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Withybush Retail Park

Withybush Retail Park, Haverfordwest, SA61 2PY 94,159 sq ft

Description

Withybush Retail Park is a successful and important retail destination serving a wide and extensive catchment with over 112,000 customers living within 20 minutes’ drive. The anchor tenants, M&S and Home Bargains, account for 52% of the income and are let on leases to 2035. M&S benefits from 5 yearly fixed rental increases of 2.50% per annum compounded. The next uplift is due in 2025. The fully let scheme provides 94,159 sq ft across 8 units. Recent lettings to Home Bargains and Mountain Warehouse with other high quality tenants being Next, Boots, TK Maxx, Sports Direct and Oak Furniture Land. Current rent of £1,773,926 per annum (including a rental guarantee) with an attractive WAULT of 8.9 years (6.1 years including breaks) Asset management opportunities. Freehold site of 7.33 acres. We are instructed to seek offers in excess of £21,960,000 (Twenty One Million, Nine Hundred and Sixty Thousand Pounds), reflecting an attractive net initial yield of 7.50%, assuming purchaser’s costs of 7.70% The yield rises further upon the M&S fixed rental uplifts:- June 2025 = 7.85% June 2030 = 8.24%

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