Bridgwater is a large and established town in Somerset, 28 miles south west of Bristol.
The Clink Retail Park, along with Bridgwater Retail Park, The Leggar Retail Park, Sainsbury’s and Asda, combine to form the dominant retail destination for the town’s significant catchment.
Two unit scheme totalling 17,363 sq ft, fully let to Halfords and PureGym.
Current income of £237,891 per annum, averaging £13.70 per sq ft.
PureGym took a new 15 year lease (year 10 tenant break option) in October 2018, with 12 months’ rent free (now expired).
Halfords agreed a 10 year reversionary lease in 2016 at the previous passing rent, with 12 months’ rent free (now expired).
The PureGym lease benefits from 5 yearly rent reviews to RPI 1.0%-3.0% per annum compounded.
Attractive WAULT of 8.7 years (7.2 years including break option).
Open A1 (including food) and D2, planning consent.
Long leasehold interest, 1,000 years from 25 December 1859 (over 839 years unexpired).
We are instructed to seek offers in excess of £2,980,000 (Two Million, Nine Hundred and Eighty Thousand Pounds), subject to contract and exclusive of VAT. This reflects a net initial yield of 7.50% (assuming purchaser’s costs of 6.45%).
The yield rises to an anticipated 7.86% following the RPI linked PureGym rent review in October 2023, based on RPI forecasts from the OBR.