Withdrawn
Withdrawn Prior
Sold
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Sold Post
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.
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)
TK Maxx is one of the UKs most recognisable retailers, with over 350 stores nationwide.
Rent
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.