Co-Operative Supermarket & Gym Investment
Located within Selsey, attractive seaside town south of Chichester
Situated fronting Selsey High Street in a densely populated residential area
11,875 sq ft on a site of 1.70 acres
Two units together with 114 car parking spaces
Long leasehold - 250 years from 29th September 1999, expiring 28th September 2249 at a peppercorn
Unit 1 - 9,002 sq ft let to the Co-Operative Group Food Limited
15 year lease from 1st February 2016, expiring 31st January 2031
Initial rent of £200,000 per annum subject to 5 yearly CPI reviews (collar 1%/cap 4%)
Next review 2021 with a current ERV of £228,973 per annum (assumed 3% increase from July 2018 CPI at 105.8)
Unit 2 - 2,873 sq ft let to Dream Fitness Limited
10 year lease from 17th September 2018
Initial rent of £20,000 per annum to be topped up by vendor to the headline rent of £30,000 per annum
Total rental income of £230,000 per annum
Estimated rental value of £259,973 per annum
Offers in excess of £3,455,000 (STC)
Attractive Net Initial Yield of 6.25% and a Reversionary Yield of 7.04%
