The property is located in the prime retail pitch in the affluent Derbyshire market town of Buxton. The property comprises a multi-let town centre block anchored by Mountain Warehouse, Argos, White Stuff and Timpsons. Fully let with a WAULT of 7.4 years to expiries and 4.9 years to breaks. Total rental income of £245,212 per annum. 75% of the income is secured to national retailers. Tenants have been in the property for an average of 15 years. Both Mountain Warehouse and Argos have recently renewed their leases. Potential redevelopment angles on part of the upper floors. Offers sought in excess of £2,740,000 which reflects a net initial yield of 8.39%.
Franck Steier Price has recently completed the sale of a parade of prime High Street shops in the centre of Buxton.
The block comprises six ground floor retail units with ancillary upper floor space. In addition there is a 1st floor beautician and 2nd floor residential flat above one unit. The block is anchored by Argos, White Stuff & Mountain Warehouse.
There is 11,186 sqft retail sales & ancillary space on ground floor and 8,689 sqft of upper floor accommodation.
The property is let to six retail tenants and one 1st floor tenant while the flat is let on an AST. The WAULT is 7.4 years to expiries and 4.9 years to breaks. There is a current service charge shortfall which amounts to £10,927 per annum.
The total rental income is £245,212 per annum, before any deductions for the service charge shortfall.
The property was sold to a private property client of Metis Real Estate for £2,435,000 which reflected an initial yield of 9.47% off the gross rent and 9.05% off the current rent receivable, accounting for the service charge shortfall.