Investment Properties: 11-13 Queensway, Crawley RH10 1EB
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.
- Entire building is fully let to Bonmarché Ltd - in occupation since February 1999 (now owned by Spectre Holdings Ltd).
- 5 year lease from 1 February 2019 expiring on 31 January 2024 (4.48 years unexpired).
- Tenants option to break on 1 February 2022, subject to a penalty payment of 3 months’ rent of £17,500 (2.48 years term certain).
- Current passing rent of £70,000 per annum set in February 2019, reduced from £95,000 per annum.
- Proposed plans submitted to convert the uppers parts into 4 units - 4 x 1 bed, with a total NIA of 1,311 sq ft, 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%.