Prime Rebased Refurbished Flagship Freehold Retail Investment For Sale
- Southampton is one of the principal commercial shopping centres on the South Coast, with a primary catchment population of 531,000.
- Top 20 UK retail centre (Promis- 2023).
- 63% of shoppers are in the top 3 highest spending acorn categories (2022 UK&I Exit Surveys. Catchment Dashboard Expectations 2022).
- Prime retailing position on the west side of the pedestrianised Above Bar Street, close to the main entrance to the West Quay Shopping Centre.
- Well configured refurbished retail unit extending to 17,184 sq ft (1,596 sqm).
- Let to the undoubted covenant of JD Sports Fashion Plc who have recently reported record results.
- New lease granted to JD Sports Fashion Plc in November 2022,following a relocation from a smaller unit on Above Bar Street.
- Rebased current passing rent of £320,000 pa reflecting a 42% reduction on the previous passing rent.
- Unexpired lease term of c.9.5 years.
- Significantly lower occupational costs compared to West Quay.
Our clients are seeking offers for the Freehold interest in excess of £4,500,000 (Four Million Five Hundred Thousand Pounds), subject to contract and exclusive of VAT, which reflects a net initial yield of 6.67%, after the deduction of standard purchaser’s costs of 6.57%.