New to Market: Convenience Store Retail Investment
Posted on 5th November 2014
A desirable opportunity has arisen on the commercial property market to invest in a convenience retail store property.
The 2,197 sq ft retail premises is located at 140/142 St Albans Road, St Annes in a good neighbourhood shopping location approximately a third of a mile from St Annes town centre and is currently let to One Stop Stores Ltd. Local occupiers include the Post Office and YMCA.
The property is a mid-terrace building of brick construction on ground and two upper floors. At ground floor the property has a full width shop front with security shuttering and storage area to the rear. The first floor provides staff WC and welfare facilities together with a store and further storage on the second floor.
The property is currently let to One Stop Stores Ltd. for a period of 10 years from 12th June 2013 at an annual rent of £13,350. There is a rent review to open market value at the end of the fifth year of the term.
One Stop Stores Ltd. posted a pre-tax profit in excess of £37m for the year ending 23rd February 2013, with net assets in excess of £244.5m.
The property is held on a ground lease for a period of 999 years from 1st March 1874, subject to an annual ground rent of £30.00. Offers are invited in excess of £200,000 for this interest and a purchase at this level would show a net initial yield of 6.5% net of purchaser’s costs of 2.75%.
For further information please contact Danny Pinkus on 01772 769000 or email danny@pinkus.co.uk