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Lot 7

2 Shops, 2 Maisonettes & 3 Garages all let to Martin McColl Ltd

Gross Yield 11%
On behalf of Executors

Situation

Occupying a prominent main road trading position within this established local shopping centre, amongst a host of traders including Boots, Domino's, Anytime Fitness, St Helens Hospice and Dignity Funerals, all serving the surrounding residential area.
There is a large public car park behind the parade.
Clacton-on-Sea is a popular Seaside resort accessed via the A133 approx. 13 miles south-east of Colchester and 18 miles south of Ipswich.

Property

A mid-terraced building comprising a 2 Intercommunicating Ground Floor Shops with separate rear access to 2 Self-Contained Maisonettes on first and second floors. The property benefits from a rear service road with vehicular access for loading and unloading as well as 2 Garages in a separate block.

ACCOMMODATION¹
2 Intercommunicating Ground Floor Shops
Gross Frontage 42'0”
Internal Width 40'0”
Built Depth 41'0”
Area Approx. 1,460 sq ft
First and Second Floor - 2 Maisonettes
Each 3 Bedrooms, Living Room, Kitchen, Bathroom/WC
2 Garages

¹Not inspected by Barnett Ross. Areas taken from VOA.

VAT is NOT applicable to this Lot

FREEHOLD

Tenancy

The entire property is let on a full repairing and insuring lease to Martin McColl Ltd as a Convenience Store with Post Office & ATM (see Tenant Profile) for a term of 11 years from 24th June 2012 at a current rent of £27,500 per annum exclusive.

Tenant Profile

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 Y/E 25/11/18, Martin McColl Ltd reported a T/O of £835.3m, Pre-Tax Profits of £34.7m and Shareholders' Funds of £218.3m.
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 group company floated on the London Stock Exchange in 2014 and further information can be found at: www.mccollsplc.co.uk/investors

Note: 6 Week Completion.

*Please note:

RESERVE

The 'Reserve' is the minimum figure for which a property can be sold as agreed between the Seller and the Auctioneer. The 'Reserve' is not disclosed and remains confidential between the Seller and the Auctioneer.

GUIDE

Where a 'Guide' is stated, it is an indication of the Seller's current minimum acceptable price ('Reserve') at auction. A 'Guide' is published to assist prospective buyers in deciding whether or not to pursue a purchase.

A 'Guide' does not represent an anticipated sale price or a valuation and the eventual sale price may be higher or lower. The sale price is determined at auction and as such cannot be predicted in advance.

The 'Guide' can be published as follows:

a. 'Reserve below' which means the 'Reserve' will be below the shown amount.
b. A single price figure where the 'Reserve' is not to exceed it.
c. A single price figure with a + symbol where the 'Reserve' is not to exceed that figure by more than 10%.
d. A minimum and maximum price range where the 'Reserve' is to be within that range.

The Seller's expectation as to the sale price may change during the marketing period as a result of interest received from prospective Buyers. Therefore, the Seller may increase or decrease the 'Reserve' at any time up to just before bidding commences. If the 'Reserve' becomes fixed at a level that makes the 'Guide' misleading, the Auctioneers will subsequently issue a revised 'Guide' as soon as is practicable. Accordingly, prospective bidders should monitor the 'Guide' with the Auctioneers prior to the Auction taking place via this website.

In addition to the purchase price the Successful Buyer or Successful Bidder will be liable to pay Barnett Ross Ltd a non-refundable administration fee of £1,500 including VAT or as specified on the Particulars of Sale and there may also be additional non-optional fixed or variable fees and costs. To establish the full cost of purchasing a property please inspect the special conditions of sale and all other documentation in the legal pack. Please also refer to any addendum that may be displayed on this page.

52–54 North Road, Clacton-on-Sea, Essex CO15 4DD