Retail for sale - Market Drayton Road, Shawbury, SY4 4NZ

<strong>Description</strong><br>The property comprises of a former car sales garage which is to be demolished and in its place a newly built Co-op convenience store will be constructed on this 0.282 acre (0.114 ha) site. It will also benefit from 25 customer parking spaces, landscaping and be fully accessible via the A53. It is important to note that Co-op will be vacating and closing their existing unit (adjacent to the subject site) which no longer meets their requirements from a trading perspective, therefore reinforcing the strength of the current location and their commitment to the locality.<br><br><strong>Planning</strong><br>The site was granted planning permission in January 2021 under reference 20/05303/FUL for the erection of a new retail convenience store, along with the formation of access, associated external works, and car parking, following the demolition of a redundant car sales garage and canopy with the most recent planning variation granted on 4th July 2025 under reference 25/01723/VAR.<br><br><strong>Tenure</strong><br>Freehold subject to the individual occupational lease.<br><br><strong>Tenancy</strong><br>The property is to be let on a new FRI lease for a term of 20 years (break at the end of year 15 with a 6 months rent penalty if exercised) from (approximately) March 2026, at a rent of £115,000 per annum. The lease is subject to 5 yearly upward only rent reviews, CPI linked with a cap and collar of 4% and 2%.<br><br><strong>Covenant</strong><br>The tenant, Kenmare Estates Ltd, is a mutual society registered under the Co-operative and Community Benefit Act 2014 and a subsidiary of The Midcounties Co-operative Ltd.<br /> <br /> The Midcounties Co-operative is the largest independent Co-operative in the UK operating a range of businesses in food, travel, healthcare, childcare, energy, telecoms, post offices and flexible benefits. Consolidated accounts for The Midcounties Co-operative Society for the 26-week period ending 27 July 2024 show gross sales of £782.0 million and total revenue of £438.9 million. The Midcounties Co-operative Ltd forms one of a number of the Society’s subsidiary companies that make up the Midcounties Co-operative.<br><br><strong>EPC</strong><br>To be assessed upon completion, but expected to achieve an 'A' rating based on the developer's previous projects.<br><br><strong>Guide Price</strong><br>We are instructed to seek offers in the region of £2,040,000 (Two Million Forty Thousand Pounds.) for the convenience store investment subject to contract and exclusive of VAT. This reflects a Net Initial Yield of 5.3% after allowing for the usual purchaser’s costs. <br /> <br /> This is a forward commitment purchase under which the buyer must lodge a 10 % deposit on exchange, with completion occurring upon practical completion of the unit and lease completion (scheduled for March 2026).<br><br><strong>VAT</strong><br>The investment will be sold as a TOGC and will therefore be exempt from paying VAT.<br><br><strong>AML</strong><br>In accordance with anti-money laundering regulations, the successful purchaser will be required to provide identification documents upon request and without delay.<br><br><strong>Viewing</strong><br>For a formal viewing strictly by appointment with Savills or MacLaren and Partners LLP.<br><br>