The Leggar Retail Park, Bridgwater_Property for Sale

The Leggar, Bridgwater, Somerset, TA6 4AF, UK

The Leggar Retail Park, Bridgwater

Asset description

The Leggar Retail Park is a modern, high specification, retail warehouse terrace of three retail warehouse units totalling 43,256 sq ft, let to three market leading 'discount' retailers Farmfoods, The Food Warehouse and Home Bargains which includes a garden centre.

There is also a 26,867 sq ft Lidl food store adjacent to the main terrace that has been sold off on a 125 year long lease to the retailer.

The car park situated to the front of the Home Bargains, The Food Warehouse and Farmfoods units provides approximately 198 customer car parking spaces. In addition, there are circa 124 customer parking spaces within Lidl’s demise. In total there are approximately 322 spaces serving The Leggar Retail Park, also providing an overall parking ratio of 1:218 sq ft.

There is a dedicated service yard located to the rear of the units, accessed via a separate service road off the roundabout junction.

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Attributes

Asking price

CA$13,262,000

Building area gross

4,019 sm

Occupancy

100%

WAULT

9.04 years

Media

Investment highlights

Bridgwater is a large and established town in Somerset, 28 miles south west of Bristol
The Leggar Retail Park, along with Bridgwater Retail Park, The Clink Retail Park, Sainsbury's and Asda, combine to form the dominant retail warehouse cluster for the town's significant catchment
Freehold
The property extends to 43,256 sq ft (4,018) NIA
5.92 acres (2.39 hectares) site reflecting a low site coverage of 27% on ground floor footprint
Let to Home Bargains, The Food Warehouse by Iceland, and Farmfoods. The Lidl store is sold off on a long leasehold basis to the retailer.
322 car parking spaces with 198 spaces outside Lidl's demise, both providing an attractive ratio of 1:218 sq ft
WAULT of 9.04 years to expiry with no break options
Current passing rent of £585,468 per annum equating to £13.53 per sq ft overall
All four units have an EPC rating of 'A' or 'B'
All four tenants are classified as 'Essential Retailers' and are significant footfall drivers

We are instructed to seek offers in excess of £7,320,000 (Seven Million Three Hundred and Twenty Thousand Pounds) subject to contract and exclusive of VAT, reflecting a Net Initial Yield of 7.50% (assuming purchaser's costs of 6.66%). Capital value of only £170 sq ft.