INVESTMENT, Unit J Richmondshire Walk, Catterick DL9 3EN

The Retail Park is situated approximately 3 miles to the South of Richmond Town Centre and 16 miles West of Northallerton and easily accessed off the A1(M). Catterick Garrison remains one of the largest Army Garrison with a resident population of approx. 17,000 persons. Situated on Richmondshire Walk an established retail parade anchored by a Tesco Super Store and PFS. Existing occupiers include CEX, McDonalds, Greggs, William Hill and with B&M adjacent.


In addition, the park is located opposite the Princes Gate Retail scheme which provides additional shopping including Cotswolds, Next, Poundland, Iceland and Sports Direct. A leisure mix includes a 7 screen Empire Cinema, Costa Coffee, Barnardo’s and Subway units.

There is a large, surfaced car park to the front of the unit within the estate offering approx. 164 spaces shared with other occupiers. Tesco have an additional 430 Spaces adjacent.

SPECIFICATION
The unit is fitted out with suspended pendant lighting, rear stores, staff and WCs. Rear servicing off a shared service yard.

LEASE
The property is let to Farmfoods Ltd on a 15 year lease from 20 May 2021, subject to tenant only break on the 10th anniversary. Passing rent of £50,000 pax. Upward only Rent Review to Market rent on the 5th and 10th anniversaries of the lease.

SERVICE CHARGE
The tenant is responsible for a fair proportion of the Estate service charge (blue line) based on floor area for the maintenance and insurance of the building and common areas. The annual charge is capped at £12,500 + annual RPI linked increases. The present building, estate and insurance charges equate to £11,611 pa for the budget year 2020/2021. This represents 29.9% of the estate. The service charge will exclude the proportion of Landlords Buildings insurance which will be paid separately by the tenant on demand.

PLANNING
The retail sale of frozen food & such other products as may be sold from time to time by the retailer with ancillary staff & storage facilities falling within Class E of the Town & Country Planning (Use Classes) Order 1987 as amended. The unit has unrestricted consent that permits the sale of food.

TENURE
Long Leasehold interest at a peppercorn rent of 999 years from 3 October 2000 from S Harrison Construction & S Hobart 6 Limited.

PRICE
We are instructed to seek offers at £595,000 (Five Hundred & Ninety Five Thousand Pounds exclusive), subject to contact and exclusive of VAT. A purchase at this level reflects a Net Initial Yield of 8.01% NI (allowing for purchaser’s costs at 4.94%) Cap Value of £91 psf based on Ground floor area.




Accommodation:
Floor Area: 7,202.00 sqft