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Darlington – High Yielding Class E Retail Park Investment

Neasham Road Retail Centre, Darlington, DL1 4PF

Offers in excess of £6,000,000

Property Type:
Commercial
Sub Type:
Retail
Tenure:
Freehold
Net Initial Yield:
11.18%

Income

£715,000 p.a.

Description

  • Darlington is a large market town in County Durham
  • Well located purpose built Retail Park a short walk from the town centre adjacent to Darlington Train Station
  • Over 180,000 people live within a 20 minute drive time catchment of the town
  • Freehold
  • Total floor area of 67,444 sq ft
  • Class E Retail Park with Unit 5 Sui Generis planning consent
  • Fully let to the national covenants of Matalan, Farmfoods, Ladbrokes and Asda (long leasehold)
  • Total rent of £715,000 per annum averaging £10.60 psf
  • WAULT of 6.7 years
  • Within the last 3 months Farmfoods has extended their occupation into unit 2 and Ladbrokes has regeared their lease
  • Asset management opportunities include restructuring Matalan’s lease and development of additional units on the site. Planning permissions have now lapsed for an additional two units totalling 2,300 sq ft and an additional five units totalling 3,600 sq ft
  • Offers sought in excess of £6,000,000 (Six Million Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects £89 psf and an attractive net initial yield of 11.18% assuming standard purchaser’s costs.