22-26 Sandgate Road, Folkestone, Kent
South East
dba253
Tenure: Freehold
Tenancy: Multi Let
Investment summary
•Prime retail unit situated on Folkestone’s pedestrianised Sandgate Road.
•Attractive initial yield of 6.00% net of purchase costs at 5.7625%.
•Leased to the substantial covenants of Boots The Chemist Limited and Saga Group Limited.
•Situated adjacent to the 200,000 sq ft Bouverie Place Shopping Centre that is scheduled to open in November 2007. This scheme will concentrate Folkestone’s prime retailing pitch.
•Low base rents of only £6.75 per sq ft overall on the retail (taking into account the 5.0% addition for fittings) and £5.46 per sq ft on the offices.
•Low capital value of only £108.23 per sq ft overall.
•Limited supply of large format retail units in the town centre provides lease regearing opportunities with Boots.
•Potential to convert offices to higher value residential uses subject to planning.