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7 Invention Row 16,006 sq ft 4-Star Retail Property Darlington DL2 2GZ £3,250,000 (£203.05/sq ft) 5.78% Net Initial Yield
INVESTMENT HIGHLIGHTS
- Prime roadside foodstore investment in Darlington, County Durham, located directly off Junction 58 of the A1(M).
- Total GIA extending to 16,006 sq ft. with 56 car parking spaces.
- Fully let to Marks & Spencer plc on a 20 year lease from 19th June 2018 with a tenant break option on 19th June 2033, providing an attractive 12.7 years to expiry and 7.7 years to break.
- Marks & Spencer plc hold a D&B rating of 5A2 and Equivalent Bond rating of BBB, reporting £12.9 billion turnover in 2024 alongside profit of £686 million.
- Freehold.
- Modern purpose-built foodstore constructed alongside West Park Garden Village, a significant residential development spanning 200 acres with planning to deliver 1,200 homes.
- Site area of 0.95 acres providing a low site cover of 28.43%.
- The lease is subject to five yearly OMR reviews, subject to a cap of 2.5% per annum. The next review is due in June 2028.
- Current passing rent is £200,000 per annum reflecting a low £12.50 per sq ft.
EXECUTIVE SUMMARY
Darlington is a historic market town in County Durham within the Tees Valley region of North East England. It is situated 19 miles south of Durham, 35 miles south of Newcastle upon Tyne, 18 miles west of Middlesbrough, and approximately 240 miles north of London. The town has a local population of around 110,000, supported by a strong and diverse local economy. The property is located on Invention Row, accessed directly off Junction 58 of the A1(M) allowing for immediate vehicular access north and south across the North East region.
PRIME ROADSIDE FOODSTORE INVESTMENT The property comprises a modern purpose built foodstore of steel portal frame construction, with brick and blockwork elevations with full height glazing to the front, set under a mono pitched composite roof. Internally, the property is fitted out to provide standard M&S foodstore accommodation, comprising the main retail floor and till areas, with service areas to the rear. The store is fitted with standard corporate branding. Externally the property benefits from a large level surface car park with 56 car spaces providing a ratio of 1:286 sq ft.
Modern purpose-built foodstore constructed alongside West Park Garden Village, a significant residential development spanning 200 acres with planning to deliver 1,200 homes.
Total GIA extending to 16,006 sq ft. with 56 car parking spaces.
Fully let to Marks & Spencer plc on a 20 year lease from 19th June 2018 with a tenant break option on 19th June 2033, providing an attractive 12.7 years to expiry and 7.7 years to break.
The lease is subject to five yearly OMR reviews, subject to a cap of 2.5% per annum. The next review is due in June 2028.
The property is fully let to Marks and Spencer plc on a 20 year lease from 19th June 2018 with a tenant break option on 19th June 2033, providing an attractive 12.7 years to expiry and 7.7 years to break. The lease is subject to five yearly OMR reviews, subject to a cap of 2.5% per annum. The next review is due in June 2028. Further information available on request.
PRIME ROADSIDE FOODSTORE INVESTMENT The property comprises a modern purpose built foodstore of steel portal frame construction, with brick and blockwork elevations with full height glazing to the front, set under a mono pitched composite roof. Internally, the property is fitted out to provide standard M&S foodstore accommodation, comprising the main retail floor and till areas, with service areas to the rear. The store is fitted with standard corporate branding. Externally the property benefits from a large level surface car park with 56 car spaces providing a ratio of 1:286 sq ft.
Modern purpose-built foodstore constructed alongside West Park Garden Village, a significant residential development spanning 200 acres with planning to deliver 1,200 homes.
Total GIA extending to 16,006 sq ft. with 56 car parking spaces.
Fully let to Marks & Spencer plc on a 20 year lease from 19th June 2018 with a tenant break option on 19th June 2033, providing an attractive 12.7 years to expiry and 7.7 years to break.
The lease is subject to five yearly OMR reviews, subject to a cap of 2.5% per annum. The next review is due in June 2028.
The property is fully let to Marks and Spencer plc on a 20 year lease from 19th June 2018 with a tenant break option on 19th June 2033, providing an attractive 12.7 years to expiry and 7.7 years to break. The lease is subject to five yearly OMR reviews, subject to a cap of 2.5% per annum. The next review is due in June 2028. Further information available on request.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Standalone
Property Size
16,006 sq ft
Costar Property Class
B
LoopNet Rating
4 Star
Year Built
2018
Price
£3,250,000
Price per sq ft
£203.05
Yield
5.78%
NOI
£187,850
Tenancy
Single
Number of Floors
1
Plot ratio
0.39
Total Plot Size
0.95 ac
Parking
56 Spaces (3.5 Spaces per 1,000 sq ft Leased)
MAJOR TENANTS
- TENANT
- INDUSTRY
- sq ft OCCUPIED
- RENT/sq ft
- LEASE END
-
- -
- 16,006 sq ft
- -
- -
M&S is a leading British retailer bringing exceptional quality, great value food, clothing and homeware to millions of customers around the world. Their food is known for its quality, freshness and innovation credentials. They offer British style and fashion for Women, Men, Children and Home accessories. and are committed to delivering sustainable value and enhancing lives everyday through high quality clothing and homeware products.
| TENANT | INDUSTRY | sq ft OCCUPIED | RENT/sq ft | LEASE END | ||
|
|
- | 16,006 sq ft | - | - |
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