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Griffin Island, High Street/Skinner Street, Newport NP20 1GH

Status: Available

Type: Retail

Details: Download PDF

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.
  • Freehold.
  • 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.