Sold

Bognor Regis – Unique Opportunity to Acquire a Secure, Long Let, RPI Linked Investment

Ashley House, 120 Aldwick Road, Bognor Regis, PO21 2PB

Offers in excess of £8,000,000

Property Type:
Commercial
Sub Type:
Alternative
Tenure:
Freehold
Net Initial Yield:
5.49%

Income

£468,731 p.a

Description

  • Unique opportunity to acquire a secure, long let, RPI linked investment totalling approximately 21,527 sq ft (2,000 sq m)
  • Situated in the seaside resort of Bognor Regis on the south coast of England
  • Let to the 5A2 covenant of Butlins Skyline Limited
  • The property provides high quality affordable HMO staff accommodation for workers at Butlins
  • The vendor will top up the rent to the minimum uplift in May 2022 of £468,731 per annum
  • Butlin’s has paid their rent in full throughout Lockdown
  • The parent company, Bourne Leisure Holdings was acquired by Blackstone in February 2021
  • Long unexpired lease term of 21.2 years and a term certain of 16.2 years
  • FRI lease subject to five yearly RPI plus 2% linked rent reviews with a collar and cap of 112.5% to 122.5%
  • Freehold
  • Butlins is a chain of large seaside resorts founded in 1936