Sold

Market Way, Coventry- High Yielding Retail Investment

10-12 Market Way, Coventry, CV1 1DL

Offers in excess of £4,100,000

Property Type:
Commercial
Sub Type:
Retail
Tenure:
Long Leasehold
Net Initial Yield:
11.67%
Site Area:
36,490 sq.ft

Income

£509,931 PA

Description

  • Let to the attractive national covenants of Poundland (5A1) and Sports Direct (5A2)
  • Passing rent of £509,931 per annum, reflecting £13.97 psf
  • 57% of the income is subject to a fixed uplift in 2023 (2.5% per annum)
  • WAULT of 3.5 years to expiry
  • LLH interest at a peppercorn rent
  • Prominent corner trading location on Market Way, Coventry’s prime high street retailing destination
  • Short term asset management/ value add potential
  • Coventry is the current City of Culture and joint host of the 2022 Commonwealth Games
  • Coventry City Council is a key stake holder in the city centre and are continuing to invest in its regeneration
  • Offers are sought in excess of £4,100,000 (Four Million One Hundred Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level would reflect an attractive Net Initial Yield of 11.67% and a Reversionary Yield of 12.55% after the fixed rental uplift in 2023, after allowing purchasers cost of 6.54%.