Large and prominent convenience store - approximately 845.60 sq m (9,102 sq ft)
Nearby occupiers include Boots the Chemist, Poundstretcher, Aldi and various local retailers
10% Gross Yield on Guide Price
Lot 22
Auction 26th March 2020
Rent £44,295 per Annum Exclusive
Status Withdrawn Post
Price
Sector High Street Retail
Auction Venue The Montcalm Hotel 2 Wallenberg Place Marble Arch London W1H 7TN
On Behalf of Trustees
Property Information
Location
Miles
16 miles east of Hull
52 miles south-east of York
Roads
A1033, A165
Rail
Air
Humberside Airport
Situation
Withernsea is a seaside resort town in the East Riding of Yorkshire. The property is located in a prominent position on the east side of Queen Street, at its junction with Hull Road in the heart of the town centre. Nearby occupiers include Boots the Chemist, Poundstretcher, Aldi and various local retailers.
Tenure
Freehold.
Location
Miles
16 miles east of Hull
52 miles south-east of York
Roads
A1033, A165
Rail
Air
Humberside Airport
Situation
Withernsea is a seaside resort town in the East Riding of Yorkshire. The property is located in a prominent position on the east side of Queen Street, at its junction with Hull Road in the heart of the town centre. Nearby occupiers include Boots the Chemist, Poundstretcher, Aldi and various local retailers.
Tenure
Freehold.
Description
The property comprises a large ground floor convenience store, with ancillary accommodation on part first floor. Part of the ground floor and the rest of the first floor is residential, let on a long lease.
VAT
VAT is applicable to this lot.
EPC
Band D. See legal pack at acuitus.co.uk.
Description
The property comprises a large ground floor convenience store, with ancillary accommodation on part first floor. Part of the ground floor and the rest of the first floor is residential, let on a long lease.
VAT
VAT is applicable to this lot.
EPC
Band D. See legal pack at acuitus.co.uk.
Tenancy & Accommodation
Floor
Use
Floor Areas (Approx)
Tenant
Term
Rent p.a.x.
Reviews
Ground Part First
Retail/Ancillary Ancillary
541.90 sq m 303.70 sq m
(5,833 sq ft) (3,269 sq ft)
MARTIN McCOLL LIMITED (1)
20 years from 27/11/2008 until 26/11/2028 on a full repairing and insuring lease
£44,295.48
3% per annum compounded rental increases, with an open market rent review in November 2023 reviewed to the higher of the passing rent or open market rental value
Part Ground/ Part First
Residential
-
(-)
INDIVIDUAL
999 years from 27/11/2008
Peppercorn
-
Total Commercial Area
845.60 sq m
(9,102 sq ft)
44,295.48
(1) For the year ending 25th November 2018, Martin McColl Limited reported a turnover of £835,333,000, pre-tax profits of £34,718,000 and a total net worth of £71,797,000 (source: Experian Group 28/02/2020).
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.
