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St Albans – Freehold Investment & Future Development Opportunity

Lockey House, St Peter's Street, AL1 3NA

Offers in excess of £7,172,000

Property Type:
Commercial
Sub Type:
Retail
Tenure:
Freehold
Net Initial Yield:
6%

Income

£459,000 pa

Description

Affluent Cathedral City 25 miles north west of Central London.

Prominently positioned on St Peter’s Street benefiting from a high footfall.

The property comprises three retail units with ancillary office accommodation.

Fully let to the 5A1 covenants of Nationwide, Barclays and Virgin Money.

Nationwide have just signed a new lease and will take occupation in early 2020.

WAULT of 7.5 years to expiry.

Total area of 16,731 sq ft (1,554.3 sq m) arranged over ground, basement and two upper floors.

Excellent redevelopment potential, subject to planning.

Current income £459,000 pa.

Freehold.

Situated adjacent to the regeneration of the Civic Centre and opposite the redevelopment of the former BHS store into a five storey 130 bedroom hotel

We are instructed to seek offers in excess of £7,172,000 subject to contract and exclusive of VAT.  A purchase at this level would reflect a net initial yield of 6%, allowing for standard purchaser’s costs.