Starbucks, Vantage Point, Faverdale, Darlington DL3 0PE

Darlington, DL3 0PE

Sold

Price £1,315,000

Rent (pa) £80,000

Yield 5.75%

Investment Summary

Prime new build drive thru investment
Darlington is a well-established North East market town with strong road and rail connectivity
Located approximately 3 miles from the A1(M) and2 miles north west of Darlington town centre
Prominent roadside position along Faverdale, which provides access to the wider industrial estate
Directly adjacent to Lidl and Home Bargains
New build drive thru unit of 1,800 sq ft
Let to 23.5 Degrees Limited (T/O: £93m, PBT: £2.8m, NA: £5.8m)
Guaranteed by 23.5 Degrees Topco Limited (T/O: £93m, PBT: £4.1m, NA: £11.9m)
FRI lease for a term of 20 years wef 10th May 2024, expiring 9th May 2044 (19 years unexpired)
Initial rent of £80,000 per annum (£44 psf)
Rent subject five yearly upwards only rent reviews in line with OMRV (next review 10th May 2029)
Estimated rental value of £100,000 per annum (£55 psf)
The tenant has the option to determine the lease on 10th May 2039 (14 years unexpired)
Freehold