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Tesco Extra Foodstore
Highfield Road, Craigavon, BT64 1AG | |
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| - The property occupies a prominent location in Central Craigavon adjacent to Marlborough Retail Park and Rushmere Shopping Centre & Retail Park.
- The property is the dominant foodstore within the catchment and is one of the largest Tesco Stores in Northern Ireland.
- Freehold.
- A purpose built food store totalling 121,102 sq ft with the benefit of 789 car park spaces.
- The property is let to Tesco Stores Ltd on a 25 year full repairing and insuring lease from 1st November 2010 (tenant break clauses at years 15 & 20).
- Current rent passing is £1,393,290.50 per annum equating to a comparatively low rate of £11.50 per sq ft.
- The lease benefits from annual unfettered Retail Price Index linked upwards only rent reviews compounded 5 yearly.
- Our client is seeking offers in excess of £22,900,000 (Twenty Two Million, Nine Hundred Thousand Pounds) reflecting an attractive net initial yield of 5.75% exclusive of VAT and assuming full purchasers costs of 5.80%. Assuming average RPI growth of 3% per annum the purchase price reflects a reversionary yield of 6.66% at next rent review in 2015.
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