Location
The subject property occupies a prominent corner position at the entrance to Priory Walk Shopping Centre, fronting Printing Office Street, which in turn leads directly onto St Sepulchre Gate, the prime shopping street in Doncaster.
Further retailers within close proximity include Wetherspoons, Subway, Yorkshire Building Society and Home Bargains.
Investment Summary
The Flannels Group Ltd (Company No. 02318510) will commit to a new 5-year lease from completion at a rent of £150,000 pax over their occupied part.
There are to be tenant only rolling break options throughout the term and actionable on no less than 12 months prior written notice.
The ground floor of 3 Priory Walk will be sold with Vacant Possession and is currently in shell condition with capped off services in place. The first floor of 3 Priory Walk will remain as occupied by Flannels.
Vacant Possession of the whole property can be agreed on timescales to suit.
Proposal
We are instructed to seek offers in excess of £875,000 (Eight Hundred and Seventy-Five Thousand Pounds), for the Freehold interest, subject to contract and exclusive of VAT.
A purchase at this level would reflect a Net Initial Yield of 20% based on the commercial income, and a low capital value of £20 psf over the vacant ground floor of 3 Priory Walk.
Pricing is quoted net of purchaser’s cost of 5.37%.
Accomodation
5 Priory Walk occupies a prominent corner position at the entrance to Priory Walk Shopping Centre. It is currently occupied by Flannels who trade from both ground and first floors.
The rear of Flannels’ first floor sales area is situated above 3 Priory Walk, the ground floor of which is offered with Vacant Possession.
The property offers the following approximate floor areas:
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3 Priory Walk (GF &FF)
1633.61 sq m 17584.00 sq ft
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5 Priory Walk (GF &FF)
872.27 sq m 9389 sq ft
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EPC
Available on request.
