The Range, 1 Gunners Way, Fort Brockhurst, Gosport, Hampshire PO12 4DS

Gosport, PO12 4DS

Sold

Price £5,000,000

Rent (pa) £325,000

Yield 6.1%

Investment Summary

Highly reversionary retail warehouse investment opportunity
Prominent roadside location to the north west of Gosport
Single storey retail warehouse with substantial customer car park
Tenant improvements provide a garden centre and goods delivery area
The property extends to 49,794 sq ft on a large site of 2.8 acres (40% site cover)
Let to The Southern Co-operative Limited
Sub-let to CDS (Superstores International) Limited t/a The Range
35-year FRI lease commencing 24th June 1994, expiring 23rd June 2029
8.1 years unexpired without break
Reversionary passing rent of £325,000 per annum (£6.53 psf)
Upwards only five yearly rent reviews to market rent, the next being in June 2024 (3 years)
Estimated rental value of £398,352 per annum (£8.00 psf)
Pandemic resistant income with tenant trading through lockdown
The site provides long term asset management potential for change of use back to industrial (subject to planning consent)
Freehold
Offers sought in excess of £5,000,000 (STC)
Net initial yield of 6.10%
Reversionary yield of 7.47%
Low capital value of £100 psf