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Bacup - Freehold Convenience Store Investment

For sale: £500,000.00|3,615 Sq Ft|Retail, General Retail, Retail - High Street

Property details

FOR SALE£500,000.00
SIZE3,615 Sq Ft
ADDRESSMcColls, The Old Job Centre, Gladstone Street, Bacup, Lancashire, OL13 9JY
TYPERetail, General Retail, Retail - High Street
TENUREInvestment Opportunity, For Sale Freehold
POSTED ON5th November 2021

Description

Investment Consideration:
Gross Initial Yield: 5.52%
Rental Income: £27,602 p.a.
VAT is applicable to this property
SPV can be acquired for the purchase of this property
Comprises two-storey detached corner building operating as a convenience store
Total area size of 335.85 sq m (3,615 sq ft)
Let to Martin McColl Limited until 2034 (no breaks)
Fixed rental increases to £30,475 p.a. in 2024 and £33,647 p.a. in 2029
Located in densely populated residential area

Property Description:
The property comprises convenience store arranged over ground and first floor and provides an open retail unit with ancillary stores at ground floor level and additional ancillary accommodation at first floor, which is also capable of independent access.

The property provides the following accommodation and dimensions
Ground Floor Sales: 114.65 sq m (1,234 sq ft)
Ground Floor Store: 54.70 sq m (589 sq ft)
Gross Frontage 13.10 m (42`11``)
Gross Frontage (inc. Splay) 19.45 m (63` 9``)
Shop Depth 16.40 m (53` 9``)
Built Depth 17.90 m (58` 8``)
First Floor: Ancillary 166.50 sq m (1,792 sq ft)
Total area size: 335.85 sq m (3,615 sq ft)

Tenancy:
The property is at present let to Martin McColl Limited for a term of 20 years from 28th February 2014 at a current rent of £27,602 per annum and the lease contains full repairing and insuring covenants. The lease provides for fixed rent increases every fifth year of the term at 2% per annum compounded to £30,475 p.a. in 2024 and £33,647 p.a. in 2029. No break clause.

Location:
Bacup is a town in the Rossendale Borough in Lancashire, England, in the South Pennines close to Lancashire's boundaries with West Yorkshire and Greater Manchester. The town is in the Rossendale Valley and the upper Irwell Valley, 3.5 miles (5.6 km) east of Rawtenstall, 6.4 miles (10.3 km) north of Rochdale, and 7 miles (11 km) south of Burnley. Junction 10 of the M65 Motorway can be accessed within approximately 10 miles. The property is situated on a prominent corner site at Gladstone and South Street within a densely populated residential area offering free on-street car parking locally.

Location

marker
Location: McColls, The Old Job Centre, Gladstone Street, Bacup, Lancashire, OL13 9JY

Walsden (4.0 miles)

Todmorden (4.1 miles)

Littleborough (5.8 miles)

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