Bridgwater is a large and established town in Somerset, 28 miles south west of Bristol.
Over 131,000 people living within 20 minutes’ drive of the property. The town is to see significantly above average population growth to 2022.
The Leggar Retail Park, along with Bridgwater Retail Park, The Clink Retail Park, Sainsbury’s and Asda, combine to form the dominant retail destination for the town’s significant catchment.
A recently constructed convenience led retail scheme totalling 43,256 sq ft let to Home Bargains, The Food Warehouse by Iceland and Farmfoods. The 26,867 sq ft Lidl store is sold off on a long leasehold basis to the retailer.
Home Bargains and The Food Warehouse have remained open during the COVID-19 pandemic, reporting strong trading and have been meeting their rental obligations. Farmfoods are currently on-site fitting out their store.
All four tenants are classified as ‘Essential Retailers’ and are significant footfall drivers.
Current income of £585,468 per annum, averaging £13.53 per sq ft.
Total contracted rent to lease expiries of circa £6,600,000.
Rare and attractive WAULT of 11.7 years with no break options.
Farmfoods have recently taken the final unit on a 15 year lease, relocating from the neighbouring Bridgwater Retail Park.
Formerly Open A1 (including food) planning consent.
Now Use Class E, under the recent changes to the Use Classes Order.
All four units have an ‘A’ EPC rating.
5.92 acres, site cover of 27%.
We are instructed to seek offers in excess of £7,083,000 (Seven Million and Eighty Three Thousand Pounds), subject to contract and exclusive of VAT.
This reflects an attractive net initial yield of 7.75% (assuming purchaser’s costs of 6.65%).