Available
Holsworthy – SPAR Convenience Store, Post Office & 3 Flats
SPAR Convenience Store & Post Office, Whitstone, Holsworthy EX22 6TXFreehold Retail & Residential Investment
Price
OIEO £660,000
Rent P.A.
£46,371
Yield
7.03%
Tenure
Freehold
Lease Term
20 Years
Years Left on Lease
15y 9m
Area
6,178 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Comprises ground floor retail premises t/a SPAR & Post Office with 3 self-contained flats at first floor
- Entire property let until 2040. No breaks. Fixed rental increase to £51,198 per annum in 2030 and £56,526 per annum in 2035 until the remainer of the lease.
- The next closest convenience store and food store is some 7 miles away, so the store has a huge catchment area as well as passing trade.
- Situated in predominantly residential area on a busy arterial route within 7.5 miles from Holsworthy
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
Comprises large ground floor retail premises t/a Spar and Post Office with 3 self-contained flats at first floor, providing the following accommodation and dimensions:
Ground Floor Retail: 322 sq m (3,465 sq ft)
Open plan retail, storage, office, kitchenette
First Floor Residential: 252 sq m (2,713 sq ft)
Flat 1: 116 sq m (1,249 sq ft)
Flat 2: 65 sq m (700 sq ft)
Flat 3: 71 sq m (764 sq ft)
Total GIA: 574 sq m (6,178 sq ft)
Ground Floor Retail: 322 sq m (3,465 sq ft)
Open plan retail, storage, office, kitchenette
First Floor Residential: 252 sq m (2,713 sq ft)
Flat 1: 116 sq m (1,249 sq ft)
Flat 2: 65 sq m (700 sq ft)
Flat 3: 71 sq m (764 sq ft)
Total GIA: 574 sq m (6,178 sq ft)
Tenancy Description
The entire property is at present let to Wessex Retail Limited** (guarantor Appleby Westward Group Ltd) for a term of 20 years from 24th February 2020 at a current rent of £42,000* per annum and the lease contains full repairing and insuring covenants. No breaks. Fixed rental increase to £46,371 p.a. in 2025, £51,198 p.a. in 2030 and £56,526 p.a. in 2035 until the remainer of the lease.
*Vendor will top up rent, so the buyer receives the 2025 fixed rental increase of £46,371 p.a. from completion.
Tenant’s Covenant:
Wessex Retail Limited is a part of Appleby Westward Group Limited. Appleby Westward Group operate the Spar franchise for the West of England with 140 stores.
For the year ending December 2019 Wessex Retail Limited reported a turnover of £57,476,616, pre-tax profit of £1,031,804 and a total assets of £28,046,936. (Source: Companies House).
For the year ending December 2019 Appleby Westward Group Limited reported a turnover of £130,266,000, pre-tax profit of £2,926,000 and a total assets of £29,026,000. (Source: Companies House).
*Vendor will top up rent, so the buyer receives the 2025 fixed rental increase of £46,371 p.a. from completion.
Tenant’s Covenant:
Wessex Retail Limited is a part of Appleby Westward Group Limited. Appleby Westward Group operate the Spar franchise for the West of England with 140 stores.
For the year ending December 2019 Wessex Retail Limited reported a turnover of £57,476,616, pre-tax profit of £1,031,804 and a total assets of £28,046,936. (Source: Companies House).
For the year ending December 2019 Appleby Westward Group Limited reported a turnover of £130,266,000, pre-tax profit of £2,926,000 and a total assets of £29,026,000. (Source: Companies House).
Tenancies & Accommodation
Location Description
Whitstone is a village and civil parish in east Cornwall, England, United Kingdom. It is roughly halfway between the towns of Bude and Launceston. The property is situated in predominantly residential area on a busy arterial route within 7.5 miles from Holsworthy.