Foodstore Anchored Retail Park Investment

Prime foodstore anchored retail park in the affluent market town of Barnstaple. Large and affluent consumer base of 221,000 with per capita spending levels above the national average. Much of the potential spend within the catchment is retained due to a lack of competing centres within the one hour drive time. The property is easily accessible from the A39 Atlantic Highway, opposite a 63,000 sq ft Sainsbury’s foodstore, approximately 2 miles southwest of Barnstaple town centre. 73,579 sq ft scheme comprising 5 retail warehouse units plus a standalone drive thru and standalone drive to unit, adjacent to a 470 space car park (attractive ratio of 1:157). Strong tenant line-up of national brands providing a convenience and lifestyle led mix, which will appeal to the local catchment. Aldi foodstore anchor with RPI linked reviews. Total net operating income of £1,064,184 p.a. Low average rent of only £13.26 psf on the retail element. Long WAULT of approximately 8.40 years to expiry (7.28 years to break). Freehold site of approximately 7.19 acres site with strong alternative use value. 90% of the income is let to the highest rated Dun & Bradstreet covenants of 5A1 and 5A2 representing ‘below average risk of business failure.’ Previously restricted planning consent now varied to enable broader range of uses.