Bognor Regis – A Freehold Estate Let to Butlins Skyline Limited
St Josephs Village, Albert Road, Bognor Regis, PO21 1NJ
Offers in excess of £10,800,000
- Property Types:
- Commercial, Mixed, Residential
- Net Initial Yield:
£605,360 per annum
- Unique opportunity to acquire a secure, long let, index linked investment arranged over 7 buildings the properties total approximately 29,900 sq ft (2,780 sq m).
- Situated in the seaside resort of Bognor Regis on the south coast of England.
- Let to the 5A1 covenant of Butlins Skyline Limited.
- The property provides high quality affordable HMO staff accommodation for workers at Butlins.
- Total passing rent of £605,360 per annum.
- Long unexpired lease term of 23.75 years (18.75 years term certain).
- FRI lease subject to five yearly RPI plus 2% linked rent reviews with a collar and cap of 112.5% to 122.5%.
- Large site area of approx. 1 acre offering long term large scale redevelopment potential.
- Butlins is a chain of large seaside resorts founded in 1936.
- Butlins have recently completed the development of a £36 million leisure and splash pool.
- Offers sought in excess of £10,800,000 after allowing for purchaser’s costs of 6.71%. This reflects a net initial yield of 5.25%.