• Let to The Dorothy House Foundation Limited

• Secure income – Total Funds £14,562,888

• Lease expires December 2023

• Rent reviews in 2019 and 2022

• Additional income from car parking

• £700,000 subject to contract

• 7.16% net initial yield

The property is situated in the heart of the town centre on the south side of Wicker Hill opposite the junctions with Hill Street and Town Bridge within walking distance of the train and bus station.

The Spires Shopping Centre backs onto the property which comprises 9,405 sq m (101,200 sq ft) providing more than 50 shops and parking for 1,000 cars. The centre is anchored by an Asda Superstore and other retail tenants include Peacocks, Bon Marche, Iceland, Waterstones, Holland & Barrett, Specsavers and Carphone Warehouse. It is also home to Trowbridge Museum.

Gateway Shopping on Bythsea Road provides 7,000 sq m (75,350 sq ft) of prime retail accommodation where Next, New Look, Boots and Argos are currently trading. There is also parking for 240 cars.

In addition, the former "Bowyers site" now known as Innox Mills is almost diagonally opposite the subject property. Comprising approximately 10 acres it is of significant importance to Trowbridge and plans for its comprehensive development are expected to be submitted by the end of this calendar year.

Previously a headquarters building for Unigate Dairy the property has benefitted from a comprehensive renovation by the vendor to provide an attractive property comprising a retail unit on ground floor and ancillary / office accommodation at first floor level.

The property is branded in the tenants’ corporate image and is fitted out internally as a charity shop on ground with the first floor used as a dedicated sorting, distribution and administrative centre for the charity. The property benefits from service access at the rear and one car parking space is included in the tenants lease.

Freehold.

The property is let entirely to The Dorothy House Foundation Limited for 10 years from 9^th December 2013 expiring on 8^th December 2023 at a current passing rent of £49,500 per annum. 

The lease benefits from regular rent reviews with the next being on 9^th December 2019 followed by 9^th December 2022. 

There was a break option on 9^th December 2016 which was not exercised and a photographic schedule of condition is attached to the lease.

Over and above the 1 car parking space demised in the Dorothy House lease, the interest for sale also includes the right in perpetuity to a further 9 car spaces. 3 spaces are licensed to a local firm of solicitors and 6 are licensed to individuals. Each licensee pays £30 per calendar month plus VAT per parking space and the total current licensee income is therefore £3,240 per annum.

Therefore, a purchaser will benefit from a total income of £52,740 per annum.

The Seller is registered for VAT and has opted to tax. Therefore, it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC).

We are instructed to seek offers in the region of £700,000 (Seven Hundred Thousand Pounds), subject to contract, reflecting a net initial yield of 7.16%, assuming standard purchaser’s costs of 5.30%.