- For Sale
- Well Let Investment Opportunity
- Currently producing £274,000 p.a.
Price: £3.5 million plus VAT A purchase at this level reflects a net initial yield of 7.31% after allowing the usual acquisition costs
The premises are prominently situated fronting Hyndburn Road, the main arterial road linking Accrington town centre to Junction 7 of the M65 motorway. The location is popular with food and non food retailers, with neighbouring occupiers including Asda, B & M Bargains, McDonalds, KFC and Vue Cinema.
Constructed in 1998, the premises comprise a modern single storey non food retail warehouse, constructed on a steel portal frame with brick and insulated profile steel clad elevations to both walls and roof, including double skin translucent roof panels. The unit was designed to be let as two separate units, together with 136 customer car parking spaces, separate self-contained service area and its own dedicated access on to Hyndburn Road. Internally the premises are laid out in typical Matalan format with tiled floors, painted blockwork walls up to a height of 2.5m, open ceilings and suspended lighting.
We have calculated the gross internal floor area to be 30,000 sq ft
All main services are connected to the property
The current rateable value is £235,000.
The premises are held by way of two co-terminous leases expiring on 23rd June 2023. The tenant is Matalan Retail Ltd., who occupy the entire site (including buildings and car parks) on full repairing and insuring terms and are responsible for the usual occupier's costs, to include business and water rates, electricity and gas. The total current rent receivable is £274,000 per annum - equates to £9.13 psf.
Eastgate Retail Park, Accrington - 2 units measuring 7,000 and 10,386 sq.ft let at £12.93 psf and £11.22 psf respectively. Whitebirk Retail Park - non food retail units (with bulky goods restriction) let at £10 psf - Smyths Toys. Former PC World premises on market at £14 psf.
£3.5 million plus VAT A purchase at this level reflects a net initial yield of 7.31% after allowing the usual acquisition costs
Each party is responsible for their own legal costs involved in the transaction.
Strictly through sole agents Taylor Weaver (Alex Taylor) 01254 699030