St. Peters Hill 2,618 sq ft 100% Let Retail Property Grantham NG31 6QF £350,000 (£133.69/sq ft) 8% Net Initial Yield

Investment Consideration:
Gross Initial Yield: 8.00%
Rental Income: £28,000 p.a.
VAT is NOT applicable to this property
Comprises two-storey retail premises t/a Savers. Tenant in occupation for 20+ years.
Situated at the junction of St Peters Hill and the High Street and forms part of the principal retail amenity of Grantham, which in turn is one of the principal towns in South Lincolnshire. Nearby occupiers include Boots, Superdrug, B&M and Clarks.
Property Description:
Comprises two-storey retail premises t/a Savers. The property benefits from rear exit and provides the following accommodation and dimensions:
Ground Floor: Open plan retail, storage, ancillary, First Floor: Office, staff rooms, kitchen, storage, wc
Total GIA: 243 sq m (2,618 sq ft)
Tenancy:
The property is at present let to Savers Health and Beauty Limited* for a term of 5 Years from 23rd June 2023 at a current rent of £28,000 p.a. and the lease contains full repairing and insuring covenants. Tenant break option in 2026 NOT exercised. Tenant benefits from 3 months rent free in exchange for not exercising the 2026 break clause. The rent-free is for the period 24.06.26 to 28.09.26. The vendor would top up rent (~£7,350) so the buyer receives the equivalent to £28,000 p.a. from sale completion Tenant in occupation for 20+ years.
*For the year end December 2023, Savers Health and Beauty Ltd reported a turnover of £754,8M, pre-tax profit of £61,2M, shareholders funds of £142,1M and a net worth of £66,5M. (Source: Experian)
Location:
Grantham is a market and industrial town in the South Kesteven district of Lincolnshire. The A1 is within a 10-minute drive to the west. Grantham rail station affords regular services to London Kings Cross with an average journey time of 1h 15m. The property sits at the junction of St Peters Hill and the High Street and forms part of the principal retail amenity of Grantham, which in turn is one of the principal towns in South Lincolnshire. Nearby occupiers include Boots, Superdrug, B&M and Clarks.