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.

Freehold.

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Neo

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