two freehold open non-food retail warehouse investments
two freehold open non-food retail warehouse investments
two freehold open non-food retail warehouse investments
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2<br />
Property<br />
Newton Abbott<br />
Kingsteignton Retail Park<br />
Plymouth<br />
Matalan i<br />
Total<br />
Area<br />
(sq ft)<br />
42,000<br />
48,221<br />
90,221<br />
Rent<br />
(p.a.)<br />
£621,500<br />
£772,000<br />
£1,393,500<br />
Rent<br />
(p.s.f.)<br />
£14.80<br />
£15.50<br />
i Yield profile assumes 2006 rent reviews settled at our opinion of ERV.<br />
ERV<br />
(p.a.)<br />
£652,000<br />
£772,000<br />
£1,424,000<br />
PORTFOLIO SUMMARY<br />
ERV<br />
(p.s.f.)<br />
£15.52<br />
£15.50<br />
Price<br />
£12.95m<br />
£15.37m<br />
£28.32m<br />
Initial<br />
Yield<br />
4.56%<br />
4.75%<br />
4.65%<br />
Equivalent<br />
Yield<br />
4.75%<br />
4.75%<br />
4.75%<br />
Reversionary<br />
Yield<br />
4.76%<br />
4.75%<br />
4.76%<br />
91% of <strong>retail</strong> floor space has an <strong>open</strong> A1 (<strong>non</strong> <strong>food</strong>) consent<br />
Weighted average unexpired lease term of 18.15 years<br />
Low average <strong>retail</strong> rent of £15.17 per sq ft<br />
Average <strong>retail</strong> ERV of £15.51 per sq ft<br />
Portfolio capital value of £313.90 per sq ft<br />
Predominantly let to Matalan, Brantano and Halfords<br />
Both schemes situated close to Tesco <strong>food</strong> superstores<br />
Newton Abbot Plymouth
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