Retail for sale

FOR SALE - UNIQUE ROADSIDE INVESTMENT AND DEVELOPMENT OPPORTUNITY COMPRISING A STARBUCKS DRIVE THRU & 2.85 ACRES OF LAND SUITABLE FOR VARIOUS USES & DEVELOPMENT STPP
- Highly reversionary, secure roadside drive thru investment with further development potential via an additional parcels of land extending to 2.85 acres
- Located adjacent to the busy Attleborough Bypass with north and southbound access available to the site
- Two storey Drive Thru of 283.38 Sq M (3,050 Sq Ft)
- Let to 23.5 Degrees Limited until 30th October 2037 (11.75 years to expiry) at a low rent of £80,808 pax (£26.23 per sq ft) - no breaks.
- Highly reversionary with an open market rent review in October 2027. ERV £100,000 pa +
- Sitting adjacent to the busy Attleborough Bypass, with over 43,500 daily vehicle movements
- Excellent asset management opportunities
- Potential redevelopment for roadside, EVC hub & retail uses STPP
- Rent increases available with minimal to no cap ex
- Create further income via renting the vacant car park land
LOCATION
The site holds a prime position just off the Attleborough Bypass (A11)Southbound which links Norwich and Thetford.
The site is located approximately 2 miles north of Attleborough and is equidistant between Norwich and Thetford.
The site can also be accessed by Northbound traffic with a slip road and roundabout junction within 1.5 miles drive.
The wider site features a petrol filling station operated by BP with a Marks and Spencer convenience store which is open 24/7.
DESCRIPTION
A Starbucks Coffee drive thru located in a prime position on a roadside services on the busy (A11) Attleborough Bypass (South bound).
The site comprises a former café / diner which was converted in 2017 as a Starbucks Drive Thru over ground and first floor, which sits on a leased area of circa 0.65 acres, with 30 car parking spaces.
The wider site comprises a BP fuel garage which is open 24 hours a day, with a Marks & Spencer concession store, please note this does not form part of the sale or ownership.
In addition to the drive thru investment is 2.85 acres of land with all or part of it suitable for redevelopment for roadside uses (stpp).
Of the 2.85 acres is a circa 0.4 acre plot which is currently a vacant and unused surfaced car parking area - we consider this to also be suitable for a drive thru, EV hub, open storage and / or a compound area (stpp). This falls outside of Starbucks demised area.
AREAS
Starbucks Drive Thru: 3,050 Sq Ft
Starbucks leased area in acres: 0.65 acres
Vacant surfaced plot: 0.4 acres
Further vacant land: 2.85 acre
Total: 3.50 acres
PRICING
£1,320,000 for the Drive Thru reflecting a NIY of 5.76% with a reversion to 7.15% in 2027 assuming an ERV of £100,000 pa. The 2.85 acres of land is priced at an additional £250,000.
INVESTMENT RATIONALE
Secure income - 11.75 years unexpired
Excellent tenant covenant
Highly reversionary, let considerably below the market rental levels of £100,000 pa plus
Further income via leasing surfaced land for open storage or EV (£30,000 to £40,000 pa) with minimal cap ex
Potential for further roadside redevelopment stpp (drive thru, retail, food retail etc)
2.85 acres of development land at a below market level of £87,719 p/acre
Prime location next to a petrol service station and Attleborough Bypass - 43,500 daily vehicle movements
TENURE
Freehold
EPC
C
FURTHERINFORMATION
Please contact the Sole Agents below:
Ben Flint
07494735001 01302 639838
[email protected]
Alexandra De Freitas
07538844869 01302 639838
[email protected]