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Vantage Point Strawgate Ln 1,800 sq ft Retail Property Darlington DL3 0PZ £1,315,000 (£730.56/sq ft) 5.75% Net Initial Yield
INVESTMENT HIGHLIGHTS
- Signage
- Dedicated EV charging spaces
- Car parking
EXECUTIVE SUMMARY
Prime new build drive thru investment. Seeking offers in excess of £1,315,000. Net initial yield 5.75%. Revisionary yield 7/17%.
Darlington is a well-established North East market town with strong road and rail connectivity. New build drive thru unit of 1,800 sq ft
Let to 23.5 Degrees Limited aka Starbucks (T/O: £93m, PBT: £2.8m, NA: £5.8m). Guaranteed by 23.5 Degrees Topco Limited (T/O: £93m, PBT: £4.1m, NA: £11.9m) FRI lease for a term of 20 years wef 10th May 2024, expiring 9th May 2044 (19 years unexpired). Initial rent of £80,000 per annum (£44 psf). Rent subject five yearly upwards only rent reviews in line with OMRV (next review 10th May 2029) Estimated rental value of £100,000 per annum (£55 psf). The tenant has the option to determine the lease on 10th May 2039 (14 years unexpired)
Freehold
Darlington is a well-established North East market town with strong road and rail connectivity. New build drive thru unit of 1,800 sq ft
Let to 23.5 Degrees Limited aka Starbucks (T/O: £93m, PBT: £2.8m, NA: £5.8m). Guaranteed by 23.5 Degrees Topco Limited (T/O: £93m, PBT: £4.1m, NA: £11.9m) FRI lease for a term of 20 years wef 10th May 2024, expiring 9th May 2044 (19 years unexpired). Initial rent of £80,000 per annum (£44 psf). Rent subject five yearly upwards only rent reviews in line with OMRV (next review 10th May 2029) Estimated rental value of £100,000 per annum (£55 psf). The tenant has the option to determine the lease on 10th May 2039 (14 years unexpired)
Freehold
PROPERTY FACTS Sale Pending
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Size
1,800 sq ft
Costar Property Class
C
Year Built
2024
Price
£1,315,000
Price per sq ft
£730.56
Yield
5.75%
NOI
£75,613
Tenancy
Single
Number of Floors
1
Plot ratio
0.14
Total Plot Size
0.30 ac
Parking
26 Spaces (14.44 Spaces per 1,000 sq ft Leased)
AMENITIES
- Security System
- Signage
- Car Charging Station
NEARBY MAJOR RETAILERS
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Vantage Point | Strawgate Ln
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