DIY Income Portfolio

DIY Income Portfolio
Secure Long Income Portfolio of 5 Wickes Retail Warehouses

A portfolio of 5 DIY properties, 4 of which are new build/fully refurbished to Wickes trading specification.

Located in Bridgwater, Christchurch, Halifax, Midsomer Norton & Stowmarket which are all strong trading locations with favourable local demographics.

Total GIA of 155 112 sq ft (excl trading mezzanines).

Low overall site coverage of 28% providing scope to add massing (STPP).

Over 90% of the income is secured against Wickes Building Supplies Ltd, with the rest from Travis Perkins Trading Company Ltd & Halfords Autocentres Ltd which are all strong covenants & Covid resilient.

Majority let on 15 year leases from March 2017 offering an overall WAULT of c10.7 years.

Total rent of £1,620,080 per annum equating to a low average and affordable rent of £10.44 per sq ft overall.  The rents are reviewed on an upwards only basis to the open market 5 yearly – on the Wickes income the next reviews are due in March 2022.

All rental paid during lockdown.

All properties are held freehold.

Location: Christchurch, Bridgwater, Midsomer Norton, Stowmarket & Halifax
Value: Offers in excess of £25,960,000

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