For Sale

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
Tenure:
Freehold
Net Initial Yield:
5.25%

Income

£605,360 per annum

Description

  • 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.
  • Freehold.
  • 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%.