The Eye Portfolio 7 Retail Properties Offered at $30,922,572 in Multiple Locations

The Eye Portfolio comprises a fully let retail warehouse investment portfolio extending to 182,273 sq ft (GIA) across three established regional retail destinations in Doncaster, King's Lynn and Llandudno. The portfolio combines two freehold assets and one long leasehold asset and currently produces a total passing rent of £1,967,596 per annum.
The portfolio comprises Thorne Road Retail Park, Doncaster (freehold), St Nicholas Retail Park, King's Lynn (freehold) and the B&Q unit at Mostyn Park, Llandudno (long leasehold). The Llandudno asset is held on a leasehold interest with approximately 86 years unexpired. The freeholder is Mostyn Estates and the ground rent equates to approximately 11% of market rent.
The properties are fully occupied by a strong line-up of national retailers including Wickes, B&M, Pets at Home, Iceland, Costa and B&Q. Approximately 93% of the portfolio income is secured against A1 or A2 Dun & Bradstreet rated covenants, providing a strong occupational and covenant profile.
The portfolio has a WAULT of 5.7 years to expiry and 5.1 years to break, providing medium-term income security. The total passing rent of £1,967,596 per annum reflects an average rental level of £10.79 per sq ft.
Thorne Road Retail Park, Doncaster, comprises 83,422 sq ft and generates a passing rent of £752,095 per annum. The asset has a WAULT of 4.4 years to expiry and 4.3 years to break. At the guide price, the property reflects a capital value of £8,545,000, equating to £102 per sq ft and a net initial yield of 8.25%.
St Nicholas Retail Park, King's Lynn, extends to 59,940 sq ft and produces a passing rent of £783,962 per annum. The property has a WAULT of 7.1 years to expiry and 5.8 years to break. The pricing reflects a capital value of £9,745,000, equating to £163 per sq ft and a net initial yield of 7.54%.
The B&Q unit at Mostyn Park, Llandudno, provides 38,911 sq ft and generates a passing rent of £431,539 per annum. The leasehold interest has approximately 86 years unexpired and reflects a capital value of £4,730,000, equating to £122 per sq ft and a net initial yield of 8.50%. The asset has a WAULT of 5.0 years to expiry and break.
Offers are invited in excess of £23,020,000 for the portfolio as a whole, reflecting an overall net initial yield of 8.00% assuming purchaser's costs of 6.82% and a low average capital value of £126 per sq ft. The assets are also available individually, with separate pricing available upon request.