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Description de la propriété
The property consists of a highly prominent purpose-built single storey foodstore, providing 20,872 sq ft of accommodation. Lidl have taken early access (triggering lease term commencement) and the property is currently undergoing tenant fit out with a target opening date of January 2021. Practical completion of the property is due following completion of the associated highway works which are scheduled to finish in November 2020.
Informations clés concernant l'investissement
- Newly completed foodstore extending to 20,872 sq ft with use of 120 car parking spaces
- Lidl have taken early access triggering lease term commencement. Practical completion due November 2020, with store opening to customers in January 2021
- Located on a major new retail park development in Retford, an established commercial centre and market town in Nottinghamshire
- Highly prominent trading position, being situated 0.50 miles south of Retford town centre, with prominence to the busy London Road (A638)
- Let to the strong covenant of Lidl Great Britain Ltd, 5A1 and minimum risk rated by D&B
- Lidl is one of Europe’s leading food retailers, now operating over 800 stores in the UK
- New 25-year full repairing & insuring lease from 11 September 2020, with tenant break options at years 10, 15 and 20
- 5 yearly upwards only rent reviews linked to RPI (all items) with cap & collar of 1% - 2% pa
- Rent of £240,028 per annum, reflecting £11.50 per sq ft
- Virtual freehold (999 year long lease at a peppercorn rent)
We are instructed to seek offers in excess of £4,300,000, subject to contract and exclusive of VAT.
A purchase at this level reflects an attractive Net Initial Yield of 5.24%, assuming standard purchaser costs, with a minimum yield improvement to 5.51% in year 5, assuming the base case RPI uplifts of 1% pa.
JLL are also marketing the Lidl in Mansfield for the same developer, and consideration will be given to a sale of both assets as a package.