Forward commitment to purchase a newly built supermarket and retail warehouse scheme in Barnard Castle, County Durham.
Large site of 3.16 acres
Two detached units totalling 35,828 sq ft, split between a 20,828 sq ft Lidl foodstore and a 15,000 sq ft solus retail warehouse
Total passing rent of £450,764 per annum (£12.58 psf)
Let to Lidl UK GMBH (Company Number: FC017929) and TJ Morris Limited (company number: 01505036) on 20-year and 15-year FRI leases respectively, with the Lidl lease subject to a tenant break in the 15th anniversary.
Lidl lease agreed at £270,764 per annum (£13 psf) and reviewed 5-yearly in line with RPI (1%-3% collar and cap).
Home Bargains lease agreed at £180,000 per annum (£12 psf) is reviewed 5-yearly to the lower of open market rental value or 2% compounded annual increases.
Combined AWULT to expiry of 18.7 years (15 years to break)
