|Property Reference Number||10010316394|
The subject property was completed in 2004 and comprises four retail warehouse units totalling 13,607 sq m (146,454 sq ft) arranged in a linear terrace with servicing to the rear and dedicated customer parking to the front. The scheme is anchored by a 10,219 sq m (110,000 sq ft) B&Q Warehouse, together with a garden centre and bulk store of approximately 4,756 sq m (51,199 sq ft). The other retail units are occupied by Pets At Home and Poundstretcher, plus a vacant unit providing a total of 3,387 sq m (36,454 sq ft). The occupier for the vacant unit is holding over.
The units are of steel portal frame construction with a clear internal eaves height of 7.3m (23.96 ft) with concrete slab flooring and part brick and part profile cladding to the elevations. The units are built to a specification capable of accepting a mezzanine level.
There is a parking area to the north of the site with circa 556 car parking spaces. This represents a car parking ratio of 1:263 sq ft. There is serviced access for the south of the property from Highfield Road.
The site is generally regular in shape and extends to approximately 4.44 hectare (10.97 acres), representing a low site coverage of approximately 35%.
- High yielding, long let, retail warehouse park
- Blackburn has a resident population of 148,800
- Freehold investment opportunity
- The site benefits from a wide bulky planning consent
- The property, completed in 2004, extends to approximately 146,462 sq ft (increasing to 166,462 sq ft including bulk store) and benefits from a low site coverage of 35%
- Let to three national occupiers including B&Q, Pets at Home and Poundstretcher, with a total passing rent of £1,776,875 per annum (£12.13 per sq ft) from 8th August 2019. Rising to circa £1,866,875 per annum on the re-letting of the Carpetright unit
- The average weighted unexpired term is 9.2 years on the let units.
- 84% of income is secured against B&Q, for a further 9.6 years
- A guide price of £15,120,000, exclusive of VAT which reflects a capital value of £91 per sq ft on total built area
- Net Initial Yield of 11%, assuming standard purchaser’s costs and the Carpetright is non income producing rising to 11.5% on re-letting