Sussex Place, Queens Drive, Swindon SN3 3BJ

Swindon, SN3

Sold

Price £1,750,000

Rent (pa) £110,000

Yield 5.92%

Investment Summary

Busy retail parade anchored by Co-operative convenience store
Long income investment, c. 20 years remaining to anchor tenant Kenmare Estates Limited
Overall AWULT of 15.2 years
Situated on the busy Queens Drive which sees 19,500 vehicles daily (according to the DFT)
Densely populated residential area, with 4 large schools nearby and New College Swindon a minute’s walk away
Complementary national retailers make up the rest of the parade including Subway, Barnardo’s and Rowlands Pharmacy.
Unit 5 is sold on a long leasehold basis to Swindon Borough Council, and is used as a community shop
Large site of 0.72 acres (0.29 ha) providing ample parking for 36 vehicles and a large service yard to the rear
A total area of 9,150 sqft across 5 units
Kenmare Estates Limited, trading as Mid-Counties Co-operative, have 20.1 years remaining on an 25 year FRI lease
Significant reversionary potential in the c-store, with current rent of £56,000 per annum (£14.00 psf) and an ERV of £70,000 per annum (£17.50 psf)
Total rental income of £110,000 per annum, representing a low rate of £12/sq ft
Freehold
Offers in excess of £1,750,000
Representing a net initial yield of 5.92%
Estimated reversionary yield of 6.80%