HIGH YIELDING MULTI LET RETAIL INVESTMENT - REVERSIONARY WITH REDEVELOPMENT POTENTIAL

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Well located and popular retail parade investment comprising five shops with development potential of upper floors with an attractive income of £36,270 per annum exclusive.

INVESTMENT SUMMARY

• 5 retail units with upper floors
• Popular location with excellent public transport links
• Public car park to the rear
• Good tenant mix
• Producing an income of £36,720 pax
• Guide price of £300,000
• Reflecting an attractive gross yield of 12.24%
• Potential to increase rents
• ERV of circa £43,000 pax reflecting a reversionary yield of 14.33%

LOCATION
The property is located on Maltby High Street which is a popular neighbourhood retail location, with plenty of passing footfall trade, as well as benefitting from an excellent roadside position fronting the A631 High Street. Public transport links are good, with a bus stop directly outside the property providing easy access.

The property sits in a prominent location at the entrance to the areas main car park which provides useful free parking for visitors.

Notable occupiers in the area include J.D Wetherspoon, Tesco Superstore, Weldricks Pharmacy, The Original Factory Shop and Mark Jarvis Bookmakers.

DESCRIPTION
Five self contained shops producing a rental income of £36,270 pax per annum.

The shops provide good quality ground and first floor accommodation and the investment benefits from an excellent tenant mix, with a pet food supplies, takeaway business, card and gift shop as well as a café.

There are a range of outbuildings to the rear as and the shops also benefit rear access and security roller shutters.

We consider the property to have potential for a conversion of the upper floors to residential under permitted development (subject to planning permission) and subject to a reorganisation of some of the lease agreements.

92 High Street is currently vacant but is to be sold with a 6 month rent guarantee at £9,000 per annum exclusive. This provides the purchaser with a unique opportunity to secure their own tenant without losing rental income, or redevelop the upper floor areas to residential.

ACCOMMODATION
The property benefits from the following net internal floor areas (as per the VOA)

86 High Street: 2,011 Sq Ft
88 High Street: 736 Sq Ft
90 High Street: 202 Sq Ft
92 High Street: 722 Sq Ft
94 High Street: 966 Sq Ft

Total: 4,637 Sq Ft (NIA)

TENANCY INFORMATION

• 86 High Street - Originally let to The Animal Ark Pet Store Limited t/a Paw Prints 10 year lease from 29/10/2017 at £7,020 pax - Pet Shop (the lease has a personal guarantor)
• 88 High Street - Let to Takeaway on a 5 year lease from 01/05.2021 at £9,000 pax - Takeaway Premises
• 90 High Street - Let to Nana Flo's Cafe on a 1 year lease at £5,700 pax - Cafe Premises
• 92 High Street - Let on a 6 month rental guarantee at £9,000 pax
• 94 High Street - Let to Card/Gift shop on a 1 year lease at £6,000 pax

Total passing rent £36,720 per annum exclusive, we consider the ERV to be circa £43,000 pax.

*Please note The Animal Ark Pet Store Limited company has dissolved but the lease is personally guaranteed.

All tenants contribute to buildings insurance.

Please note there is an outstanding rent review on 86 High Street dated 29 September 2021.

A copy of the leases is in the data room.

REDEVELOPMENT POTENTIAL
We consider the property to have upper floor redevelopment potential under PD rights, subject to obtaining the necessary planning permission.

VIEWINGS
Please contact the agent

EPCS
Please see data room for copies of EPCs.