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21-23 Friar Gate 6,323 SF Retail Building Derby DE1 1BX $1,411,271 ($223.20/SF) 8.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Opposite University College of Law & New Business.
- 8.5% Net Initial Yield after 5.75% purchaser costs.
- 7 resi units on AST's were producing £75,840 p.a. Gross.
- Tenants unaffected.
- Previously Let @ £124,540 p.a. (c£100,000 net).
- Pub on effective FRI lease to 2039 @ £47,500 p.a.
- 3 cluster rooms recently vacated, if not let vendor will underwrite rent 3x months.
EXECUTIVE SUMMARY
Highly prominent mixed use investment. Was producing £123,220 p.a. (c£100,000 after costs). Popular Irish Pub with live music tenanted to 2038 with fixed increase to £55,000 p.a. in 2029 and a further Index Linked review in 2034. + 7 residential Lets fully refurbished in 2021. Comprising 2x apartments, 4 x studios & a 4-bed HMO. Tenanted furnished on standard AST's. Ideal location for Air BnB. There are two entrances to the residential; one off Ford Street to 5 Flats, and one off Friar Gate to 2 Flats, limiting common areas for reduced maintenance costs.
PROPERTY FACTS
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Bar
Building Size
6,323 SF
Building Class
B
Year Built
1902
Price
$1,411,271
Price Per SF
$223.20
Cap Rate
8.50%
NOI
$119,958
Tenancy
Single
Building Height
1 Story
AMENITIES
- 24 Hour Access
- Bus Line
- Energy Performance Rating - D
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21-23 Friar Gate
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