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Clough Road Retail Park

Clough Road, Hull, HU6 7PT 88,498 sq ft

Description

Hull serves a wide and captive catchment of approximately 605,000 people. Accessible location with strong road and rail communications, with Junction 38 of the M62 within 14 miles of the property and the local train station 1.5 miles away. The 88,498 sq ft retail park is located in a prominent position fronting the Clough Road A1165, which forms an arterial route around the city. Other occupiers in the vicinity include B&Q Warehouse, The Range, Pets at Home, JD Gyms, Tapi, Carpetright and Dunelm. The scheme provides a good variety of tenants, which are appropriate for the local catchment, including Halfords, Smyths Toys, Currys, Go Outdoors and Costa Coffee. All are low risk national covenants. 44% of the income is secured until 2026 and 27% until at least 2031. Current rent of £813,995 per annum, which equates to a very low average rent of £9.20 per sq ft. There is a WAULT to lease expiry of just over 5 years. The site is held freehold. We are seeking offers in excess of £10,000,000 (Ten Million Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive net initial yield of 7.63%, assuming purchaser’s costs of 6.70%. This reflects a low capital value of £110 per sq ft and £1,659,000 per acre.

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