Investment Consideration:
Gross Initial Yield: 9.14%
Rental Income: £16,900 p.a.
VAT is NOT applicable to this property
Comprises large retail shop t/a William Hill.
Situated close to Colwyn Bay Station, providing regular services to Chester, Manchester and Holyhead
Occupiers close by include Domino's Pizza (adjacent), Betfred (opposite), Santander, KFC and more.
Property Description:
Comprises large retail shop t/a William Hill. The property benefits from rear access and ancillary accommodation at basement providing the following accommodation and dimensions:
Ground Floor: 130 sq m (1,400 sq ft)
Open plan retail, office, storage, wc
Basement: 35 sq m (377 sq ft)
Ancillary
Total GIA: 165 sq m (1,777 sq ft)
Tenancy:
The property is let to William Hill Organization Limited for a term of 15 Years from 10th January 2023 at a current rent of £15,000* per annum and the lease contains full repairing and insuring covenants. Rent review on 10.01.28 linked to CPI (cap & collar 2.5% - 5% p.a. annualised) and 10.01.33 open market upward only. Tenant option to determine on 10.01.33 with min 6 months notice.
* The rent would increase to a minimum of £16,900 p.a. in January 2028 (2.5% collar). The vendor would top up rent until 10.01.28, so the buyer receives the equivalent to £16,900 p.a. from completion.
Tenure:
Long leasehold. To be held on a 999 Year lease from completion at a ground rent of peppercorn.
Location:
Colwyn Bay is a popular resort town on the North Wales Coast and close to Llandudno. Colwyn Bay Station is close to the property and provides regular services to Chester, Manchester and Holyhead. In close proximity to the A55 (Holyhead and Chester Expressway) with links to the M56 motorway. The property is situated on the east side of Station Road between its junctions with Conway Road and Victoria Avenue. Occupiers close by include Domino's Pizza (adjacent), Betfred (opposite), Santander, KFC, Subway, Costcutter, Amplifon and many others.
