• Freehold supermarket investment

• Highly secure income - let to Iceland Foods Ltd (Pre-Tax Profits £73m, Net Worth £722m)

• Situated in popular shopping destination south of Leeds City Centre

• Property constructed in 1996

• Tenant has extended the unit

• Low passing rent of £45,500 pa (£9.13 per sq ft / £98.25 per sq m)

• £720,000, subject to contract

• 6.0% net initial yield

• Reversionary yield of 7.25% should tenant remain in occupation

• Reversionary yield of 8.20%, should tenant vacate and unit re-let

The property occupies a highly prominent position being adjacent to the busy junction of Church Street and The Oval.

The Hunslet Green Retail Centre comprises the subject property, a KFC Drive Thu, Lidl and ample car parking.

The property is also adjacent to the Penny Hill Centre which is anchored by an 80,000 sq ft / 7,432 sq m Morrisons and petrol filling station.

City South Retail Park is located approximately 350 metres from the property and is occupied by, The Range, B&M, Pure Gym, Carpetright and Magnet.

Other nearby occupiers include, Greggs, Pizza Hut, Sue Ryder, William Hill and Lloyds Bank.

The property comprises a high-quality supermarket constructed in 1996 and is arranged over ground floor only. Internally the unit has been fitted out by the tenant to their usual corporate style with an open plan retail area and additional staff, storage and WC accommodation.

The property benefits from rear servicing with access off a service road running to the right-hand side of the premises.

There is an ample amount of free car parking spaces within Hunslet Green Retail Centre.

The tenant extended the property (at their own cost) in 2013, increasing the floor area by 663 sq ft / 61.60 sq m. The Licence to Carry Out Works can be downloaded from the dataroom.

Freehold.

The property is let to Iceland Foods Limited, on a full repairing and insuring lease for a term of 5 years from 29th September 2020, expiring on 28th September 2025.

The tenant has been in occupation since 2013, when they took an assignment of a pre-existing lease which was due to expire in September 2020 and signed a reversionary lease extending the term until September 2025. At the time, the tenant extended the property by 663 sq ft / 61.60 sq m; the tenant’s improvement is disregarded at rent review.

Should a landlord re let the property to any other tenant at any time, the extension is be rentalised.

The passing rent is £45,500 per annum which equates to £9.13 per sq ft / £98.25 per sq m over the rentalised area. However, based upon the actual area of the property, the passing rent equates to £8.06 per sq ft / £86.22 per sq m.

The rentalised area is 4,985 sq ft / 463.12 sq m.

Iceland was established in 1970 and specialises in frozen foods but also offer convenience and value. The company operates from over 900 stores and experienced a 16.4% rise in sales in the year ending March 2021.

Iceland is one of Britain’s fastest growing and most innovative retailers, recognised as one of the best companies to work for in the UK.

Iceland have experienced substantial growth in recent years and its share of the market is expected to continue to grow, after it became the first major retailer globally to commit to eliminating plastic packaging from all own brand products by the end of 2023.

Iceland Foods Limited (01107406) has reported the following figures:

For further information visit www.iceland.co.uk.

The property has been opted for tax and it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

1. Freehold supermarket investment within an established retail centre;

2. Tenant made substantial investment to extend the property in 2013;

3. Highly secure investment let to Iceland Foods Limited (Net Worth £721m);

4. Low passing rent given that the extension is not rentalised;

5. Property sits opposite an 80,000 sq ft / 7,432 sq m Morrisons Superstore;

6. Attractive lot size for an investor;

7. Reversionary yield of 7.25% from 2025, should tenant remain in occupation;

8. Reversionary yield of 8.2% should the landlord gain vacant possession and re let.

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