Rhyl – Long Let Retail Park Anchored by Aldi with an Awult of 13.9 Years to Expiry
Marina Quay Retail Park, Rhyl, LL18 1LQ
Offers in excess of £17,000,000
- Property Type:
- Sub Type:
- Net Initial Yield:
- A recently developed retail park, totalling 102,316 sq ft on an 11.78 acre site.
- The scheme comprises 11 well configured retail units, a food store and a drive thru.
- Prominently located in Rhyl, an established retail location and a popular seaside town in North Wales.
- Let to a high quality tenant line up, including The Range, B&M, Farmfoods, Greggs and Costa.
- Anchored by Aldi, accounting for 22% of the total income
- 92% of the income is secured to tenants rated as minimum or low risk of business failure.
- Total headline rent of £1,148,690 per annum, reflecting a low average rent of £11.23 per sq ft.
- Attractive AWULT of 13.9 years to expiry and 12.1 years to break.
- 61% of the income benefits from fixed or index linked rent reviews.
- Numerous asset management opportunities, including letting of the vacant kiosk unit and development of further retail warehouse space and a drive thru.
- Strong rent and service charge collection figures throughout the Covid-19 pandemic.
- Offers are sought in excess of £17,000,000 (Seventeen Million Pounds), subject to contract and exclusive of VAT, which reflects an attractive triple net initial yield of 6.25% (assuming standard purchaser’s costs of 7.68%).