McColl's Convenience Store
Cleveland Terrace
Newbiggin-By-The-Sea
Northumberland
NE64 6RF

Freehold Convenience Store Investment

  • 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
    14/Feb/2019
  • Rent
    £33,480 per Annum Exclusive
  • Status
    Withdrawn Post
  • Price*
     
  • Sector
    Supermarket
  • Auction Venue
    The Radisson Blu Portman Hotel
    22 Portman Square
    London W1H 7BG
Important Auction & Property Update
  • McColl's Convenience Store<br>Cleveland Terrace<br>Newbiggin-By-The-Sea<br>Northumberland<br>NE64 6RF
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* More information on the term "price" can be found here

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.

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

FloorUseFloor Areas (Approx)TenantTermRent p.a.xReview
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.

Property Documents

  • Catalogue Page
    Updated Date
    22.01.19
    File Size
    464 KB
    View PDF
  • Site Plan
    Updated Date
    22.01.19
    File Size
    1 MB
    View PDF
  • Common Auction conditions
    Updated Date
    10.01.19
    File Size
    143 KB
    View PDF
  • Memorandum of Sale
    Updated Date
    27.03.17
    File Size
    27 KB
    View PDF

Contacts

Acuitus
David MargolisDavid Margolis +44 (0)20 7034 4862 +44 (0)7930 484 440david.margolis@acuitus.co.uk
George WatkinsGeorge Watkins +44 (0)20 7034 4861george.watkins@acuitus.co.uk
Associate Auctioneers
Savoy Stewart Atlantic House, 351 Oxford Street
London
W1C 2JF
Nicholas Sherling 020 7478 9113ns@savoystewart.co.uk
Seller's Solicitors
Northern & Midland Holdings Sutherland House, 70/78 West Hendon Broadway
London
NW9 7BT
Stephen Goldberg 0208 457 3250stephen@nmholdings.co.uk

Useful Links

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