Under Offer
Melksham – Petrol Filling Station and Convenience Store
The Bear Garage, Bath Road, Atworth, Melksham, Wiltshire SN12 8HNFreehold Petrol Filling Station and Convenience Store Investment
Price
£900,000
Rent P.A.
£50,913
Yield
5.66%
Tenure
Freehold
Lease Term
20 Years
Years Left on Lease
10y 9m
Area
19,166 SQ FT
VAT Applicable
Yes
Sector
Investment Consideration
- Let to Bestway Retail Limited on a lease expiring in 2035 (no breaks)
- Lease guaranteed by Bestway Wholesale Limited
- Rent Reviews fixed at 2.5% p.a. compounded every 5 years
- Prominent roadside position fronting A365
Key Features
Tenure
Freehold
VAT
VAT is Applicable
Property Description
The commercial property comprises a Fuel Station and convenience store, which incorporates a Post Office, on a roadside site comprising 0.186 Ha (0.46 Acres). The Fuel Forecourt has 8 pump stations under a canopy.
The property provides the following accommodation and dimensions:
Ground Floor: 111.6 sq m (1,201 sq ft)
The property provides the following accommodation and dimensions:
Ground Floor: 111.6 sq m (1,201 sq ft)
Tenancy Description
The fuel station and convenience store is at present let to Bestway Retail Limited (guaranteed by Bestway Wholesale Limited) for a term of 20 years from 16th February 2015 at a current rent of £50,913 per annum and the lease contains full repairing and insuring covenants. Rent reviews fixed at 2.5% per annum compounded every 5 years. Rent rising to £57,603.80 p.a. in 2025 and £65,173.42 in 2030. There is a sub lease of part granted outside of the security of tenure provisions of the Landlord and Tenant Act 1954 for a term ending 14 February 2035 and the use is parking of private motor vehicles or for the sale and display of motor vehicles.
Notes for Tenancies & Accommodation:
(1) Website Address: www.bestway.co.uk. Guaranteed by Bestway Wholesale Limited until Bestway Retail Limited posts two consecutive years' net profit at Companies House exceeding £10 million. For the year ended 30th June 2018, Bestway Wholesale Limited reported a turnover of £1,611,557,000, a pre-tax profit of £10,307,000, shareholder's funds of £96,721,000 and a net worth of £93,814,000 (Source: Experian 26.02.2020).
(2) There is a sub lease of part granted outside of the security of tenure provisions of the Landlord and Tenant Act 1954 for a term ending 14 February 2035. Use is parking of private motor vehicles or for the sale and display of motor vehicles.
Notes for Tenancies & Accommodation:
(1) Website Address: www.bestway.co.uk. Guaranteed by Bestway Wholesale Limited until Bestway Retail Limited posts two consecutive years' net profit at Companies House exceeding £10 million. For the year ended 30th June 2018, Bestway Wholesale Limited reported a turnover of £1,611,557,000, a pre-tax profit of £10,307,000, shareholder's funds of £96,721,000 and a net worth of £93,814,000 (Source: Experian 26.02.2020).
(2) There is a sub lease of part granted outside of the security of tenure provisions of the Landlord and Tenant Act 1954 for a term ending 14 February 2035. Use is parking of private motor vehicles or for the sale and display of motor vehicles.
Tenancies & Accommodation
Location Description
Melksham is an attractive Wiltshire market town, located 11 miles east of Bath and 6 miles south of Chippenham. Melksham is situated on the A350, which provides access to the M4 Motorway (Junction 17) about 11 miles to the north. The property is located approximately 4.5 miles north west of Melksham in the village of Atworth. The property is situated on the south side of Bath Road (A365), close to its junction with Bradford Road.