Long Income Supermarket Investment
Lidl, 55-73 London Road, Portsmouth
24,650 sq ft
Description
- Price Offers in excess of £4,700,000
The property comprises a 24,650 sq. ft (2,290 sq m) foodstore. The unit is fitted out in Lidl’s modern corporate design and includes their comprehensive food offer, including a bakery provision. The property is situated on the midpoint of the London Road (A2047). There is a customer car park to the rear which comprises approximately 113 spaces providing a ratio of 1:204. This is accessed via Derby Road on the northern side and Heathfield Road to the south. The car park is camera controlled, It is free for 15 minutes or 90 minutes for Lidl customers.
BUILDING HIGHLIGHTS
Portsmouth is a coastal city located southwest Hampshire, 19 miles southeast of Southampton and 70 miles southwest of London.
Highly visible unit located along a major arterial route that runs north-south through Portsmouth in Portsmouth.
Let to one of Europe’s leading discount supermarket operators, Lidl Great Britain Limited, on a 25-year lease, expiring 10th July 2042, with approximately 18 years unexpired, 13 years to break.
Large captive catchment, with 340,840 people (146,148 households) within a 15-minute drive of the property.
The property comprises 24,650 sq ft GIA (2,290 sq m) with a 113-space surface car park, providing a convenient parking ratio of 1:204.
The lease benefits from fixed rental increase at 2% per annum compounded, offering an attractive and stable income growth profile for investors.
Dominant foodstore with minimal superstore competition within the highly residential area.
The unit currently has a passing rent of £320,183, reflecting a rate of £12.98 psf, with a NOI of £286,734 after deduction of the car park outgoings.
Secure covenant - Liritain Limited has a D&B Rating of 5A2 reflecting a ‘lower than average risk’.
The property is held freehold with carparking to the rear held by way of a long leasehold title.
