For Sale - Under OfferCo-operative Store Investment

Co-operative Foodstore, Polka Road, Wells-next-the-Sea, Norfolk, NR23 1JG

Description

The property comprises a modern purpose built convenience store, constructed in cavity brickwork under a profile sheet roof, with large areas of tarmac surfaced car parking to the front and side and to the rear a large service bay.

ACCOMMODATION

The property comprises a gross internal area of 930.15 sq m (10,012 sq ft) and sits on a site extending to 0.30 hectares (0.75 acres).

EPC Rating: In course of preparation

LOCATION

The property is located on Polka Road within the popular and prosperous North Norfolk coastal town of Wells-next-the-Sea, one of the largest settlements on this stretch of the coast.

The property sits towards the south eastern corner of the town immediately off Polka Road, one of the main routes into the town centre off the A149 coastal road. Cromer lies about 19 miles to the east and Hunstanton about 17 miles to the west.

The town has a resident population of circa 2,200, with this number increasing significantly during the busy summer period, with a large influx of tourists and second home owners coming to the area.

The property enjoys a virtual monopoly position in the area, with limited competition from other convenience stores, both in the town itself and further afield.

SERVICES

We understand that mains services are available and connected to the property. These have not been tested and interested parties are advised to make their own investigations to the relevant utility service providers.

TOWN AND COUNTRY PLANNING

We understand that the property has consent for its current use as a Convenience Store/Supermarket, falling within Class E (Commercial, Business & Services Uses) of the Town and Country Planning (Use Classes) Order 1987 (as amended), following the recent changes introduced in September 2020.

RATES

The property is described in the Rating List as “Shop and Premises” and has a current Rateable Value of £119,870.

TENURE

The property is offered For Sale freehold.

TENANCY

The property is let on a 20 year lease to the Central England Co-operative Limited from 23rd May 2014, expiring on the 22nd May 2034. The lease is drawn on Full Repairing and Insuring terms.

The current passing rent is £183,853.83 per annum exclusive with a minimum fixed uplift at review in May 2024 to a rent of £208,013.74 per annum exclusive.

COVENANT STRENGTH

The Central England Co-operative Limited (Company No. IP10143R), are one of the largest Co-operatives in the country operating 242 foodstores, 20 petrol filling stations, 132 funeral homes and 26 travel shops. For the year ending 25th January 2020 the Company reported a turnover of £893m, an operating profit of £15.5m and net assets of £191.7m.

Full details are available on request.

PRICE

Offers are invited in excess of £3.20m, for the freehold interest subject to the existing lease which reflects a net initial yield of 5.40% increasing in May 2024 to a yield of 6.10% after standard acquisition costs.

VAT

The property is elected for VAT, however the sale of the property will be treated as a TOGC and therefore VAT will not be payable on the purchase price.

LEGAL COSTS

Each party is to be responsible for their own legal costs incurred in documenting the transaction.