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Retail Property (high street) for sale

High Street, PE11

Under Offer 3,961 sq. ft. | £530,000

Property Description

Commercial information

  • Use class orders: A1 Shops

Key features

  • Convenience Store Investment
  • Situated 8 miles north of Spalding on the A152
  • Let to Bargain Booze Ltd for term of 25 years
  • Current rent passing of 41,000 pax

Full description

A purpose built single storey convenience store with large car park and rear servicing.

The property is prominently located fronting High Street with on-street parking and adjacent to other complimentary occupiers.

Donington is a large village with a population of 2,805 (2011 census) situated 8 miles north of Spalding on the A152.

TENANCY
The property is let to Bargain Booze Ltd on assignment from Costcutters Supermarkets Group Ltd for a term of 25 years from 20 February 2004 with 5 yearly upward only rent reviews on full repairing and insuring terms at a current rent passing of 41,000 pax.

COVENANT
Bargain Booze Ltd is a wholly owned subsidiary of Conviviality Plc. The company was founded in 1981 and recently completed the acquisition of Matthew Clark (Holdings) Ltd - supplier of 17,000 hotels, bars, restaurants and venues. Company No. 01801597.

The company has a net worth of 25,804,000 as at 12th October 2016.

A Credit Report is available upon request.

PRICE
Reduced to OIEO 530,000 Yield: 7.38% NIY after costs @ 4.81%

VAT
The sale will be treated as a TOGC. Therefore VAT will not be charged on the purchase price.

VIEWING
To view the premises and for any additional information please contact the sole agents.


More information from this agent

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