The property is located in Derby city centre adjacent to the Intu Shopping Centre and within walking distance of both Derby Railway Station and the Cathedral Quarter. It is also located adjacent to the Castleward Regeneration Area. The property comprises a 14,092 sq.ft leisure unit and a 1,494 sq.ft industrial unit let to Time 2 Play on two new leases expiring 30 June 2034. There is also a 15 space car park let to Excel Parking Services Ltd on a lease expiring 18 September 2023 (subject to landlord rolling break options). WAULT of 13.9 years with a total income of £155,500 per annum. Time 2 Play Ltd has recently completed an extensive £350,000 fit-out of the leisure unit as an indoor inflatable theme park. Offers sought in excess of £1,500,000 which reflects an attractive net initial yield of 9.80%.
Franck-Steier Price has recently completed the sale of the above on behalf of Newcore Capital Management.
The property comprises a warehouse and car park investment strategically located forming part of a gateway site between Derby city centre and the railway station. The property sits opposite Intu Shopping Centre.
The property is let to Time 2 Play Limited on 15 year lease from June 2019 at a rent of £143,000 per annum and Exel Parking Services on a 5 year lease from September 2018 at a rent of £12,500 per annum subject to landlord rolling break options.
The warehouse totals 14,092 sq.ft with a smaller unit to the rear totalling 1,494 sq.ft. There is a small element of the site which comprises the car park.
The purchase price was £1,225,000 which represented a net initial yield after usual purchaser costs of 11.98%.
The property was acquired by a private investor, represented by Sampson Moore and Franck-Steier Price represented the vendors Newcore Capital Management.