the Sales Brochure

LONG LET CONVENIENCE
STORE INVESTMENT
Co-op Convenience Store, 7&7a High Street,
Wombourne WV5 9DN
CONVENIENCE STORE INVESTMENT
INVESTMENT SUMMARY
•Convenience store of 2,164 sqft with additional
3 bed first floor flat
•Located in the heart of Wombourne village centre
•Let in its entirety on a 20 year lease to
Mid Counties Co-operative Ltd from 9 November 2010
•14½ years term certain
•Rent - £31,000 per annum (£11.28 per sqft)
•Offers sought in excess of £490,000
•6.05%
LOCATION
Wombourne is located on the western edge of the Black Country in South Staffordshire.
The affluent village is 5 miles south west of Wolverhampton, 6 miles west of Dudley and
7 miles north of Stourbridge. The A449 is directly to the east of Wombourne and leads
southwards to Kidderminster and north to Wolverhampton.
Wombourne has a resident population of approximately 14,150 and is predominantly a
residential area centred around the original village green.
The property is located in the heart of the village on High Street overlooking Wombourne
Cricket Club’s ground and next to Walkers Way shopping scheme.
There is on street parking in front of the property while the village’s main public car
park is 50 metres away. Nearby occupiers along High Street include Boots Pharmacy,
Bartlams Estate Agents, Stephensons Solicitors, Wombourne Tandoori, Travel Bureau and
John Russell Insurance.
Co-op Convenience Store, 7&7a High Street,
Wombourne WV5 9DN
CONVENIENCE STORE INVESTMENT
DESCRIPTION
The property is a two storey mid terrace retail unit which has been extended to
the rear. The front part dates from the mid 19th century and is brick built with a
pitched tiled roof. The extension is single storey with a flat roof. The ground floor
provides a retail sales area with ancillary stores. The first floor is a self contained
3 bedroom flat with lounge, kitchen and bathroom.
The shop has loading access to the rear. The flat is accessed from the rear of
the property.
ACCOMMODATION
The retail unit extends to 201.1 sqm (2,164 sqft).
The first floor flat is approximately 74sqm (800 sqft).
TENURE
Freehold.
TENANCY
The entire property is let on an FRI 20 year lease to Mid Counties Co-operative Ltd from
9 November 2010. The lease incorporates 5 yearly open market rent reviews. There is
no tenant break option, providing 14 ½ years term certain. There are provisions in the
lease for sub letting of the flat on an AST.
The first floor flat is sub let to Mr S Thompson at £550 pcm. He has been in occupation
for approximately 12 months.
The current overall rent is £31,000 per annum which equates to only £11.28 per sqft
on the retail element.
Co-op Convenience Store, 7&7a High Street,
Wombourne WV5 9DN
CONVENIENCE STORE INVESTMENT
Co-op Convenience Store, 7&7a High Street,
Wombourne WV5 9DN
COVENANT
A summary of the last three years accounts is detailed below.
24/01/2015
(£000’s)
Gross Sales
24/01/2013
(£000’s)
1,209,693
1,167,148
942,807
9,181
4,137
1,931
158,060
172,787
163,846
Pre Tax Profit
Net Assets
24/01/2014
(£000’s)
In the 2015/16 half year report gross sales had increased 5% on last year to £636m,
with operating profit of £6.5m.
PRICE
We are instructed to seek offers in excess of £490,000. A purchase at this level would
show an initial yield of 6.05% based on purchaser’s costs of 4.73%.
VAT
The property is elected for VAT and therefore VAT will be payable on the purchase price.
It is anticipated the sale will be dealt with by way of a TOGC.
EPC’S
The individual rating assessment for the store and flat are: 7 High Street - E - 101,
7A High Street - D - 66. Full details are available on request.
For further information or if you wish
to arrange an inspection please contact:
Andrew Price
Andrew Price
DD: 0121 513 0892 DD: 0121 513 0892
M: 07798 656 360 [email protected]
[email protected]
Andrew Franck-Steier
0121 513 0891
[email protected]
Misrepresentation Clause: The accuracy of any description, dimensions, references to condition, necessary permissions for use and occupation and other details contained herein are not guaranteed and are for general guidance only and
prospective purchasers or tenants must not rely on them as statements of fact or representations and must satisfy themselves of their accuracy. Neither Franck-Steier Price Ltd nor any of their employees or representatives has any authority to
make or give any representation or warranty or enter into any contract whatever in relation to the property. Prices and rents quoted in these particulars may be subject to VAT in addition. The reference to any mechanical or electrical equipment
or other facilities at the property shall not constitute a representation (unless otherwise stated) as to its state or condition or that it is capable of fulfilling its intended function. Prospective tenants/purchasers should satisfy themselves as
to the condition of such equipment for their requirements.