Towngate Retail Park, Newport, PO30 5HF

Investment Summary

The Isle of Wight is a renowned tourist destination welcoming over 2.6 million visitors a year contributing in excess of £275m to the local economy.

The subject property is situated in Newport, the administrative centre of the Isle of Wight.

Towngate Retail Park is highly prominent and sits within the main retail warehouse cluster on the island. It is also a short walk away from Newport town centre.

Let to established national retailers: Halfords, Snap Fitness and Benson for Beds.

The property totals 20,093 sq ft producing a net rental income of £335,452 pa, reflecting a low average rent of £11.65 psf.

WAULT of c. 6.4 years to expiry and 4.6 years to break options.

Freehold.

Tenure

For Sale

Location

Towngate Retail Park occupies a highly prominent position situated within the main retail warehousing cluster in Newport. It is also just a 5 minute walk north of the town centre. It is situated just off the A3020, the main arteial road connecting Newport to Cowes, situated 5 miles to the north. The A3020 links into the A3054 leading west to Yarmouth and Freshwater and east to Fishbourne and Ryde.

Proposal

We are instructed to seek offers in excess of £2,580,000 ( Two Million Five Hundred and Eighty Thousand Pounds) subject to contact and exclusive of VAT. This reflects a net initial yield of 8.25% after allowing for the usual purchasers costs.

Size

20,093 sq ft (1,866.00 sq m)

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