Borehamgate Shopping Centre, Sudbury
In August 2016, Joiner Cummings acted on the sale of the Borehamgate Shopping Centre, Sudbury to Babergh Borough Council for £3.4m (9.00% NIIY)
- Busy shopping centre and office/residential investment extending to 31,773 sq ft, comprising 16 retail units, 5 flats let on ASTs and 8,215 sq ft of offices.
- Large 1 acre, strategic freehold holding located in a prominent position in the heart of the historic and affluent market town of Sudbury.
- Situated between the key drivers of the town centre including Waitrose, the train/bus station and the prime retail core.
- Location set to benefit from the proposed Hamilton Road scheme immediately to the rear.
- Let to 30 tenants producing an income of £327,436 per annum.
- Attractive WAULT of 2.8 years (1.9 years to breaks) with excellent potential to improve.
- Excellent security of income from a diverse tenant mix.
- Low average rental tone of £20 per sq ft Zone A providing excellent scope for growth.
- Numerous asset management opportunities including re-gearing leases with existing tenants, converting further uppers to residential and letting vacant office suites.
- Potential to release value through individual residential sales and by extending existing residential long leaseholds.