Sold

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:
Commercial
Sub Type:
Retail
Tenure:
Freehold
Net Initial Yield:
6.25%

Income

£1,148,690 p.a

Description

  • 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.
  • Freehold.
  • 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%).