORMATION TERMS & CONDITIONS All interested parties are requested to make any appointments strictly Messrs Savoy Stewart, for themselves and for the vendors or lessors of this property for whom they act, give notice that: through Savoy Stewart. 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. MICHAEL BRAIER NICHOLAS SHERLING 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 rely on them as [email protected] [email protected] statement of fact or representations, and must satisfy themselves as to their accuracy. 020 7478 9112 020 7478 9113 III. No employee of Messrs Savoy Stewart has any authority to make or give any representation or warranty or enter into any www.savoystewart.co.uk contract whatever in relation to the property. SAVOY STEWART 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 loss arising from the use of these particulars. 020 7495 3666