McColl’s & Well Pharmacy, Manchester

Property Description

• Virtual Freehold Convenience Store and Pharmacy Investment
• The property is arranged on ground floor only to provide a convenience store, together with a self-contained shop with total area of 4,556 sq.ft.
• The property benefits from on-site parking for 4 cars.

Location Description

• Manchester is the principal industrial, cultural and commercial centre of the North West and the UK’s second financial centre.
• It benefits from excellent communications via the M60, M62, M56, M66 and M67 motorways, Intercity rail links and an international airport.
• The property is situated in Higher Blackley, a predominantly residential area approximately 4 miles north of Manchester city centre.
• It occupies a prominent corner position on Victoria Avenue (A6104), at its junction with Plant Hill Road opposite St Clare’s Catholic Primary School.
• Other occupiers close by include Cope Funeral Directors (adjacent) and Beacon Medical Centre, amongst other local traders.

Tenancy and Additional Information

• The property is to be let to MARTIN McCOLL LIMITED (guaranteed by McColl’s Retail Group plc) for a term of 16.5 years from May 2019 at a current rent of £46,357 per annum.
• The lease provides for fixed rental increases of 2% per annum compounded on 3rd November 2025 and  3rd November 2030 and contains full repairing and insuring covenants.
• The rent will therefore rise as follows:
  • 2025 to £51,182 per annum and
  • 2030 to £56,509 per annum.
• We understand part of the shop is sublet to Well Pharmacy at a rent of £18,400 per annum.
• No. of Branches: 1,550 convenience stores (Source: www.mccolls.co.uk 22.02.2019).
• For the year ended 26th November 2017, Martin McColl Limited reported a turnover of £713.391m, a pre-tax profit of £27.168m, shareholders’ funds of £186.239m and a net worth of £42.850m. (Source: Experian 22.02.2019.)
• Six week Completion Available.