Hucknall, with a population of some 29,000, is a market town situated some 6 miles north of Nottingham city centre, approximately 129 miles north of London and 18 miles northeast of Derby. The town is located on the A611, adjacent to the M1 motorway, midway between Junctions 26 and 27. The premises itself is situated on Portland Road at the junction of Wyburn Street opposite the Royal Oak Public House. Nearby occupiers include Coop Funeral Care, a hairdresser, kitchen showroom and café. There have recently been a number of large developments in the area by Bellway Homes, Harron Homes and Mccarthy & Stone which should assist the store turnover.
Single storey detached convenience store located in a densely populated residential area
Dominant alone corner sited store
Let for 16.5 years with no breaks to the substantial covenant Martin McColl Limited
Total current rents reserved £28,329 per annum, rising to £34,533 per annum in November 2029
Fixed uplifts at 2% pa throughout
Net initial yield of 6.24% with a reversionary yield in April 2024 to 6.89%
Offers in excess of £435,000
The property is a single storey detached brick built premises under a flat roof. The store is arranged over the ground floor with ancillary space to the rear. There is ample unrestrictive on-street car parking in Wyburn Street and off street to the front of the building.
Ground (Sales) 1,846sq ft 171.5 sq m
Ground (Ancillary) 1,298 sq ft 120.5 sq m
Total NIA 3,144 sq ft 292 sq m
The property is let to Martin McColl Limited for a term of 16.5 years from the 18th May 2018 on FRI terms and subject to fixed uplifts at 2% per annum compounded throughout. The passing rent is £27,500 per annum. The vendor will top the rent to £28,329 per annum from completion until 18th November 2019 by way of an allowance on the day of completion in the purchase price.
Year Rent Reversionary Yield
18th November 2024 £31,278 pa 6.89%
18th November 2029 £34,533 pa 7.01%
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:
The property has an EPC rating of D81. A copy of the EPC is available on our website.
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).
We are instructed to seek offers in excess of £435,000 (Four Hundred and Thirty Five Thousand Pounds) subject to contract for the freehold interest, which reflects a net initial yield of 6.24% assuming purchaser's costs at 4.39%.