The Calthorpe Centre, 10 Calthorpe Street & 29-30 High Street, Banbury, Oxfordshire
Midlands
Dba342
Tenure: Freehold
Tenancy: Multi Let
Investment summary
• The Calthorpe Centre is situated in Banbury town centre and is bounded by the High Street to the north, Calthorpe Street to the west and Marlborough Road to the east.
• The investment comprises 3 adjoining retail warehouse units and, two A2 buildings totalling 52,249 sq ft. The car park totals 278 spaces.
• Let on six FRI tenants including leases to tenants including TK Maxx, NCP, Farm Foods, and Poundstretcher with a total current passing rent of £507,030 per annum with a minimum increase to £515,802 in July 2018 upon the TK Maxx rent review.
• The site area of 3.906 acres (1.581 hectares).
• Open A1 consent (with food).
• Current rents of £7.00 psf to £10.39 psf on the Calthorpe Centre are at a substantial discount to the other retail warehouses within the town such as Banbury Cross where lettings range from to £16.00 psf to £27.50 psf has been achieved between 2008 and 2015. We understand there is a substantial demand from discount retailers in the town.
• Freehold Interest.
• Potential to refurbish and reconfigure the existing retail warehousing and incorporate additional retailing within the site (subject to planning).
• Medium Term redevelopment for a variety of uses (subject to planning).
• Quoting price of £7.00m (Seven Million Pounds) subject to contract and exclusive of VAT for the freehold interest reflecting a NIY of 6.85% rising to a minimum yield of 6.96% in 2018.