Dunelm Mill Holyrood Dr 30,181 SF Retail Building Scunthorpe DN15 8NN £2,018,000 (£66.86/SF) 8.50% Net Initial Yield
INVESTMENT HIGHLIGHTS
- Well secured retail warehouse investment located in Scunthorpe, North Lincolnshire
- Excellent location forming part of Scunthorpe Retail Park, the single largest retail park in the town with occupiers including The Range, Home Bargain
- “Rightsized” store of 30,181 sqft GIA
- Secured to the undoubted covenant of Dunelm (Soft Furnishings) Limited
- Dunelm have occupied the unit for 24 years with a strong trading profile
- Long leasehold 2 acre site providing an unexpired term of 85 years
EXECUTIVE SUMMARY
Mason Partners are instructed to invite offers in excess of £2,018,000 (Two Million & Eighteen Thousand Pounds) subject to contract and exclusive of VAT. This reflects a low capital value per sq ft of £66, an attractive net initial yield of 8.5% and a reversionary yield of 13.36%, assuming purchaser’s costs at 6.28%.
The property comprises a modern retail warehouse built in 1985, occupying a large self-contained site extending to approximately 2 acres. The building is of dual bay steel portal frame construction with both brickwork and composite panels to the elevations.
The unit provides a large regular open-plan retail sales area, a café and customer WCs, with rear staff facilities and storage incorporating a tenants mezzanine floor. Externally, customer parking is provided for 56 vehicles, reflecting a ratio of 1:538 sqft together with a large secure separately accessed service yard providing additional staff parking.
The property comprises a modern retail warehouse built in 1985, occupying a large self-contained site extending to approximately 2 acres. The building is of dual bay steel portal frame construction with both brickwork and composite panels to the elevations.
The unit provides a large regular open-plan retail sales area, a café and customer WCs, with rear staff facilities and storage incorporating a tenants mezzanine floor. Externally, customer parking is provided for 56 vehicles, reflecting a ratio of 1:538 sqft together with a large secure separately accessed service yard providing additional staff parking.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Freestanding
Building Size
30,181 SF
Building Class
C
Year Built
1975
Price
£2,018,000
Price Per SF
£66.86
Net Initial Yield
8.50%
NOI
£171,530
Tenancy
Single
Number of Floors
1
Building FAR
0.24
Lot Size
2.87 AC
Parking
79 Spaces (2.62 Spaces per 1,000 SF Leased)
Frontage
220 ft on Holyrood Drive
AMENITIES
- 24 Hour Access
- Signage
1 of 1
NEARBY MAJOR RETAILERS
