Worthing is located in the south east of England, in the affluent county of West Sussex.
Large catchment with over 340,000 people living within the 20 minute drive time catchment.
Forms part of Worthing’s main out-of-town retail destination, adjacent to a large Sainsbury’s supermarket.
3 unit scheme let to Boots, Wren Kitchens and The Gym.
New 15 year lease to The Gym with 5 yearly RPI linked rent reviews with a collar and cap of 1.0% and 4.0% per annum compounded.
Attractive WAULT of 7.3 years (5.8 years including The Gym’s year 10 break option).
Current rent of £850,371 per annum, averaging £26.65 per sq ft.
Asset management opportunity to re-gear the Boots lease.
Open A1 (non-food) with certain restrictions and D2 planning consent.
We are instructed to seek offers in excess of £10,625,000 (Ten Million, Six Hundred and Twenty Five Thousand Pounds), subject to contract and exclusive of VAT. This reflects a net initial yield of 7.50%, assuming purchaser’s costs of 6.70%.
An acquisition at the quoting price would see the yield increase to 7.86% in August 2023 following The Gym’s RPI linked rent review, based on forecasts from the Office for Budget Responsibility.