Investment Opportunity - New purpose built convenience store let to Radstock Co-Operative 4,084 sq ft (379.4 sq m).
| Rental income: £54,000 per annum
| Net initial yield: Approx 6.41%
| Serving a catchment of nearly 700 new homes
The premises form part of a local centre site on the Castle Mead development which serves nearly 700 new homes and which is situated approximately two miles east of Trowbridge town centre. Castle Mead Primary School is situated close by.
The premises comprise a newly constructed purpose-built convenience store with two stories of flats above. There is a car park to the front of the store providing a total of ten marked spaces together with two disabled spaces. There is a gated loading bay to the eastern end of the shop for deliveries. A separate store building houses the plant for the shops chillers. Internally the shop has been fitted out to a high standard with non-slip floor covering, air conditioning, suspended ceiling with LED inset lighting and security shutters. The eastern end of the Unit has been partitioned to provide stores, a staff room and WC.
Approximate Gross Internal Areas
Retail Sales 293.6 3,160
Storage, staff room, WC 85.8 924
Total 379.4 4,084
External store/plant room 17.8 192
Let to Radstock Co-Operative Ltd for a term of 15 years from 21 November 2016 at a passing rent of £54,000 per annum subject to five yearly upward only rent reviews linked to the Retail Price Index (RPI) capped at 3.5% and collared at 1%. There are no Break Options within the lease.
Further information on the Company including financial statements can be found on the Companys web site. (www.radstockcoop.co.uk) under About Us.
Method of Disposal
The premises are to be sold by way of an assignment of an existing head lease of 999 years from 1 January 2016 at a peppercorn ground rent.
£800,000 reflecting a net initial yield of 6.41% after purchasers costs at 5.38%. VAT is applicable,.
We understand that mains electricity, water and drainage are connected to the property.
Woolley and Wallis Commercial have not tested the services mentioned in these particulars.
Prospective tenants must satisfy themselves as to the permitted planning uses for the property and also whether VAT is applicable to this transaction.