The property consists of a highly prominent purpose-built single storey foodstore, providing 20,872 sq ft of accommodation. Lidl have taken early access (triggering lease term commencement) and the property is currently undergoing tenant fit out with a target opening date of January 2021. Practical completion of the property is due following completion of the associated highway works which are scheduled to finish in November 2020.
- Newly completed foodstore extending to 20,872 sq ft with use of 120 car parking spaces
- Lidl have taken early access triggering lease term commencement. Practical completion due November 2020, with store opening to customers in January 2021
- Located on a major new retail park development in Retford, an established commercial centre and market town in Nottinghamshire
- Highly prominent trading position, being situated 0.50 miles south of Retford town centre, with prominence to the busy London Road (A638)
- Let to the strong covenant of Lidl Great Britain Ltd, 5A1 and minimum risk rated by D&B
- Lidl is one of Europe’s leading food retailers, now operating over 800 stores in the UK
- New 25-year full repairing & insuring lease from 11 September 2020, with tenant break options at years 10, 15 and 20
- 5 yearly upwards only rent reviews linked to RPI (all items) with cap & collar of 1% - 2% pa
- Rent of £240,028 per annum, reflecting £11.50 per sq ft
- Virtual freehold (999 year long lease at a peppercorn rent)
We are instructed to seek offers in excess of £4,300,000, subject to contract and exclusive of VAT.
A purchase at this level reflects an attractive Net Initial Yield of 5.24%, assuming standard purchaser costs, with a minimum yield improvement to 5.51% in year 5, assuming the base case RPI uplifts of 1% pa.
JLL are also marketing the Lidl in Mansfield for the same developer, and consideration will be given to a sale of both assets as a package.