Property overview

Little Lobsters, Unit 3, The Crystal Centre, Platts Road, Stourbridge DY8 4YR

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£315,000
Feb 2024

High yielding retail/leisure investment.  Part of a highly prominent retail scheme at the junction of Platts Road and the busy A491 Audnam High Street, one of the main arterial routes into Stourbridge.

 

The first floor unit extends 4,415 sq ft.  There is a 42 space car park serving the scheme.

 

The unit is let to Little Lobsters Play Centre Ltd on a 9 year lease from 28 March 2022.  The tenant has an option to break at the expiry of Year 6 with a notice period of 6 months.

 

The current passing rent is £32,500 per annum (£7.36 per sq ft). There is an open market review on 28 March 2028.

 

One future possible asset management opportunity for the freeholder of the site would be to investigate the possibilities of EV charging in the car park.

 

We are instructed to seek offers in excess of £315,000 which reflects an attractive net initial yield of 10.00%, after purchaser’s costs of 3.58%.

 

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