The subject property is a modern 36,614 sq ft retail warehouse scheme in Bromborough, 8 miles south of Liverpool.
Prominently positioned fronting the A41 (New Chester Road) dual carriageway.
Located half a mile south of The Croft Retail & Leisure Park, which totals 450,000 sq ft.
Let to B&M and Magnet on FRI leases for 10.5 years and 5.4 years unexpired, respectively.
WAULT of 8.9 years – no breaks.
Current rent of £460,208 per annum, low average rent of £12.57 per sq ft.
100% of the rental income is secured against ‘minimum’ risk rated covenants.
Potential reversion in the rental value by converting 10,034 sq ft from trade counter to retail warehousing, subject to obtaining planning permission.
‘Wide bulky goods’ and trade counter planning consent.
Offers are sought in excess of £6,394,000 (Six Million, Three Hundred and Ninety Four Thousand Pounds), subject to contract and exclusive of VAT, which would reflect an attractive net initial yield of 6.75% (assuming purchaser’s costs at 6.64%).