St Stephens Street, Norwich
UK - Norwich
NZ$20,280,000 | 14,821 m²
Prime rebased high street investment in one of the UK’s major commercial districts and one of the
largest cities in the north west of England.
· Liverpool is one of the UK’s major commercial districts and one of the largest cities in the north west of England
· Liverpool is one of the strongest retailing centres in the UK with a primary population of 3.65 million people and ranked fifth in the UK in terms of retail spend
· An opportunity to acquire a rebased high street investment on Church Street, Liverpool’s prime retailing pitch
Let to secure covenants of River Island and The Works
· River Island have recently renewed their lease and The Works are also in the process of renewing demonstrating their commitment to the location
· WAULT of 7.3 years to expiry and 3.1 years to break. This moves to 8.1 years to expiry and 3.9 years to break upon completion of the new lease to The Works
· Passing rent of £725,000 per annum, with additional turnover rent payable equal to the amount by which 8% of turnover in each year exceeds the base rent per annum. Based off latest turnover data, the turnover rent is expected to be £50,000 per annum
· An attractive period building set over basement, ground and six upper floors. The property has dual frontage facing Church Street and Paradise Street
· Upper parts (3rd-6th floors) are sold off on a long-leasehold basis at a peppercorn rent.