• Largest seaside town in North Wales

• 100% prime pitch

• 500 metres from Llandudno Railway Station

• Let to Poundland Limited (Revenue £1.5 bn, Net Worth £178 m)

• New 5-year lease from October 2022 – no breaks

• Tenant has extensively renovated the property

• Income of £110,000 per annum (£5.56 per square foot / £59.84 per square metre)

• Long Leasehold at a peppercorn rental

• £1,150,000, subject to contract

• 9% Net Initial Yield

• £58 per square foot / £625 per square metre

The property occupies one of the best corner positions in the town on the north side of Mostyn Street between its junctions with St George’s Place and Clonmel Street.

Llandudno Railway Station is just 500 metres from the property and the pier is 150 metres away.

Nearby occupiers include, Holland and Barrett (next door), Pandora (opposite), Santander, Greggs, Clarks, Caffe Nero, WH Smith/Post Office and various high street banks.

The main entrance to the Victoria Shopping Centre is opposite the property and is home to occupiers including Waterstone’s, The Body Shop, EE, Boots, Specsavers and Vodafone. The shopping centre benefits from a 366-space multi-storey car park.

Parc Llandudno and Mostyn Champneys retail parks as well as an Asda Superstore are located 0.5miles (0.8 km) away. Occupiers include Primark, Marks and Spencer, B&Q, Mc Donald’s, TK Maxx, Aldi and Halfords.

The property comprises a recently renovated corner retail unit arranged over ground, first and second floors.

We have been advised that the tenant has recently invested circa £300,000 into extensively renovating the property.

The ground and first floor comprise sales accommodation and the second floor comprises storage and staff facilities.

The property benefits from an impressive awning to the front of the property.

There is a customer lift, escalators and stairs from the ground floor to the upper parts as well as a goods lift and a convenient loading bay and doors at the rear.

Prior to Poundland taking occupation the vendor repaired the rendering, repainted the exterior and works were carried out to the canopy including stripping down the metal work, repairing and repainting. Some exterior windows were repaired in addition to an overhaul of the roof including works to the fire vents to a standard Poundland were satisfied with. The cost of the works was approximately £57,000.

The property is held on a long leasehold for 150 years from 22nd July 2022 at a peppercorn rental. The Freeholder is ‘Trustees For Methodist Church Purposes’.

The property is let to Poundland Limited on a new full repairing and insuring lease (excluding the roof), subject to a Schedule of Condition, for a term of 5 years from 24th October 2022, expiring 23rd October 2027. There are no break clauses.

The lease allows for a half rent of £55,000 per annum for the first two years, rising to £110,000 per annum from 24th October 2024. The vendor will top up the rent by way of an adjustment to the completion sum so that a purchaser will effectively receive £110,000 per annum from completion.

Historically, Poundland traded from 87-89 Mostyn Street for many years. Following its success, they have now shut that store and over doubled their size by reopened a brand-new store at this property.

The rent of £110,000 per annum equates to an overall rate of just £5.56 per square foot / £59.84 per square metre.

The vendor undertook works to the property prior to Poundland taking occupation. See ‘Description’ section.

The property has been registered for VAT and it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC) so that VAT will not be payable on the purchase price.

We are instructed to seek offers in excess of £1,150,000 (One Million One Hundred and Fifty Thousand Pounds), subject to contract, reflecting a net initial yield of 9%, assuming standard purchaser’s costs of 5.89%.

Please note that a purchaser will be re-charged the costs of the searches (£751.22) which are provided in the data room and a Transaction Fee of 1% of the Purchase Price plus VAT.

Access to the data room and for the ability to purchase online with speed and ease, please click the clicktopurchase® “C” icon or the clicktopurchase® side bar. Purchasers will be able to access the complete legal package, clear verification and submit legally-binding offers to acquire the property.

Purchasers benefit from the trust, security and transparency provided by the platform. All activities, including the online contract execution, will form part of the electronic audit trail which is anchored in the clicktopurchase® Blockchain.

clicktopurchase® provides the opportunity for any investor, whether located UK or abroad, to uniquely purchase online with ease and certainty. To learn more about clicktopurchase®, click here.

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