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|