Properties » Priors Green Local Centre Retail Investment

Priors Green Local Centre Retail Investment

7,975 sq.ft

Investment Considerations

Well established national supermarket anchored local centre parade with six standard retail units comprising 7,975 sq.ft

Fully let to a blend of national and local tenants

Rental income £136,924 per annum

Single storey on large freehold plot of 1.1 acres with 50 parking spaces and rear servicing access

Trading nearly 5 years since development completed

Development set within fast growing Takeley ward close to Stansted airport

Serving core area catchment population of 4,919

Imminent rent reviews in 2018/2019

Modest rent on standard retail units and low base of £13.20 per sq.ft on anchor unit

We are instructed to seek offers in the reion of £1,785,000 (One Million Seven Hundres and Eighty Five Thousand pounds) for the frewhold interest subject to contract and exclusive of VAT for our client’s freehold interest.

Location

Takeley is a substantial population centre situated between Bishop’s Stortford and Great Dunmow just over a mile from London Stansted airport on the edge of Hertfordshire and within the affluent Takeley ward with a population of 4,919. There are excellent road communications with easy access to the M11 junction 8/8A only 3 miles away as well as London and the M25 (20 mins)

London Stansted is a major economic boost for the area employing 11,600 staff on site and is the UK’s fourth busiest airport with 16 million passengers a year. Rail to central London via the London Stansted Express is 45 minutes. Takeley is scheduled for further growth with considerable ongoing residential development

Situation

Priors Green Local Centre is situated at the heart of the residential expansion of Takeley that has occurred over the past 10 years. The property sits just off Bennet Canfield close to its junction with the B1256 Stortford Road in the centre of Takeley alongside Takeley Primary School and Community Centre.

The Takeley residential expansion comprises a well established development of high quality housing by of approximately 815 new homes now completed with a substantial extension to the Priors Green area of new homes to the north east earmarked in the local plan for the coming few years.

Description

The property comprises of seven retail units totalling 7,975 sq ft (740.88 sq m). Unit 1 is let to One Stop Stores as anchor tenant and the other six units are let to a blend of national regional and local retailers.

Completed in July 2013 Priors Green Local Centre is a new purpose built single storey local centre with 50 parking spaces.

Tenure

The property is held freehold. The approximate extent of the Title is outlined red on the OS plan opposite

Covenant Information

The property is let  to a mixture of both national and local retail covenants as detailed in the above schedule of areas and tenancies.

Service Charge

Priors Green local centre is subject to a service charge currently running at approximately £1.50 per sq ft.

VAT

The property has been elected for VAT.

 

Viewings
Further information and viewings strictly by appointment only via the sole letting agent Punch Retail & Leisure.

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What our clients say

It was your advice and market knowledge that gave me the confidence to proceed to invest substantial cash funds in refurbishing and extending this secondary end of the scheme. The implausable can happen when Punch Retail & Leisure is around – thank you for all your help.

Allan Taylor – Property Company Landlord