Guide Price: £325,000+
Gross Initial Yield: 9.23%
Rental Income: £30,000 p.a.
To be sold in Allsop Commercial Auction on 8th December 2021. LOT 118
Let to Sense on a new 15 year lease
5 yearly RPI linked Rent Reviews
Comprises ground floor shop with ancillary accommodation above
VAT is applicable to this property
Well located retail position
Nearby occupiers include Costa Coffee, Greggs, The Works, HSBC, Vodafone and Superdrug, amongst others.
The property comprises ground floor charity shop with ancillary accommodation at first floor.
The property provides the following accommodation and dimensions:
Ground Floor: Charity Shop 224.00 sq m (2,411 sq ft)
First Floor: Ancillary 123.00 sq m (1,324 sq ft)
Total area size: 347.00 sq m (3,735 sq ft)
The property is at present let to Sense, The National Deafblind and Rubella Association for a term of 15 years from 24th November 2021 at a current rent of £30,000 per annum and the lease contains full repairing and insuring covenants. Rent review linked to RPI every 5th year (subject to a 1% collar and 10% cap in each review). Tenant option to determine every 5th year, subject to a penalty of £13,750 if exercised. There is a 3-month rent free period from completion of the lease. The Vendor will top-up the rent such that the purchaser effectively receives £30,000 p.a. from completion.
Website: www.sense.org.uk. For the year end 31st March 2020 Sense, The National Deafblind and Rubella Association reported a pre-tax loss of £3,265,000 shareholders funds and a net worth of £31,663,000. (Experian: 28.06.2021)
Retford is a market town in the Bassetlaw District in Nottinghamshire, and one of the oldest market towns in England having been granted its first charter in 1105. The town is bypassed by the A1 trunk road and the A57 which links Retford to a number of major towns and cities, with London just over two hours away. Retford is served by two railway lines, the East Coast Main Line which runs between London and Scotland, with trains taking from 1hr 20 minutes to London Kings Cross, and the Sheffield to Lincoln Line which has links to Sheffield, Lincoln, Gainsborough, Worksop, Grimsby and Cleethorpes.