On behalf of private investors, Cooper Rose Real Estate has acquired the freehold interest in a prime retail investment in Lincoln city centre for a price of £1,300,000, reflecting a net initial yield of 5.5%.
The subject property sits within a 100% prime location on the pedestrianised High Street just south of the River Witham and opposite St Benedicts Square. There are currently very few vacant shops along this part of the High Street with nearby multiple retailers including; Paperchase, Ernest Jones, Fat Face, Boots and Pandora.
The entire property is let to Next Holdings Limited on a 99 year full repairing and insuring lease from 6th March 1970 (approximately 50.5 years unexpired) at a current rent of £77,000 per annum. The lease benefits from 10 year rent reviews with the next due on 6th March 2020.
EE Limited currently occupy the premises on a 5 year underlease from 31st July 2017 (approximately 4 years unexpired) at a current rent of £104,300 per annum. The underlease is on the same terms as the original lease and has the benefit of a rent review due on 6th March 2020.
HRH Retail acted for the vendor.
Contact Giles Cooper