McCormick's Newsagents, Greenock

OVERVIEW

**360-degree tour available via the above link** 

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.

This highly visible retail unit provides an outstanding location within the growing East end of Greenock at 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.

VIEWING

Viewings can be arranged by appointment with Bowman Rebecchi. 

SURROUNDING BUSINESSES

Businesses situated nearby include several retail businesses, trades, beauticians, and takeaways.

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.

INVESTMENT

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.

A POPULAR LOCATION

Greenock is located approximately 20 miles west of Glasgow with a residential population of over 50,000 persons and a core catchment population of approximately 270,000 persons.

The property is surrounded by residential dwellings and very popular with locals for over 50 years.

Cartsdyke Railway Station is a ten-minute walk providing regular train services to and from Glasgow Central Station and Gourock, with adjoining services to Wemyss Bay and Paisley.

Access to the A8 at Port Glasgow Road is via Sinclair Street, which is a 1 minute drive.

On-street parking is also available in close proximity.

ACCOMMODATION

The on-site measurements, measured in accordance with the RICS Code of Measuring Practice (6th Edition), calculate the subjects extend as follows: 

Shop - 44.1 sq.m. (475 sq.ft.)

Yard - 251.7 (2,710 sq.ft.)

Overall - 295.8 sq.m. - 3,185 sq ft

CLASS USE

Class 1 - Retail. 

TERMS

RATES - From the Assessor’s website, the property had a Rateable Value of £2,200. The property qualifies for 100% rates relief through the Small Business Bonus Scheme, subject to occupier status.

EPC - A copy of the Energy Performance Certificate is attached above and available upon request.

ENTRY - Early entry is available upon completion of missives. 

PRICING

Offers are invited for the purchase of our client's freehold in the property and yard, with an asking price of offers over £97,500. The subjects are not elected for VAT. 

The asking price includes stock at value, all machinery, fixtures, and fittings. 

Parties should register their interest with Bowman Rebecchi.

VAT - All prices, rents, premiums, etc. are quoted exclusive of VAT. Interested parties must satisfy themselves as to the instance of VAT in respect of any transaction.

LEGAL COSTS

Each party will be responsible for their own legal costs incurred during the transaction with the purchaser being responsible for payment of Land and Building Transaction Tax

ANTI-MONEY LAUNDERING

To comply with anti-money laundering legislation, the successful tenant will be required to provide certain identification documents.

For further information or to arrange a viewing, please contact Bowman Rebecchi.