We are advised that the property provides the following approximate Net Internal Areas:
|Ground Floor||94.50 sq m||1,017 sq ft|
|Basement||62.45 sq m||672 sq ft|
|Total||156.95 sq m||1,689 sq ft|
A set of floor plans is available to download.
The property is let to Funeral Services Limited (t/a Co-op Funeralcare) on a full repairing and insuring lease for a term of 10 years from 18th April 2018, expiring on 17th April 2028 (in excess of 5 years unexpired lease term). The tenant did not exercise their 18th April 2023 break option, demonstrating their commitment to the property.
The tenant has an option to renew the lease for 10 years from 18th April 2028.
The current passing rent is £20,000 per annum. There is an upwards only rent review on 18th April 2023.
The first floor is sold off on a 250 year lease from 11th September 2018 at a rent of £100 per annum, doubling every 50 years.
Therefore, an investor will benefit from a total income of £20,100 per annum.
Funeral Services Limited (t/a Co-op Funeralcare) has reported the following figures:
|Year Ending||1st January 2022||2nd January 2021|
Co-op Funeralcare is the UK’s leading funeral directors. For further information visit www.coop.co.uk/funeralcare.
Funeral Services Limited is part of the Co-operative Group Limited. Co-op is the UK’s largest consumer co-operative, with more than four million active members, nearly 70,000 employees and a presence in every postal area in the country. Co-op is a major food retailer and wholesaler, the largest funerals provider in the UK, a major provider of regulated consumer legal services and a major provider of life planning and insurance products.
In 2021 the Group’s Funeralcare helped 90,731 families and supported 44,751 clients in planning for a funeral.
For the year ending 1st January 2022 the Co-op Group reported a Revenue of £11.2 billion, Pre-Tax Profits of £57 million and Total Assets of £9,180 million. For further information visit www.co-operative.coop.
The property has not been elected for VAT and therefore VAT is not applicable on the purchase price.
We are instructed to seek a figure of £245,000 (Two Hundred and Forty Five Thousand Pounds), subject to contract, reflecting a net initial yield of 8.0%, assuming standard purchaser’s costs of 2.58%.
Please note that a purchaser will be re-charged the costs of the searches (£712.61) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of 1% of the Purchase Price plus VAT.
An opportunity to acquire a freehold retail investment in an attractive market town;
Let to “Co-op”, providing secure income;
In excess of 5 years unexpired lease term, with a tenant option to renew;
The tenant did not exercise their April 2023 break option, demonstrating their commitment to the property;
A purchase at the asking price reflects an attractive net initial yield;
Attractive lot size to an investor.