The Galleries Washington Centre, Washington, Tyne & Wear, NE38 7NF, UK

Asda Washington

Description

Long-let supermarket investment with c. 50 years term certain.

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Asking price

NZ$48,186,000

Building area net

11,019 m²

Occupancy

100%

Year built

1974

Cap rate

5.5%

NOI

NZ$2,831,000

Prominently situated in Washington fronting both Sunderland Highway (A1231) and Washington Highway (A182)
Newly refurbished supermarket unit of 118,611 sq ft, with approximately 458 car parking spaces (1:259 sq ft)
Large catchment population of 1,198,323 people (2021) with a comparison goods spend potential of £74.4 million
Single-let in its entirety to McLagan Investments Ltd, with a Guarantee from Asda Stores Limited
Exceptionally long unexpired term of 49 years to expiry with no breaks
Passing rent of £1,243,550 per annum equating to an affordable average rent of £10.46 per sq ft secured against a low risk covenant
Freehold