New reversionary lease signed until 2027 (no breaks)
Adjacent to Kymin View Primary and Nursery School
For the Seller's Legal Pack, please click the Property Documents tab below
Lot 32
Auction 25th May 2017
Rent £24,002 per Annum Exclusive
Status Sold
Price £301,000
Sector High Street Retail
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
25 miles north-east of Newport, 32 miles north of Bristol, 30 miles west of Gloucester
Roads
A40, M24, M50
Rail
Abergavenny Rail
Air
Cardiff International Airport
Situation
The property is situated in a predominantly residential area to the east of Monmouth town centre, adjacent to Kymin View Primary and Nursery School.
Tenure
Freehold.
Location
Miles
25 miles north-east of Newport, 32 miles north of Bristol, 30 miles west of Gloucester
Roads
A40, M24, M50
Rail
Abergavenny Rail
Air
Cardiff International Airport
Situation
The property is situated in a predominantly residential area to the east of Monmouth town centre, adjacent to Kymin View Primary and Nursery School.
Tenure
Freehold.
Description
The property comprises a ground floor retail unit operating as a convenience store with residential accommodation on first and second floors which has been let on long leases, and two garages which have been demised to the retail tenant.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises a ground floor retail unit operating as a convenience store with residential accommodation on first and second floors which has been let on long leases, and two garages which have been demised to the retail tenant.
VAT
VAT is not applicable to this lot.
Completion Period
Six Week Completion
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Unit
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
18-20
Ground
Convenience Store
211.35 sq m
(2,275 sq ft)
MARTIN McCOLL LIMITED (1)
21 years (approx) from 25/05/2006 until 20/03/2027 on a full repairing and insuring lease (2)
£24,000
25/05/2021
18
First/Second
Residential
Not Measured
INDIVIDUALS
999 years from 25/05/2006 until 24/05/3005
£1
20
First/Second
Residential
Not Measured
INDIVIDUALS
999 years from 25/05/2006 until 24/05/3005
£1
Total Commercial Area
211.35 sq m
(2,275 sq ft)
£24,002
(1) For the year ending 29 November 2015, Martin McColl Limited reported a turnover of £489,336,000, pre-tax profits of £22,229,000 and a total net worth of £91,307,000 (Source: Experian Group 26/04/2017). Martin Mcoll have been in occupation since at least 2006. (2) The current lease is for a term of 15 years expiring 24/05/2021, although, in addition, a reversionary lease is in place from 25/05/2021 until 20/03/2027. In return for signing a reversionary lease, Martin McColl Limited are currently benefitting from a concessionary rent £16,000 per annum due to expire on 24/03/2019. The seller has agreed to adjust the completion monies so that the unit will effectively produce £24,000 p.a.x. from completion of the sale.