Vale of Neath Retail Park, West Glamorgan, SA10 7AYOther, General Retail, Retail - High Street, Retail - Out of Town, Other Property Types & Opportunities, Retail , 2435 Sq Ft
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Freehold drive through restaurant facility offering a lease with an excellent covenant
The property is prominently situated at the junction of Cadoxton Road, and the B4434, a busy arterial route into Neath town centre. Nearby occupiers on the Vale of Neath Retail Park include Halfords, Lidl, and Topps Tiles. Both B&Q and Morrisonâs are located further south less than a 5 minute walk from the subject property. A comprehensive school (DWR-Y-FELIN) and Neath Port Talbot college lie within 400 metres of the restaurant. It is also located in the middle of a big residential area.
The tenant UnionBurger Ltd (1) (t/a Burger King) on a FRI 25 year lease with effect from 26/10/1998, paying an annual rent £60,500 per annum exclusive. The rent review is due on the 26th October 2018 has now been agreed at £64,500 pax which will take affect from the due date.
£960,000 plus VAT for the freehold interest subject to the existing tenancy. The above price equals to a Net Investment Yield of 6.29% allowing for purchaser costs of 6.80%
Each party pay their own legal costs incurred in this transaction. The prospective purchaser is, however, required to give an undertaking through their solicitors prior to the commencement of legal formalities for any abortive legal costs if they withdraw from the transaction.
This property is elected for VAT