Preston is the principal commercial and administrative centre for Lancashire, with a primary catchment population of 338,000 people.
- The park is prominently located on the A6, which is the main road into Preston from the M55 to the north.
- Preston benefits from excellent road communications with easy access from the M6, M61, M65, and M55 motorways.
- North Road Retail Park is a modern scheme having been developed in 2014.
- Asset management opportunities include repurposing the scheme and potential for redevelopment of the overflow car park.
- North Road Retail Park is fully let with a total income of £217,000 per annum.
- The park totals 21,554 sq ft and is occupied by Evans Cycles and Pure Gym.
- The scheme has a WAULT of 6.7 years to expiry and 3.7 years to break.
- The Pure Gym lease benefits from a fixed uplift on 12 October 2024 to £145,200 per annum.
Offers sought in excess of £2,044,000 (Two Million and Forty Four Thousand Pounds), subject to contract and exclusive of VAT.
A purchase at this level would reflect an attractive net initial yield of 10.00% 1after purchaser’s costs of 6.16%.
Based on the fixed uplift in the Pure Gym lease, the reversionary yield will rise to 10.60% in October 2024.
The overflow car park is available for a consideration of £100,000, giving a total lot size of £2,144,000 (Two Million, One Hundred and Forty Four Thousand Pounds).