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Commercial Property for sale

Wellington Road South, Stockport

Guide Price £225,000

Property Description

Full description

**** SOLD ****
Retail Investment - Let to Lloyds Pharmacy Limited for 8 years from May 2016 - Producing £16,000 pax, increasing to £18,000 pax net yield / 7.00% increasing to 7.88%

Location - Situated on the westerly side of Wellington Road South (A6), approximately 1/2 south of Stockport town centre. The pharmacy is conveniently positioned with two doctors surgeries (Lowfield Surgery and Lowfield Road Surgery), both located within 200 metres of the pharmacy.

A Chemist has been trading from the location since 1998. The chemist is one of the three emergency chemists in Stockport with a late night opening licence.

Description - Traditionally constructed two storey property, briefly comprising ground floor pharmacy and dispensary together with first floor storage and ancillary accommodation.

The property benefits from a good standard shop fit-out to include part air conditioning, automatic concertina entrance doors, part upvc double glazing, suspended ceilings with recessed Category II lighting.

Accommodation - As measured in accordance with the RICS Code of Measuring Practice the approximate net internal floor areas are as follows:

Ground Floor Sales Area: 44.25 sq m
Dispensary: 28.5 sq m
Office: 7.64 sq m
Dispensary/Store: 40.1 sq m
W.C and side corridor storage: 10.96 sq m

First Floor:
Front Office: 24.58 sq m
Staff Room: 16.58 sq m
Stock Room : 7.75 sq m

Basement storage - 41.43 sq m

Total Net Internal Area - 161.79 sq m (1,742 sq ft)

Lease Summary - The property is currently let to Lloyds Pharmacy Limited (Company Registration No. 007581153), by way of a 8 year FRI lease from the 1st May 2016. The commencing rental being £16,000 pax, payable quarterly in advance which will increase to £18,000 pax from 24 June 2020.

Tenant Financial Information - Lloyds Pharmacy Limited reported the following up to the 31st March 2016 :

Turnover £2.33 bn
Pre Tax Profit £29.852 m
EBITDA £107.2 m
Net Assets £233 m

Lloyds Pharmacy currently trade from more than 1,600 pharmacies with over 17,000 employees.

Asking Price - £225,000 which gives a net yield of 7.00% which will increase to 7.88% in June 2020. Assuming purchasers costs of 1.5% Any rent free will be deducted from the price consideration.

Connected Person - In accordance with the Estate Agents Act 1979, we hereby disclose that a Director of Roger Hannah & Co is also a Director of the Vendor.

Tenure - We understand that the property is held freehold (TBC)

Vat - The property has not been elected for VAT

Epc - On order

Roger Hannah & Co Ltd act as agents for the vendor(s) or lessor(s) of this property and gives notice that: (i) The particulars are a general outline only for the guidance of intending purchasers or lessors and do not constitute an offer or contract (ii) All descriptions are given in good faith and are believed to be correct, but any intending purchasers or lessees should not rely on them as statements of fact and must satisfy themselves by inspection or otherwise as to their correctness. (iii) None of the buildings services or service installations have been tested and are not warranted to be in working order. (iv) No employee of the two agents has any authority to make or give any representation or warranty whatever in relation to the property. (v) Unless otherwise stated all prices are quoted exclusive of VAT. (vi) Where applicable an Energy Performance Certificate is available upon request.

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