Sold

Secure, Long Let Leisure and Retail Warehouse Investment in Blackpool

JD Gyms & Smyths Toys, Vicarage Lane, Blackpool, Lancashire, FY4 4NB

Offers in excess of £4,150,000

Property Type:
Commercial
Sub Type:
Retail
Tenure:
Freehold
Net Initial Yield:
7.50%

Income

£330,112pa

Description

  • Edge-of-Town Gym Investment and Retail Warehouse Investment situated on the busy Vicarage Lane within close proximity to Blackpool town centre.
  • The town has an extensive catchment population and benefits from excellent accessibility with the A583 & A5230 linking Blackpool to the M55 and A584 coast road, which connects the town to the affluent Lytham St. Anne’s.
  • Total area of 54,857 sqft (5,096.2 sq m).
  • Fully let to the strong covenants of JD Sports Gyms Limited and Smyths Toys UK Limited.
  • Attractive average weighted unexpired lease term of 12.44 years (7.44 years to break).
  • Producing a total rent of £330,112 pa, equating to a low passing rent of £6.02 psf.
  • The rental levels are fully supported by new letting to JD Gyms and increase at 2021 rent review on Smyths Toys.
  • Freehold.
  • Benefits from on-site car parking for approximately 200 cars.
  • Site area of 4.3 acres (1.74 hectares).
  • The vendor is seeking offers in excess of £4,150,000 (Four Million One Hundred and Fifty Thousand Pounds) subject to contract and exclusive of VAT. Based on this level of pricing, the net initial yield reflects 7.50%, assuming standard purchasers costs.