Investment Properties: 11-13 Queensway, Crawley RH10 1EB

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11-13 Queensway, Crawley RH10 1EB

£725,000 subject to contract - Freehold

  • Prominent location in Crawley town centre facing Queens Square which has been the subject of a multi-million pound revitalisation.
  • Prime retail pitch with nearby occupiers including Metro Bank, Costa, Starbucks, Decathlon and Wilko.
  • The building comprises approximately 4,696 sq ft / 436.32 sq m arranged over ground, first and second floors.
  • Freehold.
  • Entire building is fully let to Bonmarché Limited (in occupation since February 1999).
  • 5 year lease from 1 February 2019 expiring on 31 January 2024 (4.72 years unexpired).
  • Tenants option to break on 1 February 2022, subject to a penalty payment of 3 months’ rent of £17,500 (2.73 years term certain).
  • Current passing rent of £70,000 per annum set in February 2019 from £95,000 per annum.
  • Potential to redevelop uppers parts STPP.
  • £725,000 (Seven Hundred and Twenty Five Thousand Pounds) subject to contract, which reflects a Net Initial Yield of 9.16% after purchasers costs of 5.35%.