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The Spires Retail Park

The Spires Retail Park, Chesterfield, S40 2WG 71,335 sq ft

Description

The market town of Chesterfield is well located, being 12 miles south of Sheffield, and benefits from excellent road communication links, with close proximity to Junction 29 of the M1. Extensive catchment population, with 408,879 people living within a 20 minute drive time of the subject property. Modern, recently refurbished and redeveloped scheme, extending to 71,335 sq ft, adjacent to a 56,000 sq ft B&Q. Varied and attractive tenant line up comprising Dunelm, JD Gyms and Go Outdoors. Rent of £603,750 per annum, averaging an exceptionally low rent of just £8.50 per sq ft. RPI uplifts collared and capped at 1-3% per annum compounded, 5 yearly, in the JD Gyms lease. Long WAULT of 11.4 years to expiry. Residue of a 999 year lease at a peppercorn rent. Class E planning consent. We are seeking offers in excess of £7,305,000 (Seven Million, Three Hundred and Five Thousand Pounds), subject to contract and exclusive of VAT. This reflects an attractive net initial yield of 7.75%, based on purchaser’s costs of 6.66%. The yield increases to 8.08 % in November 2022 based on the RPI uplifts in the JD Gyms lease, assuming RPI as follows:- 2017: 3% cap 2018: 3% cap 2019: 2.6% 2020: 1.5% 2021: 2.5% (predicted) The capital value is low at just £102.40 per sq ft.

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