• Affluent market town

• 100% prime retailing pitch

• Let to Mackays Stores Limited – Net Assets £37.8 million

• In excess of 11 years unexpired lease term (in excess of 6 years term certain)

• Planning permission for 6 residential units on the land at the rear

• £900,000, subject to contact

• 8% net initial yield

• The property is sold with the benefit of a 12 month rent guarantee from the vendor to ensure an investor has no issues receiving income in light of the Coronavirus Act 2020 Part 1 Section 82.

The property occupies a 100% prime retailing pitch, on Market Place which is the principal retailing location in the town.

Occupiers in the immediate vicinity include Wildwood Kitchen (adjacent) McColls (adjacent), Greggs, Costa, Fatface, Card Factory, Nationwide, Boots, Savers, Holland & Barrett, TSB, Waitrose and Dominos Pizza.

Market Place benefits from a vibrant market every Wednesday and Saturday and a central car park.

Kings Park is to the rear of the property and is anchored by a 55,000 sq ft Sainsbury’s plus over 600 car parking spaces. Other occupiers on the retail park include B&M, Argos, New Look, Reeds, Pets Corner and Home Bargains.

The property comprises a retail unit arranged over ground, first and second floors. The ground floor comprises a sales area, the first floor comprises a staff room, storage and ancillary accommodation and the second floor comprises lift machinery accommodation. The property has been fitted out by M&Co in their usual corporate style.

There is land to the rear of the property which benefits from planning permission for the Erection of part two storey part three storey extension to the rear to accommodate 6no. residential units comprising five flats and one town house, and associated landscaping works, cycle parking and service bay.
Full information in relation to the planning permission contained within the dataroom.

The property is not listed and is located within a conservation area.

There may be the potential to convert the first floor of the retail property to residential use in the future, subject to obtaining the necessary consents.

The land at the rear of the property benefits from planning permission for the Erection of part two storey part three storey extension to the rear to accommodate 6no. residential units comprising five flats and one town house, and associated landscaping works, cycle parking and service bay.
Full information in relation to the planning permission can be found on the local authority planning portal using the following reference number P19/V0688/FUL

The full planning documents are contained within the legal pack.

Freehold.

Mackays Stores Limited has reported the following figures:

Mackays Stores Limited is a subsidiary of Mackays Stores Group Limited who reported a profit before tax and exceptional items of £2,304,000 for the year ending 22nd February 2019.

Trading as M&Co, the first Mackays store opened 50 years ago and has grown to approximately 300 stores worldwide and employs over 3,500 members of staff. Almost 25% of staff have been with M&Co for over 10 years and the company is still operated as a family business.

M&Co is one of the largest, privately-owned fashion retailers in the UK and sells quality clothing for women, men and children along with homeware goods. M&Co also operate from a successful online fashion store business.

For further information visit www.mandco.com.

The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer as a Going Concern (TOGC).

1. An opportunity to acquire an attractive retail investment in an affluent and vibrant market town;

2. The property is situated in a 100% prime retailing pitch;

3. Secure income – let to Mackays Stores Limited (Net Assets £37.86 million);

4. In excess of 11 years unexpired lease term;

5. Attractive lot size to an investor;

6. A purchase at the asking price reflects an attractive net initial yield with a guaranteed reversion in 2021;

7. Wantage is a previous winner of the Great British High Street Award.

8. The property is sold with the benefit of a 12 month rent guarantee from the vendor to ensure an investor has no issues receiving income in light of the Coronavirus Act 2020 Part 1 Section 82.

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