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Tesco, Subway & 4 Residential Apartments, Wyke Regis, Weymouth, Dorset DT4

MODERN FREEHOLD CONVENIENCE STORE RETAIL & RESIDENTIAL INVESTMENT
For sale
  • Modern Convenience Store Retail & Residential Investment.
  • Wyke Regis is a village on the south coast only 2 miles south west of Weymouth.
  • The property is in a highly prominent position on Portland Road which runs through the middle of Wyke Regis.
  • The property was newly developed in 2018 and is far superior quality compared to local competition.
  • Comprises a convenience store and a retail unit with residential above totalling 7,520 sq ft plus 18 car parking spaces.
  • Freehold site of 0.4 acres.
  • The total current passing rent from the property is £133,600 pa.
    • WAULT to expiry of 16.77 years (11.17 years term certain) on the commercial element.
    • The total commercial income is £100,000 per annum (85% to Tesco Stores Limited & 15% to Subway Realty Limited).
    • The Tesco lease benefits from 5 yearly rent reviews linked to RPI (Collar & Cap 0%-3% pa).
    • 4 residential flats comprising 2 x 1 bedroom and 2 x 2 bedrooms totalling 2,396 sq ft which are let on AST’s producing £33,600 pa.
  • The vendor is seeking offers in excess of £2,500,000 (Two million, five hundred thousand pounds), subject to contract.
  • A purchase at this level with the following apportionments reflects;
    • £1,850,000 for the commercial element equating to a blended Net Initial Yield of 5.09% (based on 5.0% Net Initial Yield for Tesco and 6.0% for Subway), and;
    • £650,000 for the residential element equating to £162,500 per flat.
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