Description

Prime town centre retail and leisure investment opportunity.

The property is fully let to a modern Nuffield Health fitness centre with a pool, The Gig House, Giggling Squid and Energie Fitness.
The property comprises a 170+ space multi-storey car park operated under a management agreement with NCP.
The Seller has recently completed car park upgrade works spending over £1.7m.
The property also includes the uppers which comprise office units let on a long lease to Wokingham Borough Council at a peppercorn rent.
There are also 6 residential flats which are included in the ownership, these are sold off on long-leasehold.
The service charge budget for the property is £262,123.38 per annum equating to £4.33 psf.

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Attributes

Asking price

₱578,176,000

Occupancy

100%

WAULT

11.45 years

Cap rate

10%

Tenure

Leasehold

Wokingham is a market town and civil parish in Berkshire, 39 miles west of London, 7 miles south east of Reading, 8 miles north of Camberley and 4 miles west of Bracknell.
Wokingham Plaza is a fully let retail quarter in the affluent county of Berkshire.
Comprising 60,000 sq ft + of retail and leisure including use class D and E occupiers & a 170+ space multi-storey car park.
The key tenant is Nuffield Health accounting for c. 73% of the total income.
The property is held long leasehold from Wokingham Borough Council until 2152.
11.45 years WAULT to expiry.
Annual gross rental income of £825,062 pa.
Net operating income of £757,925 pa.