Bridgwater is a large and established town in Somerset, 28 miles south west of Bristol.
Over 131,000 people living with 20 minutes’ drive of the property. The town is to see significantly above average
population growth to 2022.
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). There is a year 5 rent review, upwards only to open market value.
The PureGym lease benefits from 5 yearly rent reviews to RPI 1.0%-3.0% per annum compounded.
Attractive WAULT of 7.8 years (6.2 years including break option).
Formerly open A1 (including food) and D2 planning consent, now Use Class E, under the recent changes to the Use Classes Order.
1.17 acres, site cover of 36%.
Majority is a long leasehold interest, 1,000 years from
25 December 1859 (839 years unexpired). Small area of service yard is held freehold.
We are instructed to seek offers in excess of £2,485,000 (Two Million, Four Hundred and Eighty Five Thousand Pounds), subject to contract and exclusive of VAT. This reflects a net initial yield of 9.00% (assuming purchaser’s costs of 6.38%).
The yield rises to an anticipated 9.25% following the RPI linked PureGym rent review in October 2023, based on RPI forecasts from the OBR.