Roadside Investment Let to Kwik-Fit
Kwik-Fit | Steam Mills Road | Cinderford | Gloucestershire | GL14 3JD
subject to contract
Highly prominent roadside location
Secure income – let to Kwik-Fit (Pre-Tax Profits £65.7m)
In excess of 8 years unexpired lease term
Large site offering potential future redevelopment opportunity, subject to planning
Adjacent to the Northern Quarter proposed regeneration scheme
£450,000, subject to contract
5% net initial yield
Cinderford is located in the Forest of Dean in Gloucestershire and is one of the main market towns within the area. The town is 5.6 miles (9 km) south of Ross-on-Wye, 15 miles (24 km) west of Gloucester and 22 miles (35 km) west of Cheltenham. Cinderford is 12 miles (19 km) south of the M50 Motorway and 20 miles (32 km) west of the M5 Motorway.
The town benefits from good road communications with the A48 being located 3.8 miles (6 km) east of the town and the A40 being located 5.6 miles (9 km) to the north of the town.
The property occupies a prominent position fronting the busy Steam Mills Road (A4151) which runs directly through Cinderford. Steam Mills Road extends on to the High Street to the south and leads up to the intersection with the A4136 and Morse Road to the north which, provides direct access to the surrounding areas.
The property sits directly opposite Murco Petrol Filling station, which is one of three petrol filling stations in the town, all of which are located on Steam Mills Road.
The immediate vicinity is made up of residential accommodation (adjacent) and light industrial and complementary businesses including Car Take Back, Abbey Scrap Cars and Nick King Car Sales to name a few.
The site benefits from being adjacent to The Northern Quarter which has outline planning permission. The scheme would comprise of up to 195 dwellings, a hotel of up to 32,000 sq ft, up to 200,000 sq ft for employment uses and a new educational campus which will include an 84,000 sq ft building. The scheme would provide car parking, footpaths, landscaping and associated works. Planning application number P0663/14/OUT.
A picture is available to download from the downloads section below displaying the proposed site plan from the Design and Access Statement. The shaded areas on the plan offer insight into where each use will be located within the scheme. The Kwik-Fit property is marked with a red X to the right of the plan.
The property comprises a single storey workshop providing MOT, tyre, exhaust, servicing and car and van repairs.
The property benefits from roller shutters, a large storage room, an internal office, a staff room and a forecourt for access and parking.
This Kwik-Fit is one of the only vehicle component stockists in Cinderford, offering a full range of services and being recognised as one of the leading vehicle repair garages in Cinderford. In addition, they service all makes of cars and vans, including high roof vans.
The property has been measured by BKR Floor Plans and provides the following accommodation:
|Gross Internal Area||250.74 sq m||2,699 sq ft|
A set of floor plans are available to download and will be re-addressed to a purchaser at a cost of £435 + VAT.
The property is let to Kwik-Fit Properties Limited, with a guarantee from Kwik-Fit Holdings Limited, on a full repairing and insuring lease for a term of 30 years from 27th February 1999, expiring on 23rd February 2029 (in excess of 8 years unexpired lease term)
The current passing rent is £23,369 per annum (£8.65 per sq ft / £93 per sq m overall). The lease benefits from an upwards only rent review on 27th February 2024.
The tenants ultimate parent company is Intochu Corporation who reported consolidated net profits of 501.3 billion yen (£3.66 billion pounds) to 31st March 2020. The company is ranked 72nd on the list of Fortune Global 500 companies with an annual trading revenue of $100.5 billion (£77.5 billion). For more information visit: www.itochu.co.jp/en.
Guarantor - Kwik-Fit Holdings Limited (00362333) has reported the following figures:
|31st March 2019||31st March 2018||31st March 2017|
Tenant - Kwik-Fit Properties Limited (02579167) has reported the following figures:
|31st March 2019||31st March 2018||31st March 2017|
Established in 1971, Kwik-Fits principal activities are the operation of automotive repair centres for tyres, exhausts, brakes, suspension, MOT, servicing and a fleet of mobile tyre fitting vehicles. The company operates from over 600 specialist fitting centres and 150 mobile fitting vehicles in the UK. For more information visit: www.kwikfit.com.
The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
We are instructed to seek offers of £450,000 (Four Hundred and Fifty Thousand Pounds), subject to contract. This price reflects a net initial yield of 5%, assuming purchasers’ costs of 4.47%.
Please note that a purchaser will be re-charged the cost of searches and surveys which are provided in the data room.
Please note a purchaser will be charged a Transaction Fee of £3,000 + VAT
An opportunity to acquire a freehold roadside investment adjacent to a large-scale regeneration initiative with outline planning permission;
The property occupies a prominent roadside location;
The property provides secure income, being let to Kwik Fit (Pre-Tax Profits £65.7m);
Attractive unexpired lease term of approximately 8.25 years;
Large site with future redevelopment potential, subject to planning;
The tenant has been in occupation for almost 22 years;
Ultimate parent company ranked 72nd on the list of Fortune Global 500 companies;
Attractive lot size for an investor.
Data Room and clicktopurchase®
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|Salehs Soliciotrs||+44 (0) 161 434 9991|