Freehold Retail Investment
Freehold Retail Investment
The property is situated in a predominantly residential area to the east of Monmouth town centre, adjacent to Kymin View Primary and Nursery School.
Freehold.
The property is situated in a predominantly residential area to the east of Monmouth town centre, adjacent to Kymin View Primary and Nursery School.
Freehold.
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 is not applicable to this lot.
Six Week Completion
The EPC will be available to view online in the solicitor’s legal pack.
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 is not applicable to this lot.
Six Week Completion
The EPC will be available to view online in the solicitor’s legal pack.
| 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.
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