Attractive town centre retail investment comprising two large supermarkets with offices above.
□ Situated in the attractive market town of Spalding adjacent to the Railway Station.
□ Let to the excellent covenants of LIDL UK GMBH (6.6 years to expiry) and B & M Retail Limited (2.25 years to expiry).
□ The foodstore units comprise a total of 2,800 sq m (30,139 sq ft) of well configured floor space.
□ No breaks.
□ Total current rent of £274,152 per annum.
□ Open market rent review on the Lidl in November 2020.
□ Car Parking for approximately 150 cars.
□ Site Area: 2.25 Acres (0.91 Hectares).
□ Asset management opportunities include letting the vacant office space, regearing the existing leases, developing the site in the medium to long term or separating and selling the units individually.
□ Offers are sought in excess of £3,450,000 (Three Million, Four Hundred and Fifty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level would reflect a net initial yield of 7.5%, and a low capital value of £106psf after allowing for purchaser’s costs of 6.50%.