The property comprises a prominent detached retail warehouse next to Asda, B&M and Poundstretcher located on Dowlais Top Retail Park, Merthyr. The property extends to 10,009 sq.ft with 141 car parking spaces. The property is let on 21 year lease from June 2003 to Carpetright plc (7.5 years unexpired). Current rent £114,747 per annum (£11.46 per sqft). The property is situated on a large site providing further development opportunities. Offers sought in excess of £1,200,000 which reflects a net initial yield of 9.00%, assuming purchaser’s costs of 5.96%.
Franck Steier Price has recently completed the sale of a single let retail warehouse investment on behalf of a property company client.
The property was located in on Dowlais Top Retail Park on the edge of Merthyr Tydfil. The 1990’s detached retail warehouse extended to 10,009 sqft and included 141 car spaces. The property sits between B&M and Poundstretcher and directly behind Asda.
The property was let to Carpetright plc on a 21 year lease from June 2003 so had just over 7 years unexpired. The current rent passing was £114,747 (£11.46 per sqft).
The property was sold to a private investor for £1,079,000 which reflected a yield of 10.05%.