Debenhams 19-26 North Street, Taunton TA1 1LL
Freehold - Prime Long Income Retail Investment
- Taunton is an attractive county town located 49 miles south west of Bristol and 36 miles north east of Exeter and has a catchment population in excess of 340,000 people.
- Situated in a prominent position on the west side of North Street close to the junction with The Bridge, and opposite St James Street.
- A department store of 86,911 sq ft (8,074.3 sq m) arranged over lower ground, ground, first, second and third floors.
- Let to Debenhams Retail Plc, expiring 24th March 2034 providing an unexpired term of circa 16.25 years.
- The property benefits from minimum rental increases, next due in March 2019.
- Topped-up rent of £763,594 per annum (£8.79 per sq ft).
- Significant asset management opportunities on a break up including potential subdivision, reconfiguration and residential/hotel accommodation, subject to planning.
- The vendor is seeking offers in excess of £11,920,000 (Eleven Million, Nine Hundred and Twenty Thousand Pounds), subject to contract and exclusive of VAT. A purchase at this level will reflect a Net Initial Yield of 6.0%, after allowing for usual purchasers costs at 6.8%.