Prime pitch retail parade located in the centre of Welwyn Garden City.
□ Welwyn Garden City is an affluent, well-connected South East commuter town.
□ Prominent position on Howardsgate, Welwyn Garden City’s dominant high street retail pitch.
□ Excellent footfall location, with Sainsbury’s supermarket and car park to the rear, accessed via Wigmore South.
□ Nearby occupiers include Cote Brasserie, Bills, Pizza Express, Halifax, Costa and Prezzo.
□ Currently configured as 8 retail units and 4 residential apartments.
□ The retail is multi let to eight tenants including Superdrug, Zizzi’s Restaurant, Martins & Co, Cancer Research and The Salvation Army.
□ Attractive Average Weighted Unexpired Lease Term of 8.2 years to expiries and 5.9 years to breaks.
□ Total passing rent of £406,450 per annum.
□ Reversionary potential to £413,171 per annum.
□ Highly secure income with 93% rated by Creditsafe as Low Risk or Very Low Risk covenants.
□ Strong trading pitch with recent lease regears demonstrating tenant commitment to the location and only two unlet units on Howardsgate.
□ Virtual freehold – 999 year interest at a peppercorn rent.
□ Asset management opportunities to regear leases with existing occupiers, convert the office space to residential.
□ Seeking offers in excess of £5,600,000. Allowing for £1,100,000 for the residential element and Purchaser’s costs of 6.61% this reflects an attractive Net Initial Yield 7.36%.