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94 Newland Av 2,485 SF 100% Leased Retail Building Hull HU5 3AA $413,924 ($166.57/SF) 7.26% Cap Rate
Investment Highlights
- Retail investment let to National Covenant
- Let to William Hill — long-established national covenant in occupation for ~30 years
- Ideal SIPP investment
- Neighbouring multiples include Tesco, Sainsburys, Subway, Cooplands, Heron Foods
- Lease expiry: October 2033 (breaks in 2028 & 2031)
- No VAT applicable
Executive Summary
This freehold property comprises a prominent corner-position retail unit located on Newland Avenue, one of Hull’s strongest and most vibrant retail and hospitality pitches close to Hull University. The asset is let on a renewed 10-year FRI lease to the William Hill Organisation, an undoubted national covenant that has occupied the premises for nearly 30 years. The current rent is £22,500 per annum, with the lease expiring in October 2033 and break options in 2028 and 2031. The property is offered with no VAT and represents an attractive, stable investment opportunity producing a 7% net initial yield.
Property Facts
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Storefront
Building Size
2,485 SF
Building Class
C
Year Built
1970
Price
$413,924
Price Per SF
$166.57
Cap Rate
7.26%
NOI
$30,043
Percent Leased
100%
Building Height
2 Stories
Building FAR
1.00
Lot Size
0.06 AC
Amenities
- Corner Lot
- Security System
- Storage Space
- Smoke Detector
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Nearby Major Retailers
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94 Newland Av
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