Long-Standing Community Convenience Shop Comes To Market

Posted on: 28 January 2023

Long-Standing Community Convenience Shop Comes To Market

The freehold of the highly popular and long-standing McCormick's Newsagents and Convenience store, with a large yard and Hot Food use is available to purchase through Bowman Rebecchi.

This highly visible retail unit provides an outstanding location within the growing East end of Greenock at 8 Grosvenor Street, adjacent to the new £2m Craigend Resource Centre and close to King's Oak Primary School, providing a range of opportunities for new owners.

Having been run by the McCormick family for over 50 years, our client bought the shop in 2020 and has continued to run a successful business over the past 3 years with an annual turnover of £250,000. 

Entry is from street level and provides a fantastic space for a business to position itself with high visibility and passing footfall due to being surrounded by residential dwellings.

Internally, the property has a range of storage areas for convenience, as well as several fridges and freezers which are included in the sale. A large till area includes a licence to sell cigarettes, a national lottery till point (leased), and other tills and merchant machines.

To the rear is a small kitchen area, providing a range of hot-filled rolls and other takeaway and delivery foods as well as a small toilet area.

The subjects have a full CCTV system and include a large yard area to the rear which provides opportunities for further rental income having been partially cleared.

There is a wide variety of SME businesses in close proximity at Ladyburn Business Park, as well as a large Inverclyde Council Recycling Centre and two Arnold Clark showrooms. The property is in close proximity to Cappielow Park, home to Greenock Morton Football Club.

The demand to own property in Inverclyde is strong, with this property and yard likely to command approximately £12-13k per annum from new tenancies, making this an attractive investment opportunity providing a 12-13% yield.

Offers are invited for the purchase of our client's freehold in the property and yard, with an asking price of offers in the region of £97,500. The subjects are not elected for VAT. The asking price includes stock at value, all machinery, fixtures, and fittings. 

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