HINCKLEY WATLING STREET - LE10 2JQ - Allsop
←
→
Page content transcription
If your browser does not render page correctly, please read the page content below
WATLING STREET
HINCKLEY
LE10 2JQ
FORECOURT & CONVENIENCE STORE INVESTMENT
LOCATED IN CLOSE PROXIMITY TO M69 MOTORWAY
WITH AN UNEXPIRED TERM OF 17 YEARS
FORECOURT & CONVENIENCE STORE INVESTMENT LOCATED IN CLOSE
WATLING STREET, HINCKLEY, LE10 2JQ PROXIMITY TO M69 MOTORWAY WITH AN UNEXPIRED TERM OF 17 YEARS
INVESTMENT CONSIDERATIONS PROPOSAL
■ Strategically located Petrol Station Forecourt and foodstore, ■ Let until March 2038 with no break option - ■ We are instructed to seek offers in excess of
170 yards away from junction 1 of the M69 motorway unexpired term of 17 years £1,650,000 (One Million, Six Hundred and
■ Situated southbound on the busy A5 trunk road, being the ■ Let to Rontec Properties (No.4) Limited, Fifty Thousand Pounds) subject to contract
final petrol station before the motorway guaranteed by Rontec Roadside Retail Limited and exclusive of VAT. A purchase at this level
■ Comprising of 2,342 sq ft of retail accommodation and Rontec Service Stations 1A reflects a Net Initial Yield of 5.75% rising
and 8 petrol pumps, occupying a site of 0.34 acres ■ Additional guarantee by the undoubted covenant to 6.00% in June 2024 after allowing for
■ Located south of Hinckley town, 13 miles of Co-operative Group Food Limited until 2027 purchaser’s costs of 6.15%.
from Leicester and Coventry ■ Estimated retail sales of £570,000 per annum and fuel volume
■ Producing an income of £100,814.76 per annum of 4.3m litres per annum
subject to fixed annual uplifts of 2% ■ Freehold
FORECOURT & CONVENIENCE STORE INVESTMENT LOCATED IN CLOSE
WATLING STREET, HINCKLEY, LE10 2JQ PROXIMITY TO M69 MOTORWAY WITH AN UNEXPIRED TERM OF 17 YEARS
Stoke-on-Trent
Newcastle-under-Lyme
North (M6) North (M1) Sheffield
Stoke on Trent, NOTTINGHAM
LOCATION Manchester, Liverpool
DERBY
M1
Hinckley is the second largest town in Leicestershire, located at the midpoint between Leicester and Coventry approximately 13 miles M6
(21 km) south west of Leicester town centre, 13 miles (21 km) north east of Coventry town centre and 5 miles (8km) north east of Nuneaton. Burton upon Trent Midlands
Airport
The town is strategically located for logistics purposes, being at the heart of the motorway network system with excellent road connections
in all directions and remains popular with occupiers like DPD, who recently completed their largest hub in Europe, to be located just north
Shrewsbury Cannock
of Hinckley town. Immediately south of the town, the M69 acts as the main connecting route between the M1 and the M6. The A5 also runs Telford M54
LEICESTER
directly to the south of the town and connects the M42 to both the M6 and M1. M6 TOLL M42
Hinckley Railway Station provides regular services on the Cross County Line to Leicester Station (journey time, 19 minutes) and Birmingham
Walsall
HINCKLEY Pe
New Street station (journey time 40 minutes). Birmingham International Airport is located approximately 20 miles south east of Hinckley. West Bromwich A5
BIRMINGHAM M6
M69 M1
M5 Birmingham
PY
COVENTRY
EH
International
Kidderminster
AR
AD BRITANNIA
Airport RO
HER
PS
T RY PARK
VEN
RD
BULLFU RLO
M42
AL
CO
D
RU
M45
W
G
Coventry
AY
BY
M40
RO
Airport
NG L
AD
Warwick
AN
E
NORTHAMPTON
Worcester
THREE POTS
Stratford-upon-Avon
PARK
South - Bristol South - London and South East
AD
AVE Bedford
ST E
NEW
WE
LB
Hereford
EC
Milton
K AV
AVE
HURST
BROCK Keynes
EN
R UG
UE
M50 M40 M1
BY
M5
RO
AD
A5
AD
LUTO
O
YR
GLOUCESTER
LVE
WO
Lu
Ai
J1
M69
J1
A5
EY ROAD
CK L
H IN
COMMUNICATION
CAR TRAIN MAJOR ROADS
LEICESTER 13.9 miles 24 mins LEICESTER 19 mins M69 (Junction 1) 170 yds
BIRMINGHAM 35 mins
COVENTRY 13.8 miles 25 mins M6 (Junction 2) 6.6 miles
LONDON EUSTON 100 mins
BIRMINGHAM 31.8 miles 35 mins (VIA NUNEATON) M1 (Junction 21) 9.7 miles
FORECOURT & CONVENIENCE STORE INVESTMENT LOCATED IN CLOSE
WATLING STREET, HINCKLEY, LE10 2JQ PROXIMITY TO M69 MOTORWAY WITH AN UNEXPIRED TERM OF 17 YEARS
M69
MOTORWAY
© Crown Copyright, ES 100004106. For identification purposes only.
