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    Key features

    • To be offered on Tuesday 3 September
    • High Yielding Retail Investment Opportunity
    • Ground Floor Let with Vacant Upper Parts
    • Let to TJX UK Ltd (t/a TK Maxx)
    • 10 Year Lease Expiring 31/03/2033
    • Producing £135,000 per annum
    • Vacant Upper Parts Offering Asset Management Potential
    • Upper Parts ERV Approx. £50,000 per annum
    • 37,965 sq ft (3,527.03 sq m)
    • Guide Price Reflects 18% Gross Yield
    • Guide Price Reflects 24.7% Gross Yield on ERV
    • Low Capital Value of £19.75 per sq ft on Guide Price

    Description

    The property comprises a high yielding retail investment and asset management opportunity let to the undoubted covenant of TK Maxx.

    Arranged across ground and first floors, the property is part-let to TJX UK Limited (t/a TK Maxx) on a 10 year lease expiring 31/03/2033 and paying £135,000 per annum.

    The majority of the first floor is vacant, offering 14,478 sq ft of accommodation and and evident asset management opportunity. We consider the ERV of this area to be in the order of £50,000 per annum which reflects a very low £3.45 per sq ft.

    The property forms part of the pedestrianised retail heart of Scarborough and is positioned to the rear of the prime Newborough. Nearby occupiers include Marks & Spencer, Heron Foods and Matalan.

    Additional information

    Tenure

    Freehold

    Tenancy

    The ground floor and part of the first floor is let to TJX UK Limited (t/a TK Maxx) on a 10 year lease expiring 31/03/2033 and paying £135,000 per annum.


    The lease is on full repairing and insuring terms and includes an open market rent review in 2028 which is capped at 15% increase.


    There is a tenants break option in 2030 with six months notice.


    TJX UK Limited (t/a TK Maxx)


    • D&B Rating - 5A2
    • Turnover (2023) - £3.89bn
    • Pre-Tax Profit (2023) - £172m
    • Total Assets (2023) - 1.61bn


    TK Maxx is one of the UKs most recognisable retailers, with over 350 stores nationwide.

    Rent

    £135,000 per annum

    Notes

    Please note the areas provided are approximate. The photos and any drawings are for illustrative purposes only and may not reflect the exact boundary of the property. The property has not been internally inspected by Savills, prospective purchasers must rely upon their own enquiries. Savills comments regarding Estimated Rental Value are not to be relied upon by prospective purchasers. Please refer to the legal pack.

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      EPC rating

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      Guide prices and common auction conditions

      •Guide prices given are indications within 10% upwards or downwards of where the reserve price may be set at the time of going to print. Please note they are not an indication of the anticipated sale price or a valuation.

      •The reserve price is the minimum price at which the property can be sold.

      •Both the guide price and reserve price may be subject to change up to and including the day of the auction.

      •For unsold properties after an auction an Available price may be listed. This is the price that the seller(s) are looking for post auction, subject to contract and no higher offers, and has no relation to the guide prices listed prior to the auction sale.

      Please note that all prices listed, whether prior to or post auction, are subject to contract.

      The Auctioneers and sellers accept no responsibility for any loss, cost or damage that a buyer may incur as a result of relying on any guide price. It is the buyer's responsibility to decide how much they should bid for any lot. Please check with us for regular updates as guide prices are subject to change prior to the auction.

      The guide price does not include the buyer's fee charged by the auctioneer or VAT which may apply to the sale or other amounts the seller may charge. The seller's Special Conditions of Sale will state whether there are other seller's charges and whether the seller has elected to charge VAT on the sale price.

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