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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:
Commercial
Sub Type:
Retail
Net Initial Yield:
7.50%

Income

£318,250 pa

Description

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.