Marketed by
TSA Property Consultants
Glasgow
3rd floor, 162 Buchanan St, Glasgow G1 2LL
New
1 of 8
£2,900,000
Hempsted Local Centre, London Road, Peterborough, PE2 9FP
10595 sq. ft (984.31 m²)
Key features
- Fully let to 9 tenants, producing £195,115 p.a.
- WAULT 8 yrs to expiry / 5 yrs 9 mths to break
- 8 modern retail units (10,595 sq ft), built 2015, all EPC A
- 14 flats sold off on a single long lease (c.242 yrs unexpired)
- Prominent island site with 44 on-street customer parking spaces
- Next to Hampton, where 3,500+ new homes are planned
- Freehold: OIRO £2,900,000, a NIY of 6.32%
Description
Hempsted Local Centre is a striking modern two-storey mixed-use scheme built in late 2015, on a site of about 0.62 acres arranged in two blocks. The ground floor has 8 retail units totalling 10,595 sq ft. The first floor has 14 flats (7 x 1-bed and 7 x 2-bed), which are sold off on a single long lease to 2267 with 10-yearly RPI-linked reviews. There is a secure service yard and a resident car park for 18 vehicles at the rear, plus on-street customer parking for 44 vehicles.
The property is fully let to 9 tenants and produces £195,115 p.a. at a low average rent of £18.09 per sq ft across the retail units. The anchor is Central England Co-operative (t/a Co-op), paying £69,365 p.a.x on a lease to May 2031 with RPI-linked reviews (1–4% collar and cap). Other occupiers include Barnardo's, Pizza Hut Delivery, Wok & Eat, Rumbles Fish Bar, Full of Beans, Finesse by Beni and KHZ Enterprise. The WAULT is 8 years to expiry and 5 years 9 months to break. The leases are effectively FRI, with costs recovered through the service charge, and all retail units are EPC A.
We are seeking offers in the region of £2,900,000, subject to contract and exclusive of VAT, for the freehold interest. This reflects a net initial yield of 6.32% and a reversionary yield of 6.50% after standard purchaser's costs. The property is elected for VAT, and the sale is expected to be treated as a TOGC.
Unit Name: g | 10595 sqft |
The property is fully let to 9 tenants and produces £195,115 p.a. at a low average rent of £18.09 per sq ft across the retail units. The anchor is Central England Co-operative (t/a Co-op), paying £69,365 p.a.x on a lease to May 2031 with RPI-linked reviews (1–4% collar and cap). Other occupiers include Barnardo's, Pizza Hut Delivery, Wok & Eat, Rumbles Fish Bar, Full of Beans, Finesse by Beni and KHZ Enterprise. The WAULT is 8 years to expiry and 5 years 9 months to break. The leases are effectively FRI, with costs recovered through the service charge, and all retail units are EPC A.
We are seeking offers in the region of £2,900,000, subject to contract and exclusive of VAT, for the freehold interest. This reflects a net initial yield of 6.32% and a reversionary yield of 6.50% after standard purchaser's costs. The property is elected for VAT, and the sale is expected to be treated as a TOGC.
Unit Name: g | 10595 sqft |
Reference: 426678_sales
Marketed by
TSA Property Consultants
Glasgow
3rd floor, 162 Buchanan St, Glasgow G1 2LL
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