Bridgewater Shopping Centre 5 Properties Offered at £21,000,000 in Erskine
INVESTMENT HIGHLIGHTS
- 65% of income is secured by Safeway Stores Ltd and Aldi Stores Ltd until 2032 and 204
- Strong tenant line, many occupying for over 30 years, offering good security of income
- 70% of floorspace is dedicated to food offering with the potential to increase subject to planning
EXECUTIVE SUMMARY
Constructed in the mid-1980s, Bridgewater Shopping Centre is the principle shopping provision for its captive catchment of 29,290. It extends to 93,274 sq ft of retail accommodation and includes 4 free standing buildings on a total site area of 12.4 acres. The largest building is a well configured modern Morrisons supermarket extending to 49,218 sq ft, offering both food and non-food sales on the entire ground floor area.
Erskine is a thriving commuter town at the western extent of the Greater Glasgow conurbation within the council area of Renfrewshire. Erskine is next to Glasgow Airport, which is located 5.3 miles to the south. Old Greenock Road connects Erskine to the M8 motorway, the Erskine Bridge and Bishopton with a further connection to the Erskine Bridge via the A726 which runs through the centre of Erskine, connecting it to Paisley.
We are instructed to seek offers in excess of £21,000,000, reflecting a low capital rate of £225 psf and a net initial yield of 8.16%, rising to 8.32% on settling Aldi rent review and 8.67% on settling the Morrison rent review.
Erskine is a thriving commuter town at the western extent of the Greater Glasgow conurbation within the council area of Renfrewshire. Erskine is next to Glasgow Airport, which is located 5.3 miles to the south. Old Greenock Road connects Erskine to the M8 motorway, the Erskine Bridge and Bishopton with a further connection to the Erskine Bridge via the A726 which runs through the centre of Erskine, connecting it to Paisley.
We are instructed to seek offers in excess of £21,000,000, reflecting a low capital rate of £225 psf and a net initial yield of 8.16%, rising to 8.32% on settling Aldi rent review and 8.67% on settling the Morrison rent review.
PROPERTY FACTS
| Price | £21,000,000 |
| Price / SF | £184.93 / SF |
| Net Initial Yield | 8.16% |
| Sale Type | Investment |
| Status | Active |
| Number of Properties | 5 |
| Individually For Sale | 0 |
| Total Building Size | 113,556 SF |
| Total Land Area | 0.92 AC |
PROPERTIES
| PROPERTY NAME / ADDRESS | PROPERTY TYPE | SIZE | YEAR BUILT | INDIVIDUAL PRICE |
|---|---|---|---|---|
| Bridgewater Pl @ Units 1-13C & 16-16B, Erskine PA8 7AA | Retail | 44,566 SF | 1978 | - |
|
Bridgewater Shopping Centre
14-16 Bridgewater Pl, Erskine PA8 7AA |
Retail | 4,244 SF | 1980 | - |
|
Erskine Library
Bridgewater Pl, Erskine PA8 7AA |
Specialty | 3,552 SF | - | - |
|
Erskine Swimming Pool
Bridgewater Pl, Erskine PA8 7AA |
Sports & Entertainment | 11,194 SF | - | - |
| 30 Bridgwater Pl, Erskine PA8 7AA | Retail | 50,000 SF | - | - |
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