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December 2019

The Rex Centre, Maskew Avenue, Peterborough, PE1 2AS

Screenshot 2019-10-14 at 11.04.24

exchanged

The property comprises a modern self-contained two unit trade counter scheme located in an established retail and trade location.  The site adjoins A15 close to its junction with A47, 1.5 miles north of the city centre.  Two purpose built trade counter units extending to a total of 8,464 sq.ft 0n a site of 0.47 acres.  Let to the excellent covenants of Sally Salon Services Ltd and Multi-Tile Ltd (t/a Topps Tiles).  WAULT of 7.3 years to expiries and 2.3 years to break.  Multi-Tile elease has annual RPI linked rent reviews with a collar of 3% and cap of 5%.  Combined passing rent of £120,369 per annum, increasing to a minimum of £122,307 per annum in December 2019 and £124,304 per annum in December 2020.  Offers sought in excess of £1,620,000 which reflects a net initial yield of 7.00% reverting to 7.11% in December 2019 and 7.23% in December 2020.

Franck Steier Price has recently completed the sale of a trade counter investment on behalf of a private client.

The property is located just north of Peterborough city centre on the A15 next to Maskew & Boulevard Retail Parks. The two purpose built, detached trade counter units have communal central parking and are occupied by Topps Tiles and Sally Salon Services.

The units extend in total to 8,464 sqft on a site of 0.47 acres.

The units are let to Sally Salon Services Ltd and Multi Tile Ltd, both 5A1 covenants. The AWULT is 7.3 years to expiries and 2.3 years to break. The Topps Tiles lease has annual RPI reviews with a collar/cap of 3-5%. The combined rent is £120,369 per annum.

The property was sold to a private investor for £1,710,000 which reflected an initial yield of 6.63%.

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