Neighbourhood Shopping Centre anchored by Tesco in affluent Newcastle suburb

INVESTMENT SUMMARY

• Rare opportunity to acquire a popular freehold neighbourhood shopping centre

• Anchored by Tesco Stores Limited

• Tesco have recently renewed on a new15 year lease at a rent of £87,500 per annum (£11.45 psf) showing strong commitment to the location

• Established multi let shopping centre generating a total income of £341,010 per annum with an ERV of £421,675 per annum (£35.00 psf Zone A)

• The property shows a strong WAULT of 7.54 years to lease expiry and 3.64 years to breaks

• 40% of income from four national multiples; Tesco, Boots, Dignity and William Hill

• Located in Whitley Bay; a densely populated and affluent coastal town in North Tyneside

• Whitley Bay has a population of approximately 36,000 with a wider population of 200,000 across North Tyneside

• Very close to three popular first schools within sought after residential location of Whitley Lodge

• Freehold

We are instructed to seek offers in excess of £3,550,000 (Three Million, Five Hundred & Fifty Five thousand Pounds) (exclusive of VAT) for our clients freehold interest reflecting a net initial yield of 9.02%, assuming purchasers costs of 6.50%. A sale at this level reflects a reversionary yield of 11.15% based on an ERV of £421,675 per annum.