Entirely let to Martin McColl Limited (part sublet to pharmacy)
16.5 year lease from August 2018 (no breaks)
2% per annum fixed rental uplifts compounded throughout term
Rent increases to £36,964 pa in February 2025 and £40,812 pa in February 2030
Predominantly residential location in popular vibrant seaside town
Lot 20
Auction 14th February 2019
Rent £33,480 per Annum Exclusive
Status Withdrawn Post
Price
Sector Supermarket/Convenience
Auction Venue The Radisson Blu Portman Hotel 22 Portman Square London W1H 7BG
Property Information
Location
Miles
7 miles east of Morperth
16 miles north-east of Newcastle city centre
Roads
A1, A19, A189
Air
Newcastle Airport
Situation
The property is situated in a prominent corner location on Cleveland Terrace at its junction with Gibson Street, in a predominantly residential location in Newbiggin-by-the-Sea.
Tenure
Freehold.
Location
Miles
7 miles east of Morperth
16 miles north-east of Newcastle city centre
Roads
A1, A19, A189
Air
Newcastle Airport
Situation
The property is situated in a prominent corner location on Cleveland Terrace at its junction with Gibson Street, in a predominantly residential location in Newbiggin-by-the-Sea.
Tenure
Freehold.
Description
The property comprises two ground floor retail units (part sublet to Wells Pharmacy) with ancillary and staff accommodation to the rear and additional ancillary accommodation on the first floor. The property benefits from on-street parking, with additional public parking at the public library opposite.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Description
The property comprises two ground floor retail units (part sublet to Wells Pharmacy) with ancillary and staff accommodation to the rear and additional ancillary accommodation on the first floor. The property benefits from on-street parking, with additional public parking at the public library opposite.
VAT
VAT is applicable to this lot.
EPC
The EPC will be available to view online in the solicitor’s legal pack.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Review
Ground First
Retail/Ancillary (3) Ancillary
150.50 sq m 102.56 sq m
(1,620 sq ft) (1,104 sq ft)
MARTIN McCOLL LIMITED (1)
16.5 years from 21/08/2018 until 20/02/2035 on a full repairing and insuring lease
£33,480 (2)
February 2025 and 5 yearly thereafter. 2% per annum fixed rental uplifts compounded throughout the term
Total
253.06 sq m
(2,724 sq ft)
£33,480 (2)
(1) McColl’s trades from over 1,600 stores throughout the UK. For the year ending 26th November 2017, Martin McColl Limited reported a turnover of £713,391,000, pre-tax profits of £27,168,000 and a total net worth of £42,850,000 (Source: www.mccolls.co.uk and Experian Group 08/01/2019). (2) The current rent passing is £32,500 per annum. The vendor has agreed to adjust the completion monies so that the property will effectively produce £33,480 per annum from completion of the sale until the first rent review in February 2020. (3) Part of the ground floor retail accommodation has been sublet to Bestway National Chemists Limited (t/a Wells Pharmacy) at a sublet rent of £10,500 per annum.
