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Jasper Square Retail Park

Tunstall, Stoke-on-Trent, ST6 6AN 72,149 sq ft

A well let fully open consented retail park investment opportunity

Description

Tunstall is located in Staffordshire, 5 miles north of Stoke-on-Trent and 36 miles south of Manchester. Jasper Square Retail Park is a fully let scheme anchored by Matalan to 2029, Poundland (new letting), Argos and Shoe Zone. The scheme comprises the town’s prime retail pitch combining with the adjacent 77,000 sq ft Asda foodstore and 78,300 sq ft Alexandra Park to form a significant retail destination. Current passing rent of £750,900 per annum, equating to a comparatively low average rent of £10.41 per sq ft. WAULT of 5.8 years. The retailers report good trading performance. Asset management opportunities to construct ‘drive-thru’ units at the property (subject to planning permission). Offers have been received from a number of national operators. Planning use Class E. The property benefits from a fully open planning consent, including the sale of food. Free car parking. Freehold site totalling 4.64 acres (1.88 hectares). We are instructed to seek offers in excess of £9,385,000 (Nine Million, Three Hundred and Eighty Five Thousand Pounds), subject to contract and exclusive of VAT. This reflects an attractive net initial yield of 7.50% (assuming purchaser’s costs of 6.69%).

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