Prime forward commitment opportunity.
Comprises two new-build foodstores extending to 30,357 sq ft.
Strategically located 0.5 miles south west of Ulverston town centre, on the A590, a main arterial route.
The strategic location benefits from affluent catchment demographics within a 20 minute drive.
Forms part of Beehive Business Park, a 9-acre mixed-use development which will include the Blue Light Hub, a fire, police and ambulance emergency response centre.
Practical completion of the units is scheduled for Q1 2020, when both tenants will take occupation.
Open A1 planning consent including food.
Unit 1 extends to 11,800 sq ft and is to be let to M&S on a 15 year FRI lease. The initial rent is £225,000 per annum (£19.07 per sq ft) and is to be reviewed 5 yearly to the lower of OMV or 2.5% pa compounded. There is a tenant option to break in year 10.
Unit 2 extends to 18,557 sq ft and is to be let to Aldi on a 20 year FRI lease. The initial rent is £286,891 per annum (£15.46 per sq ft) and is subject to 5 yearly RPI reviews (1% and 3% collar and cap).
WAULT of 15.6 years to break and 17.8 years to expiry.