Dunelm, South Parade, Grantham NG31 6HT
High yielding retail warehouse investment – Dunelm, South Parade, Grantham.
Located under 1 mile from the town centre on South Parade, just south of the town centre & A52, the town’s main arterial road.
Large site incorporating adjoining Aldi store (held on long leasehold). The unit extends to 23,967 sq ft with 85 car spaces.
Let to Dunelm Soft Furnishings Ltd on a 25 year lease from 13 August 2001, with an outstanding rent review from August 2021.
Part of site is let on long leasehold basis to Aldi Stores Ltd until January 2116. Combined rent of £185,250 per annum – only £7.00 per sq ft on Dunelm unit.
The interest being sold is a long leasehold of the combined 3.18 acres for a term expiring 31 January 2116.
The current ground rent payable is £42,500 per annum. This is reviewable five yearly to the higher of the rent passing or 15% of Rack Rental Value.
Offers in excess of £1,550,000, subject to contact. A purchase at this level would provide an initial yield of 8.68% based on the current net rent and allowing for purchaser’s costs of 6.10%.
This is an underlying capital value of under £65 per sq ft for the Dunelm unit.
View other sales.