Sold

Victoria Avenue & Chapel Row, Borrowash

London - M25

Dba320

High Street Retail/Shopping Centre
£3,600,000

Tenure: Freehold
Tenancy: Multi Let

Investment summary

• Located in the suburb of Borrowash, approximately 8 km (5 miles) east of Derby.

• Dominant retail offering on a large island site.

• No national retailer foodstore competition within Borrowash.

• Prominent five unit retail development totalling 27,869 sq ft, anchored by a foodstore.

• Predominantly let to Somerfield Stores Ltd (trading as The Co-operative), with surety from The Co-operative Group Food Ltd.

• The remainder of the scheme is let to Nationwide Building Society (trading as Derbyshire Building Society), Wilsons Pharmacy, Four Seasons and 3 Chefs.

• Total current income of £265,853 per annum reflecting a low average overall rent of £9.54 per sq ft.

• The Co-operative have in excess of 24 years unexpired with the investment providing an Average Weighted Unexpired Term Certain of approximately 21 years.

• Annual fixed rental increases of 2.25% to The Co-operative’s lease, providing guaranteed income growth.

• Freehold interest.

• Seeking offers in excess of £3.6 million reflecting an attractive Net Initial Yield of 6.98%, assuming standard Purchaser’s costs of 5.80%.

2014 - 7.11% | 2023 - 8.38%
2015 - 7.24% | 2028 - 9.20%
2016 - 7.37% | 2033 - 10.12%
2017 - 7.50% | 2036 - 10.73%
2018 - 7.64% |

Contact us for further information
Telephone: +4420 7323 1010
Facsimile: +4420 7323 6600
Email: info@dbaprop.co.uk
Website: www.dbaprop.co.uk

Address:
DBA
91 Wimpole Street
London
W1G 0EF

Misrepresentation Clause

DBA Advisors Ltd for themselves, their Associated Companies, their employees and for the vendors or lessors of the properties whose agents they are give notice that:
1. All particulars or properties provided are given as a general outline only for the guidance of intending purchaser, lessee or tenant, and do not constitute, nor constitute part of, an offer or contract.
Whilst all particulars of properties given including but not limited to descriptions, dimensions, references to condition and necessary permissions for use and occupation and maps are believed to be correct and are given in good faith, they are however given without responsibility on the part of David Baroukh Associates their Associated Companies, their employees and or the vendors or lessors as the case may be.
2. None of the statements contained in any particulars is to be relied upon as a statement or representation of fact.
3. Any intending purchaser or lessee or tenant should not rely on any particulars provided by us and must satisfy themselves by inspection or otherwise as to the correctness of each statement made in such particulars.
4. The vendor or lessor (as the case may be) do not make or give and neither DBA Advisors Ltd, their Associated Companies or any person in their employment have any authority to make or give any representation or warranty whatever in relation to any properties.