SITUATION
The property is strategically positioned immediately adjacent to Junction 1 of the
M69 Motorway, on the south side of the busy A5 trunk road. The surrounding
area is semi-rural, thereby serving both transient and regular commuter trade.
Being the last stop before the motorway, accessible from both lanes and open SITE AREA
for 24 hours, this site is strategically placed relative to its competition. 0.34a (0.14 ha). FUEL VOLUME SHOP SALES
The property is situated directly next door to Miller & Carter Steak House and
the Hinckley Knight Public House, on the southern border of Hinckley town. DESCRIPTION
The forecourt provides 8 pumps with customer parking and a medium sized
4.3m
Shop N’ Drive convenience store, open 24 hours a day with integral Costa
PRIME LOGISTICS CONNECTIVITY Express and ATM facilities. The retail accommodation totals 2,342 sq ft, of which
the sales area is approximately 1,423 sq ft. Additionally, there are 8 car parking
£570,000
p.a.
DPD’s largest parcel hub in Europe, totalling 276,454 sq ft, is 1.7 miles north
of the property located in Sketchley with an additional hub 1.6 miles south
of the premises also demonstrating the prime location of the property
spaces creating an easily accessible retail store.
The forecourt was constructed in the middle of the site allowing for HGVs
litres*
in terms of far reaching road connectivity. Being the last stop before the and lorries to conveniently enter and exit the site without difficult manoeuvring.
motorway combined with the heavy traffic flow onto nearby motorways
provides a solid base for a competitive fuel station. TENURE
Freehold.
*Source: Experian Catalist
FORECOURT & CONVENIENCE STORE INVESTMENT LOCATED IN CLOSE
WATLING STREET, HINCKLEY, LE10 2JQ PROXIMITY TO M69 MOTORWAY WITH AN UNEXPIRED TERM OF 17 YEARS
TENANCY
The property is let in its entirety to Rontec Properties (No.4) Limited on a lease expiring on
20th March 2038 at a passing rent of £98,838 per annum. The rent will rise to £100,814.76
per annum in June 2021 and the vendor will top up to this level.
The lease is subject to fixed annual increases of 2% every June and is guaranteed by Rontec
Roadside Retail Limited.
The rent is set to increase to £102,831.06 per annum in June 2022.
There is a tenant’s guarantee by Co-Operative Foodstores Limited (32443R) and additionally,
a guarantor’s guarantee by Cooperative Group Food Limited (26715R) until June 2027 or lease assignment.
The property is let on a fully repairing and insuring lease and is excluded from the security
provisions of the Landlord and Tenant Act 1954.
TENANT’S COVENANT
RONTEC ROADSIDE RETAIL LIMITED CO-OPERATIVE GROUP FOOD LIMITED
Rontec Roadside Retail is one of the leading players in the UK revamp, all Rontec stations will be held up as brand champions for Co-Operative Group Food Limited is the controlling entity of the
forecourt industry, operating 240 forecourts, making it the ninth Esso. Supported by a major TV advertising campaign, the stations food retailing division of the wider Co-Operative Group society.
largest UK forecourt retailer, ahead of retailers including Esso
and Co-Op. The company was formed in June 2011 to acquire
will be at the very cutting edge of forecourt design, to raise
greater awareness and market penetration for the Esso brand.
