Summary

Please find attached a copy of our marketing particulars for Lyons Farm Retail Park, Worthing.  The salient terms of this investment opportunity are set out below:-

• Worthing is located in the affluent county of West Sussex in the south east of England.
• Prominent position directly fronting the A27 in Worthing’s main out of town retail destination, adjacent to a large Sainsbury’s supermarket.
• Large catchment with over 340,000 people living within the 20 minute drive time catchment.
• 3 unit scheme totalling 31,914 sq ft GIA, let to Boots, Wren Kitchens and The Gym.
• New 5 year reversionary lease agreed with Boots.
• The Gym benefits from 5 yearly RPI linked rent reviews (1.0% - 4.0% per annum compounded).
• Attractive WAULT of 7.7 years (6.2 years including The Gym’s year 10 break option).
• Current rent of £805,496 per annum, averaging £25.24 per sq ft.
• Formerly open A1 (non-food) with certain restrictions and D2 planning consent, now Use Class E, under the recent changes to the Use Classes Order.
• Freehold.

We are instructed to seek offers in excess of £8,883,000 (Eight Million, Eight Hundred and Eighty Three Thousand Pounds), subject to contract and exclusive of VAT.

A purchase at this level reflects a net initial yield of 8.50% (based on purchaser’s costs of 6.68%) rising to an anticipated 8.76% in August 2023 following The Gym's RPI linked rent review.