Property Information
Address:
Matalan, Cuerden Way, Preston, North West
, PR5 6BP
, North West
, United Kingdom
Price: Property no longer available.
Size: 58306 sq ft5417 sqm
Primary Category: Investment
All Categories:
Investment, Shop,
Property Ref/Movehut: MH668383
Property Ref/Agent: 111111
*Please use the agent ref when calling the agent directly.
Property description
WELL SECURED RETAIL WAREHOUSE INVESTMENT WITH FIXED RENTAL UPLIFTS
Preston is the administrative capital of Lancashire located 30 miles north of Manchester City Centre having a catchment of 1.26 million people within 30 minutes.
Retail warehouse unit of 58,306 sq ft on a site of 4.39 acres and benefiting from 200 customer car parking spaces giving a ratio of 1:290 space per sq ft.
The property was the first store opened by Matalan in the UK in 1985 which has a strong and loyal customer base.
The tenant has recently completed a refurbishment of the store which we believe shows their commitment to the property.
We understand Matalan trade well from the store.
Freehold property let to Matalan Retail Limited expiring 31 May 2032 (in excess of 10 years unexpired) on FRI terms.
Current rent passing equates to £575,621 per annum (reflecting only £10.13 sq ft) which increases to £651,262 (June 2022) and £736,843 (June 2027).
Reflecting the following yield profile net of costs at 6.63%:
- Net initial yield: 8.85%
-
June 2022: 10%
-
June 2027: 11.3%
Low Capital Value of £105/per sq ft.
200 customer car parking spaces.
Let to Matalan Retail Limited.
Excess of 10 years unexpired.
£575,621 per annum.
Net initial yield: 8.85%.
Low Capital Value of £105/per sq ft
Current rent passing equates to £575,621 per annum (reflecting only £10.13 sq ft) which increases to £651,262 (June 2022) and £736,843 (June 2027).
Offers in excess of £6,100,000 (Six Million and One Hundred Thousand Pounds) which reflects the following yield profile net of
costs at 6.63%:
- Net initial yield: 8.85%
- June 2022: 10%
- June 2027: 11.3%
- Low Capital Value of £105/per sq ft
;