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- LoopNet Team
4-6 Howardsgate
Welwyn Garden City AL8 6BQ
Retail Property For Sale
PROPERTY FACTS
AMENITIES
- EPC - D
ABOUT 4-6 HOWARDSGATE , WELWYN GARDEN CITY, HRT AL8 6BQ
Description 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%.
