2 Cumbergate 1,005 sq ft Retail Property Peterborough PE1 1YR £375,000 (£373.13/sq ft) 8.75% Net Initial Yield

LOCATION
Peterborough is a cathedral city in Cambridgeshire in East Anglia with a population of 192,000 and is located 74 miles north of London, 34 miles northwest of Cambridge, and 41 miles east of Leicester. The city has excellent road communications, being located just off Junction 17 of the A1, and Peterborough train station is a principal stop on the East Coast mainline with a journey time to London Kings Cross of 45-50 mins.
SITUATION
Cumbergate is a pedestrianised street in the heart of the city centre which links Queensgate shopping centre with St Johns Square and Cathedral Square. It is adjacent to one of the entrances to Queensgate shopping centre and occupiers located nearby include Henry Smith & Hamylton Opticians, Tap & Tandoor, Turtle Bay, McDonald's, etc.
DESCRIPTION
The property comprises a ground floor retail unit with first floor storage/staff accommodation and is of modern construction with a new pitched, tiled slate roof.
TENURE
The property is held FREEHOLD subject to the existing occupational lease.
OCCUPATIONAL LEASE
The property is let to HASH Clothing Ltd by way of a 10 year full repairing and insuring lease from 6th November 2018 at a passing rental of £34,400 per annum with there being no further rent review until expiry on 5th November 2028.
TENANT INFORMATION
The tenant trades as NIRO and they have occupied the property since 1986. NIRO are a quality and upmarket menswear retailer who offer brands such as Giorgio Armani, Hugo Boss, Versace, D&G, Stone Island, Fred Perry, Carhartt, Scotch & Soda, and they have an extensive following throughout the Midlands and East Anglia together with an excellent online presence. The company’s latest accounts up to 31st July 2024 show a healthy cash at bank and in hand sum together with significant shareholders’ funds.
EPC
The property has an EPC rating of C.
VAT
The property is not registered for VAT.
PROPOSAL
We are instructed to seek £375,000 (three hundred and seventy-five thousand pounds). A purchase at this level will reflect a net initial yield of 8.75% after purchaser’s costs.