Sold

Padiham – Long Income Supermarket Investment

Lune Street, Padiham, Burnley, Lancashire, BB12 8DG

Sold for £2,050,000

Property Type:
Commercial
Sub Type:
Retail
Tenure:
Freehold
Net Initial Yield:
8.7%

Description

  • Prominent town centre former supermarket investment.
  • Situated in the attractive town of Padiham.
  • The unit comprises a total of 1,023.5 sq m (11,017 sq ft) of well configured floor space.
  • Let for a further 12 years (no breaks) to the excellent covenant of Rochpion Properties (4) LLP, with Co-operative Group Limited as guarantor.
  • Current rent of £179,885 per annum.
  • Fixed rental uplifts in June 2021 and June 2026, based on 2.25% per annum compounded 5 yearly.
  • Car parking for 80 cars.
  • Freehold.
  • Site area of 1.18 acres (0.48 hectares).
  • Offers sought in excess of £2,250,000 subject to contract and exclusive of VAT. This equates to an attractive net initial yield of 8.4% after allowing for purchaser’s costs of  6.34%.