Harlow – Long Income Retail Investment with Redevelopment Potential
Boots & New Look, Broad Walk, Harlow, CM20 1JF
Offers in excess of £4,000,000
- Property Type:
- Sub Type:
- Net Initial Yield:
Harlow is a New Town (Built: 1951) in the West of Essex.
Exceptional transport access close to the M11, M25 and Stansted Airport London.
Two large self-contained high street retail units totalling 5,040.6 sq m (54,257 sq ft).
- Located adjacent to the Town Centre’s largest Car Park, providing strong customer footfall.
- Distinctive and highly prominent pyramid style roofed area providing a covered mall entrance to both units.
- 37 Broad Walk is let to Boots UK Limited for 3.5 years with short term asset management potential.
- 39 Broad Walk is let to NewRiver REIT (sub-let to New Look) for 66 years at a very low rent of £2.59 psf.
- Total passing rent of £318,250 per annum, equating to a low average rent of £5.87 psf.
- Average Weighted Unexpired Lease Term (AWULT) of 16.9 years.
- Medium term potential to re-develop part or the whole of the building to alternative use, subject to vacant possession and necessary consents.
- Virtual Freehold. 993 years remaining at a peppercorn rent.
- Offers are sought in excess of £4,000,000 subject to contract and exclusive of VAT. A purchase price at this level reflects a Net Initial Yield of 7.50%, subject to standard purchaser’s costs.
and a low capital rate of £73 psf.