Attractive Commercial Investment
The convenience store was purposely built approximately 15 years ago, together with the adjoining residential apartment block (Ref 02/01190/Ful) for 13 units. Farmfoods have occupied the whole building since its erection, which is detached with a pitched tiled slate roof. Full height fenestration is provided on the front and part west elevation.
The unit measures approximately 4,532 sq ft (421 sq m) and is rectangular in shape with rear servicing access.
Externally there are 26 exclusive marked parking spaces.
The freehold site measures approximately 0.3419 acres (0.1384 ha).
Freehold subject to the renewed Tenancy.
The whole building and car park is let on a 15 year full repairing and insuring lease from 14 June 2006. The Tenant has entered into a new reversionary lease for a term of 10 years from 14 June 2021, expiring 13th June 2031, with 5 yearly open market rent reviews at a passing rent of £63,000pax.
The lease is let to Farmfoods Ltd which is a frozen food specialist and was established in Scotland in 1954 and now operates more than 300 outlets across the UK with approximately 4,779 employees.
Farmfoods Ltd have been given a Dun and Bradstreet rating of ‘5A2’ which represents a low risk of business failure. Turnover for year end 2 January 2021 was £892,498,000 with a pre-tax profit of £26,240,000. The company’s tangible net worth is approximately £125,157,000 and therefore can be considered a strong covenant capable of meeting its
The Rateable Value for the individual unit is detailed below. The current Multiplier for England and Wales is £0.512.
• Farmfoods £27,500
The property has been given an Energy Performance Rating of ‘C57’. The EPC will be provided to seriously parties upon request.
The property is elected for VAT and therefore VAT will be payable on the purchase price. It is anticipated that the sale will be dealt with as a TOGC.
Anti-Money Laundering Regulations
In accordance with Anti-Money Laundering Regulations, the preferred purchaser will be required to provide identification and proof of address, prior to exchange.
Offers in the order of £1,200,000, representing 4.96% NIY are invited.
For a formal viewing, strictly by appointment with Savills.
EPC Rating is C (57)
|Floor / Unit||Type||Size||Status|
|Building||-||4532 sq ft||Available|