Withdrawn
Withdrawn Prior
Sold
Sold Prior
Sold Post
The property comprises a high yielding retail investment opportunity let to Poundland and situated on a high footfall pedestrianised street.
Arranged across ground and three upper floors and comprising a double fronted retail unit to the ground floor, the majority of the property is let to Poundland on a 15 year lease expiring 19/06/2026 and paying £225,000 per annum.
The third floor is currently vacant and does not form part of the lease to Poundland.
We consider the property may have asset management potential via renewal of the existing lease or re-letting, as well as the potential to let the vacant third floor. We understand Black Sheep Coffee have recently taken a new lease on 79-85 Culver Street East, immediately opposite the property. Primark also occupy a large unit opposite.
Furthermore, there may be potential to convert the upper parts to alternative uses, including residential (subject to the existing leases and any requisite consents).
The property occupies a prime pitch fronting the pedestrianised Culver Street East, the area is characterised by a number of national retailers occupying similar, large floorplate, units, including JD Sports, Black Sheep Coffee and Primark, who are opposite the property.
Tenure
Freehold
Tenancy
Poundland Limited
Rent
Notes
We understand the property is elected for VAT. It is anticipated the sale will be treated as a Transfer of a Going Concern (TOGC).