Attractive Commercial Investment
The convenience store occupies the entire ground floor of a two storey detached building, with pitched tiled clay roof. Full height fenestration is provided upto first floor level of the front elevation, together with cash dispenser to the left of the entrance. Residential units are provided above the store (which are excluded) and are accessed from a central core communal area. To the right of this entrance comprise the two smaller commercial units. The combined units measure approximately 4,447 sq ft (413 sq m) and are rectangular in shape.
The three commercial units are located on Bishops Rise which links with the A1001 and in turn A1(M) approximately 500m to the north west. Access is therefore excellent. The three commercial units are prominently positioned fronting the highway and sits adjacent to a beauty parlour and Co-operative Funeral Care.
999 year lease on the property from 25 March 2000.
The whole of the ground floor (units 1, 2 & 3) is let on a full repairing (effective) and insuring lease for a term of 25 years from 24 June 2003, with 5 yearly open market rent reviews at a passing rent of £67,500pa.
The lease is let to Balfour Convenience Stores Ltd, which is no longer active following the acquisition in 2003 by The Co-operative Group which was established in 1844 and now operates 4,500 outlets with approximately 90,000 employees. Co-op trading updates were provided on 17th September 2020 as follows:- Total revenues up 7.6% to £5.8bn (2019: £5.4bn), driven by exceptional performances from Food and Wholesale: • Revenue in Food rose 5.2% to £3.9bn (2019: £3.7bn, an increase of 9.9% LFL in Q2) as customers shopped closer to home and ate out less frequently during lockdown. Like-for-like sales up 8.8% (excluding fuel) representing 7th year of like-for-like growth; market share increased 0.5 percentage points to 7.1% peaking in the 12 weeks prior to 14 June. • Nisa wholesale revenues increased 13.9% to £801m (2019: £703m), benefitting from local shopping in lockdown and range improvements under Co-op ownership. • Funeralcare revenue increased 3.5% to £148m (2019: £143m); 22% increase in volume offset by reduced average revenue per funeral due to Covid-19 restrictions. • Legal services revenue flat year-on-year at £19m (2019: £19m), with increased demand for will and divorce services. • The Co-op are therefore in a very strong financial position and can be considered of undoubted covenant strength.
The Rateable Value for the individual units is detailed below. The current Multiplier for England and Wales is £0.512. Unit 1 - £23,500 Unit 2 - £7,300 Unit 3 - £7,300
Energy Performance Certificate
The Energy Performance Certificate will be provided to seriously parties upon request.
The property is elected for VAT and therefore VAT will be payable on the purchase price. It is anticipated that the sale will be dealt with as a TOGC.
Anti-Money Laundering Regulations
In accordance with Anti-Money Laundering Regulations, the preferred purchaser will be required to provide identification and proof of address, prior to exchange.
Offers in the order of £1,225,000, representing 5.2% NIY are invited.
For a formal viewing, strictly by appointment with Savills.
High Barnet (7.6 miles)
Cockfosters (8.2 miles)
Oakwood (8.8 miles)
Hatfield (1.0 miles)
Welham Green (1.7 miles)
Brookmans Park (2.9 miles)