Acquired
Kingsbridge – Texaco, Spar & Post Office
Texaco Fuel Station & Spar Convenience Store, East Charleton, Kingsbridge, Devon TQ7 2APFreehold Fuel Filling Station & Convenience Store Investment
Tenure
Freehold
Lease Term
20 Years
Years Left on Lease
14y 5m
Area
3,380 SQ FT
VAT Applicable
No
Sector
Investment Consideration
- Let until 2039 (No Breaks). Fixed rental increase to £103,615 p.a. in 2029 and £114,399 p.a. in 2034
- Comprises Texaco branded fuel filling station, Spar convenience store, Costa Express and a Post Office
- Gillett’s (Callington) Limited is a part of Appleby Westward Group Limited. Appleby Westward Group operate the Spar franchise for the West of England with 140 stores
- Located on the south side of the A379 in the heart of the village. Occupiers close by include a variety of local traders in a predominantly residential area.
Key Features
Tenure
Freehold
VAT
VAT is not applicable.
Property Description
The property comprises Texaco branded fuel filling station with 4x4 pumps, Spar convenience store, Costa Express and a Post Office Franchise on a site of approx. 0.28 acres, providing the following accommodation and dimensions:
Ground Floor:
Convenience Store/Sales - 222.80 sq m (2,398 sq ft)
Ancillary/Storage - 91.17 sq m (981 sq ft)
Fuel Filling Station
Ground Floor:
Convenience Store/Sales - 222.80 sq m (2,398 sq ft)
Ancillary/Storage - 91.17 sq m (981 sq ft)
Fuel Filling Station
Tenancy Description
The property is at present let to Gillet`s (Callington) Limited* for a term of 20 years from 28th May 2019 at a current rent of £93,847** per annum and the lease contains full repairing and insuring covenants. Fixed rental increase to £103,615 p.a. in 2029 and £114,399 p.a. in 2034. No breaks.
* For the year ending 30th September 2021 Gillett's (Callington) Limited reported a turnover of £103,487,000. pre-tax profit of £4,012,000 and a shareholders’ funds of £10,762,000. (Source: Experian 09.08.2022). Gillet's (Callington) Limited ultimate holding company is The Spar Group Limited.
** Gillett’s (Callington) Limited is a part of Appleby Westward Group Limited. Appleby Westward Group operate the Spar franchise for the West of England with 140 stores.
*** The current rent reserved is £85,000 p.a. which rises to £93,847 p.a. on the 28.05.2024, the vendor will "top up" the rent from completion until the 27.05.2024 by way of an allowance such that the purchaser in effect receives £93,847 p.a. from completion.
* For the year ending 30th September 2021 Gillett's (Callington) Limited reported a turnover of £103,487,000. pre-tax profit of £4,012,000 and a shareholders’ funds of £10,762,000. (Source: Experian 09.08.2022). Gillet's (Callington) Limited ultimate holding company is The Spar Group Limited.
** Gillett’s (Callington) Limited is a part of Appleby Westward Group Limited. Appleby Westward Group operate the Spar franchise for the West of England with 140 stores.
*** The current rent reserved is £85,000 p.a. which rises to £93,847 p.a. on the 28.05.2024, the vendor will "top up" the rent from completion until the 27.05.2024 by way of an allowance such that the purchaser in effect receives £93,847 p.a. from completion.
Tenancies & Accommodation
Location Description
East Charleton is situated 2.5 miles east of Kingsbridge alongside the Kingsbridge/ Salcombe Estuary 20 miles south west of Torquay. The property is located on the south side of the A379 in the heart of the village. Occupiers close by include a variety of local traders in a predominantly residential area
