High Street Retail Portfolio

Overview

  • A Portfolio of three prime retail annuity investments located across England.
  • 100% of the income is secured against National Westminster Bank Plc (NatWest).
  • Total floor area of 63,643 sq ft.
  • All assets let on co-terminous FRI leases expiring 17 December 2037, providing attractive unexpired lease terms in excess of 19 years.
  • Annual rent reviews on 25 December each year, based upon the Retail Price Index (RPI), subject to an annual cap at 3.00%.
  • Total rental income of £998,036.24 per annum.
  • Freehold tenure across the Portfolio.
  • Excellent income protection through controls on lease assignment.
Offers sought in excess of £16,260,000 (Sixteen Million, Two Hundred and Sixty Thousand Pounds), subject to contract and exclusive of VAT.

A purchase at this level would reflect an attractive Net Initial Yield of 5.75%, after applying purchaser's costs of 6.74%.

Based on Oxford Economics' 2018 forecast, RPI is expected to perform in excess of the 3.00% cap. At the quoting price this would provide a running yield of 5.92% in December 2018.

This asset forms part of a wider programme of sales ("Project Helios") being marketed in conjunction with this opportunity, all of which are let on the same lease structure:
  • Greenock - Britannia House, Main Street (office asset)
  • Newcastle-under-Lyme - Brampton House, 352 Brampton Road (office asset)
  • Chatham - Waterside Court, Chatham Maritime (office asset)
  • Aberdeen - 78 Union Street (high street retail asset)

Location

Situation

Description

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NET INITIAL YIELD:
5.75%
PRICE:
£16,260,000
REGISTER INTEREST
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