The Covid Pandemic witnessed this division of the Co-op Group 5.2%
grow and underlying Group Profits were boosted by the surge in Food sales up
the assets of Total Oil UK and is led by Gerald Ronson, a highly
Rontec Properties (No.4) Limited - Below Average Risk (80) sales of the food business. since March 2020
experienced fuel retailer and founder of Heron Service Stations
The annual accounts for the last three years show the following: lockdown
in 1966, and its successor, Snax 24. 30 Sept 2019 30 Sept 2018 30 Sept 2017
Rontec has remained acquisitive: in 2014, it purchased 36 stores Turnover £3,574,000 £3,931,000 £3,757,000 Cooperative Foodstores Limited (32443R)
in South Wales and the South West of England from Esso. A
Pre-Tax Profit -£464,000 -£1,858,000 £8,547,000 4 Jan 2020 5 Jan 2019 6 Jan 2018
year later, it purchased a further 25 stores from Esso and BP in
the South East of England. Rontec and Snax 24 then merged, Total Net Worth £3,973,000 £4,499,000 £6,716,000 Revenue £1,569,000,000 £1,577,700,000 £1,575,500,000
combining the operations and assets of those companies to Profit £83,400,000 £51,000,000 £41,100,000
trade under the Rontec name. In 2016, Rontec acquired a
package of 40 sites from the Co-Op and an additional 11 in
Rontec Roadside Retail Limited - Very Low Risk (100) Total Net Worth £447,300,000 £527,000,000 £521,000,000
7.2%
2019 across England and Wales. 30 Sept 2019 30 Sept 2018 30 Sept 2017 Cooperative Group Food Limited (26715R) Food retail market share
in July was highest for
In 2015, Esso launched their innovative Synergy programme. Turnover £1,292,192,000 £1,251,371,000 £1,229,857,000
5 Jan 2019 6 Jan 2018 31 Dec 2016 almost two decades
Designed to promote a number of new fuels and refresh the Pre-Tax Profit- £68,074,000 £27,345,000 £27,883,000
Revenue £7,185,200,000 £6,940,200,000 £6,933,400,000
Esso brand, Synergy targets premium fuel purchasers and reflects
Total Net Worth £502,795,000 £170,315,000 £126,845,000 Profit £232,400,000 £247,600,000 £170,500,000
a higher quality brand experience. As part of this global brand
Total Net Worth £1,970,000,000 £1,875,100,000 £1,805,400,000
Turnover Operating from
Net Worth
£1.29bn £502m 260 sites
2019 in the UK
FORECOURT & CONVENIENCE STORE INVESTMENT LOCATED IN CLOSE
WATLING STREET, HINCKLEY, LE10 2JQ PROXIMITY TO M69 MOTORWAY WITH AN UNEXPIRED TERM OF 17 YEARS
UK FORECOURT CONVENIENCE MARKET
MODE A TRAVEL TO STORES STATISTICS DISTANCE TRAVELLED TO STORE
DRIVE THE AVERAGE SHOPPER VISITS THEIR LOCAL
THAN 1 MILE
71% MORE
FORECOURT
2.66 TIMES P/W LESS
LESS
THAN 1 MILE
THAN ¼ MILE
AN 100 YAR
S TH
41% LES
DS
WALK/ON FOOT
25% 19%
ARE BUYING ON
SP
E
O F CIAL
FE
R
SHOP
34%
59% 14%
WALK/ON FOOT
3% 59%
ARE FULL TIME WORKERS
PUBLIC AVERAGE
TRANSPORT SPEND IS FORECOURT INVESTMENT MARKET
1% £5.60 Within the forecourt convenience market, demand for prime assets
offering long leases to strong covenants remains particularly high. The
market is one of only a few sectors where the occupiers remain active
and are willing to agree 15 year plus occupational leases, with fixed or
index-linked rent reviews.
Due to the essential nature of these forecourts, they have remained
50%
OF CUSTOMERS PAY BY CASH
open throughout the pandemic and benefitted from the additional
business. Given the lack of prime stock providing these characteristics
available in the open market, forecourt convenience yields have
hardened in the last 12 months.
EPC
EPC will be available upon request.
VAT
The property is elected for VAT and it’s anticipated the transaction
will be treated as a transfer of a going concern (TOGC).
ANTI-MONEY-LAUNDERING
A successful bidder will be required to provide information to satisfy
the AML requirements when Head of Terms are agreed.
DATAROOM
For access to the Allsop dataroom please use the following link:
https://datarooms.allsop.co.uk/register/hinckley
PROPOSAL
We are instructed to seek offers in excess of £1,650,000 (One Million, Six Hundred
and Fifty Thousand Pounds) subject to contract and exclusive of VAT. A purchase
at this level reflects a Net Initial Yield of 5.75% rising to 6.00% in June 2024
after allowing for purchaser’s costs of 6.15%
For further information or to make arrangements for viewing please contact:
Gergo Petrovics Alex Butler
07961 234029 07801 219888
gergo.petrovics@allsop.co.uk alex.butler@allsop.co.uk
allsop.co.uk
Misrepresentation Act: 1. Allsop LLP on its own behalf and on behalf of the vendor/lessor of this property whose agent Allsop LLP is, gives notice that: (a) these particulars do not constitute in whole or in part an offer or contract for sale or lease; (b) none of the statements contained in these particulars as to the property are to be relied
on as statements or representations of fact; and (c) the vendor/lessor does not make or give, and neither Allsop LLP nor any of its members or any person in its employment has any authority to make or give, any representation or warranty whatsoever in relation to the property. The only representations, warranties, undertakings and
contractual obligations to be given or undertaken by the vendor/lessor are those contained and expressly referred to in the written contract for sale or agreement for lease between the vendor/lessor and a purchaser or tenant. 2. Prospective purchasers or tenants are strongly advised to: (a) satisfy themselves as to the correctness of
each statement contained in these particulars; (b) inspect the property and the neighbouring area; (c) ensure that any items expressed to be included are available and in working order; (d) arrange a full structural (and where appropriate environmental) survey of the property; and (e) carry out all necessary searches and enquiries. Allsop
is the trading name of Allsop LLP. Design CommandD www.commandHQ.co.uk 03.21
You can also read
