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North Road Retail Park, Fort William North Rd 21,569 SF 100% Leased Retail Building Fort William PH33 6SU $4,459,459 ($206.75/SF) 9% Cap Rate
Investment Highlights
- Prime location in the Scottish Highlands with excellent catchment and a tourist hot-spot
- Argos lease renewal following 20 years of occupation
- Attractive Net Initial Yield of 8.45%
- Recent new letting and store fit out by B&M following full landlord refurbishment
- WAULT of 5.74 years term certain, 10.45 years to lease expiry
Executive Summary
Prominent multi-let Retail Park Investment.
• Prominent Retail Park in Fort William - a captive market / tourist mecca in the Scottish Highlands
• Let to two large national tenant businesses, B&M and Argos
• EV charging income from Ionity with 5 yearly ratchets and annual RPI increases in between
• Recent new letting and store fit-out by B&M, following full landlord refurbishment
• Argos lease recently renewal following 20 years of occupation
• WAULT of 5.74 years term certain and 10.45 years to expiry
• Passing Rent of £297,000 p.a. (low / attractive average rent of only £13.03 psf)
Our client is seeking offers in excess of £3,300,000 exclusive of VAT. A purchase at this level would represent an attractive Net Initial Yield of 8.45% after taking account of prevailing LBTT and standard fees.
Property Facts
Amenities
- Car Charging Station
Major Tenants Click Here to Access
- Tenant
- Industry
- SF Occupied
- Rent/SF
- Lease End
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- Retailer
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99,999 SF
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$9.99
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Jan 0000
One of the UK’s leading digital retailers, they offer more than 60,000 products online and in-store. Established in 1973, Argos is a leading UK general merchandise retailer offering more than 60,000 products through its website, apps, stores and convenient Click & Collect points inside Sainsbury’s supermarkets. Argos is a technology-led retailer; its website receives more than a billion visits a year and 70% of sales originate online. Its market-leading Fast Track delivery service is available across more than 90% of UK postcodes, seven days a week, and offers home delivery in as little as four hours up to 10pm.
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- Retailer
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99,999 SF
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$9.99
-
Jan 0000
The company began in 1978 with the first store in Blackpool, and ownership changed in 2004 when Simon and Bobby Arora acquired the business. B&M trades as a variety discount retailer, selling grocery, fast-moving consumer goods and general merchandise through out-of-town retail parks and town-centre stores, while Heron Foods extends the business into convenience retail focused on ambient, chilled and frozen food. The business operates across the UK and France and is built around a limited range of popular products sold at everyday low prices.
| Tenant | Industry | SF Occupied | Rent/SF | Lease End | ||
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Retailer | 99,999 SF | $9.99 | Jan 0000 | ||
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Retailer | 99,999 SF | $9.99 | Jan 0000 |
Nearby Major Retailers
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North Road Retail Park, Fort William | North Rd
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