For SaleFreehold Retail Investment

82, High Street, Scunthorpe, North Lincolnshire, DN15 6SA

Description

The property provides a self-contained retail unit arranged over ground, first and second floor levels, providing ground floor retail areas, with ancillary staff and storage accommodation on the upper floors.

EPC Rating: D80

LOCATION

Scunthorpe has a population of circa 76,000 and is located approximately 30 miles south west of Hull and 21 miles east of Doncaster.

The town is located at the junction of the A1077 and the A159, 5 miles north of the M180, which links to the M18 at J5, 16 miles to the west of the Town Centre.

The property is situated in a prime location on the High Street, the town’s principal retailing thoroughfare.

The property sits adjacent to Primark, with other nearby occupiers including Sports Direct, Topman, Ernest Jones Jewellers, Superdrug, WH Smith, New Look, B&M Bargains and Poundland.

COVENANT

The Betfred Group Limited operate from nearly 1,700 shops in the UK and generated a turnover for the year ending 24/09/2017 of £634,474,000.

The company have a Creditsafe rating of 79/100.

TENANCY

The property is let to Betfred on a lease expiring on the 10th January 2021.

The current passing rent is £45,000 per annum.

The lease is drawn on Full Repairing and Insuring terms.

PROPOSAL

Offers in excess of £400,000 are invited for the Freehold interest in the property. 

A purchase at this price reflects a Net Initial Yield after standard acquisition costs of 10.80%.

VAT may be payable in addition to the purchase price.

However the Vendors will consider a sale of the property by way of a TOGC. 

LEGAL COSTS

Each party is to be responsible for their own legal costs incurred in documenting the transaction.