Well Let Freehold Petrol Filling Station and Convenience Store Investment
Comprises a highly visible and dominant petrol filling station with a large convenience store with internal post office
Entirely let to Bestway Retail Limited with a guarantee from Bestway Wholesale Limited
Lease expires August 2035 (no breaks)
Fixed rental increases at reviews in 2025 and 2030
Approximate site area totalling 0.36 acres
Prominent roadside location close to Exeter Airport, the A30 dual carriageway and M5 motorway
Lot 14
Auction 12th February 2020
Rent £75,804 per Annum Exclusive
Status Sold
Price £1,100,000
Sector Motor Trade/Petrol Station
Auction Venue The Montcalm Hotel 2 Wallenberg Place Marble Arch London W1H 7TN
Property Information
Location
Miles
9 miles east of Exeter
11 miles north of Exmouth
26 miles south-west of Taunton
Roads
A30, M5
Rail
Whimple
Air
Exeter Airport
Situation
The property, which fronts Milestone Business Park, is located about four miles north-east of Exeter Airport and nine miles east of Exeter city centre, and just one mile from the main A30 dual carriageway (with access to the M5 motorway). The property is located on the north side of London Road, in a prominent and highly visible main road location and is adjacent to a garage that restores classic Porsches. The nearby vicinity has recently seen a number of residential developments.
Tenure
Freehold.
Location
Miles
9 miles east of Exeter
11 miles north of Exmouth
26 miles south-west of Taunton
Roads
A30, M5
Rail
Whimple
Air
Exeter Airport
Situation
The property, which fronts Milestone Business Park, is located about four miles north-east of Exeter Airport and nine miles east of Exeter city centre, and just one mile from the main A30 dual carriageway (with access to the M5 motorway). The property is located on the north side of London Road, in a prominent and highly visible main road location and is adjacent to a garage that restores classic Porsches. The nearby vicinity has recently seen a number of residential developments.
Tenure
Freehold.
Description
The property comprises a petrol filling station and large ground floor convenience store with internal post office. The property benefits from a large fuel forecourt with six pumping stations with fuel for HGVs too. There are also multiple customer parking spaces on a site area of approximately 0.36 acres.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion Available
EPC
Band C. See legal pack at acuitus.co.uk.
Description
The property comprises a petrol filling station and large ground floor convenience store with internal post office. The property benefits from a large fuel forecourt with six pumping stations with fuel for HGVs too. There are also multiple customer parking spaces on a site area of approximately 0.36 acres.
VAT
VAT is applicable to this lot.
Completion Period
Six Week Completion Available
EPC
Band C. See legal pack at acuitus.co.uk.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x
Fixed Rental Uplifts
Ground
Convenience Store
327.80 sq m
(3,528 sq ft)
BESTWAY RETAIL LIMITED with a guarantee from BESTWAY WHOLESALE LIMITED (1)
20 years from 01/09/2015 until 31/08/2035 on a full repairing and insuring lease
£75,804 (2)
Fixed rental increases to £85,765 on 01/09/2025 and to £97,036 on 01/09/2030
Total
327.80 sq m
(3,528 sq ft)
£75,804
(1) Bestway Retail operates the UK's largest franchised off-licence and convenience chain and consists of over 800 stores trading under the Bargain Booze, Bargain Booze Select Convenience, Wine Rack and Central Convenience brands (source: bestwaywholesale.co.uk 13/01/2020). For the year ending 30th June 2018, Bestway Wholesale Limited reported a turnover of £1,611,577,000, pre-tax profits of £10,307,000 and a total net worth of £93,814,000 (source: Experian Group 13/01/2020). The lease is guaranteed by Bestway Wholesale Limited until Bestway Retail Limited posts two consecutive years net profit at Companies House exceeding £10 million. 2) The current passing rent under the terms of the lease is £67,000 p.a.x. which will rise to £75,804 p.a.x. on 01/09/2020. The Vendor has agreed to adjust the completion monies so that the property will effectively produce £75,804 p.a.x. from completion of the sale until the next review.
If you are the successful bidder, Acuitus requires a separate payment of £1,250+VAT as a buyer's administration charge payable to Acuitus Limited upon exchange of contracts. A VAT receipt will be provided upon payment.
