Street Retail Park, Street_Property for Sale

Street Retail Park, Street, Somerset, BA16 0HW, UK

Street Retail Park, Street

Asset Description

Street Retail Park was developed in 2017, comprising 36,261 sq ft GIA across two portal framed retail warehouses to provide three retail units.

Each unit benefits from a pitched steel-clad roof with ten percent roof lighting and profile clad walls, with brickwork to one metre externally and blockwork internally.

The retail development has tarmacadam covered customer parking for circa 165 spaces and hardstanding covered good yards.

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Attributes

Building area gross

3,402 m²

Occupancy

100%

WAULT

6.6 years

Asking price

IDR 121,454,765,000

Media

Investment Highlights

Multi let retail warehouse investment opportunity, developed in 2017, let to three strong covenants
Located on the outskirts of Street in Somerset, adjacent to the town of Glastonbury
Situated less than one mile from the well-established Clarks Village outlet shopping centre
Accessed via the A39 (Westway), the major road running through Street and located adjacent to Sainsbury's superstore and Lidl
Two retail warehouses split into three separate units totalling 36,261 sq ft (GIA basis)
Total site area of 3.91 acres (1.58 hectares), including circa 165 car parking spaces
Let to TJ Morris Limited t/a Home Bargains, Pets at Home Limited and Iceland Food Warehouse
All three tenants reflecting a strong Dun& Bradstreet covenant strength of 5A2
Total net income of £478,000 per annum, reflecting £13.73 per sq ft overall
Average weighted unexpired lease term of 6.6 years to expiry
Freehold tenure

Offers are sought in excess of £6,000,000 (Six Million Pounds), subject to contract and exclusive of VAT. This reflects a Net Initial Yield of 7.47% and a low capital value of £165.47 psf, assuming purchaser's costs of 6.63%