11-13 Queensway, Crawley RH10 1EB
England, • Retail • £725,000
About this listing
• Prominent location in Crawley town centre facing Queens Square which has been the subject of a multi-million pound revitalisation. • Prime retail pitch with nearby occupiers including Metro Bank, Costa, Starbucks, Decathlon and Wilko. • The building comprises approximately 4,696 sq ft / 436.32 sq m arranged over ground, first and second floors. • Freehold. • Entire building is fully let to Bonmarché Ltd – in occupation since February 1999 (now owned by Spectre Holdings Ltd). • 5 year lease from 1 February 2019 expiring on 31 January 2024 (4.48 years unexpired). • Tenants option to break on 1 February 2022, subject to a penalty payment of 3 months’ rent of £17,500 (2.48 years term certain). • Current passing rent of £70,000 per annum set in February 2019, reduced from £95,000 per annum. • Proposed plans submitted to convert the uppers parts into 4 units - 4 x 1 bed, with a total NIA of 1,311 sq ft, STPP. • £725,000 (Seven Hundred and Twenty Five Thousand Pounds) subject to contract, which reflects a Net Initial Yield of 9.16% after purchasers costs of 5.35%.
NIY (on NOI)