• Prominent town centre retailing pitch

• Let to Sainsbury’s

• Highly Secure Income – Pre-Tax Profits £409m

• £1,050,000, subject to contract

• 7.63% net initial yield

Poole town centre stretches from the water’s edge at Poole Quay up to the Dolphin Shopping Centre. The subject property occupies a prominent corner position in the town centre, on the south side of High Street at the junction with Old Orchard. Surrounding occupiers include Pizza Express, Lush, Slug & Lettuce, Ladbrokes, along with numerous independent and boutique cafes, restaurants and shops.

Pool Quay and Poole Harbour are immediately to the south of the subject property, making the area extremely popular with visitors to Poole. The Dolphin Shopping Centre is less than 0.8 km (0.5 miles) to the north. Totalling approximately 40,000 sq m (430,000 sq ft) this is Dorset’s largest indoor shopping centre with over 140 stores and 1,400 parking spaces. Around 11 million shoppers visit the centres a year, attracted by stores including Marks & Spencer, Primark, Next, River Island, Boots and H&M.

The Strand Street multi-storey car park is immediately to the rear of the subject property and is open 24 hours a day providing 550 spaces.

The property comprises a highly prominent ground floor corner retail unit with significant frontage to High Street and Old Orchard.

Internally, the unit provides a modern convenience store which has been fitted out to a high standard in the tenant’s corporate style.

The upper parts comprise 115 luxury apartments which do not form part of the sale.

Long leasehold for a term of 125 years from 15th September 2009, expiring 31st December 2133 (115.5 years unexpired) at a peppercorn rent.

The property is entirely let to Sainsbury’s Supermarkets Limited on a full repairing and insuring lease for a term of 15 years from 7th October 2008, expiring 6th October 2023.

The current passing rent is £84,747 per annum which was agreed at the 7th October 2018 rent review.

The property has been registered for VAT. It is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

Our client is seeking offers of £1,050,000 (One Million and Fifty Thousand Pounds), subject to contract. This reflects a net initial yield of 7.63% assuming purchasers’ costs of 5.80%.