McColl’s Petrol Filling Station and Convenience Store
Gulf Eyemouth Service Station | Coldingham Road | Eyemouth |TD14 5AN
offers in excess of
Prominent roadside location
Let to Martin McColl Ltd – Shareholders’ Funds £186 million
11.25 years unexpired lease term
5 yearly fixed rental uplifts - 2% pa compounded
Offers in excess of £1,255,000, subject to contract
7.50% Net Initial Yield
8.28% Guaranteed Reversionary Yield in March 2020
Eyemouth is a town and civil parish in Berwickshire, in the Scottish Borders area of Scotland located 3.2 km (2 miles) east of the main north-south A1 road and 13 km (8 miles) north of Berwick-upon-Tweed. Eyemouth provides an important landing place for boats and vessels from Berwickshire, Lothian and Northumbria. Eyemouth Bay has dramatically improved over the years and is a popular seaside resort whose views and attractions draw thousands of tourists each year.
The subject property, which is the only major petrol filling station in the immediate area, occupies a prominent position on the main Coldingham Road (A1107) on the approach to Eyemouth Harbour. The A1 is approximately 3.2 km (2 miles) to the south. Coldingham Industrial Estate is situated nearby and the surrounding area comprises a mixture of commercial and residential properties.
The property comprises a modern single storey building under a pitched slate roof with a canopy to the front. It is arranged as a convenience store with adjoining restaurant unit.
The petrol forecourt has 6 pumps with an LPG station.
We are advised that the property has the following floor areas:
|Convenience Store||Sales||85.84 sq m||(924 sq ft)|
|Ancillary||27.31 sq m||(294 sq ft)|
|113.15 sq m||(1,218 sq ft)|
|Restaurant||Main Area||74.51 sq m||(802 sq ft)|
|Ancillary||107.12 sq m||(1153 sq ft)|
|181.63 sq m||(1,955 sq ft)|
Heritable (Scottish equivalent of English freehold)
The entire property is let on a Full Repairing and Insuring lease to Martin McColl Ltd for a term of 20 years from 22nd March 2010, expiring on 21st March 2030 (approximately 11.25 years unexpired). The lease benefits from 5 yearly rent reviews based on a fixed uplift of 2% per annum compounded. The next rent review is on 22nd March 2020.
The current passing rent is £99,364 per annum and this will increase to £109,705.87 on 22nd March 2020.
The restaurant is sub-let to Fang Xin Chen (t/a Jade Garden).
Martin McColl Limited Co No 298945) has reported the following trading figures;
|26th November 2017||26th November 2016|
Martin McColl Ltd is a wholly owned subsidiary of TM Group Holdings Ltd, part of the McColls Retail Group plc group of companies. They operate several petrol filling stations throughout the UK, with the core business being convenience store retailing. McColl’s operates 1,279 McColl’s branded convenience stores as well as 332 newsagents with 20,000 employees serving five million customers every week (www.mccollsplc.co.uk).
The property has been elected for VAT. Therefore, it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).
We are instructed to seek offers in excess of £1,255,000 (One Million Two Hundred and Fifty Five Thousand Pounds), subject to contract, which reflects a net initial yield of 7.50% and a guaranteed reversionary yield of 8.28% in March 2020.
An opportunity to acquire a roadside investment opportunity with a guaranteed rental increase;
Highly secure income – let to Martin McColl Ltd (Shareholders’ Funds £186m);
Long unexpired lease term of over 11 years, with no breaks;
Guaranteed fixed rental increases at each rent review;
The property occupies a prominent position fronting the A1107;
A purchase at the asking price reflects an attractive yield profile.
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|Graham Waddellfirstname.lastname@example.org||+44 (0) 141 221 4545|
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|TLT LLP||+44 (0) 333 331 4510|