Griffin Island, High Street/Skinner Street, Newport, Wales
Multi-let city centre retail investment located in central Newport.
Situated on a busy retail pitch at the Northern end of Commercial Street in close proximity to Friars Walk Shopping Centre and Newport railway and bus station.
Newport is undergoing one of the largest regeneration programmes in the UK, with £2bn of public and private investment in the last 20 years. Comprises a unique town centre investment totalling 36,744 sq ft, comprising 19 retail units with ancillary accommodation and Highbury Chambers providing 3,529 sq ft of offices.
Excellent diversity and security of income, no tenant represents more than 15.5% of the total income.
Attractive WAULT of 4.57 years to expiry, 3.9 years to break. Key tenants include Greggs, William Hill, BetFred and Principality Building Society.
Currently 52% let by area producing a rental income of £321,765 per annum. Re-letting the vacant areas at re-based rents could provide a further £106,943 of annual income.
Numerous outstanding asset management opportunities including letting vacant accommodation and further residential conversion of the upper floors.
Seeking offers in excess of £2,520,000 (Two Million Five Hundred and Twenty Thousand Pounds), subject to contract and exclusive of VAT, reflecting a net initial yield of 12.00%, a triple net yield of 11.19% and a reversionary yield of 15.00% on letting the remaining vacant units allowing for standard purchaser’s costs.