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40 Oxford St 40,585 SF Retail Building Kidderminster DY10 1AR $2,654,086 ($65.40/SF) 8.50% Cap Rate
INVESTMENT HIGHLIGHTS
- Large, well located retail unit on the edge of Kidderminster town centre, with strong prominence to The Ringway dual carriageway.
- 40,585 sq ft with 273 car parking spaces (1:149 sq ft).
- Dunelm have expressed a wish to extend the current lease for a further 5 years, which would give a term certain of over 8.7¾ years.
- Situated adjacent to Morrisons and Aldi supermarkets, with a Tesco just 200 yards away.
- Current lease for a term of 5 years from 23rd December 2022 at a rent of £180,000 pa.
- Site of 2.05 acres with the potential for alternative uses
EXECUTIVE SUMMARY
The property comprises a large retail store arranged over ground and two upper levels, totalling 40,585 sq ft. There are a total of 273 car parking spaces at both ground level to the front of the store and in the adjoining decked car park, giving an excellent parking ratio of 1:149 sq ft. A dedicated service yard with loading facilities is provided on the south east flank of the building, with direct access from Green Street.
Internally the property has been fitted out in the usual livery of Dunelm, with sales at ground floor and storage, staff and ancillary areas on the upper floors. There is also a single storey unit shop to the north of the site with frontage to Oxford Street. This shop has been sublet by Dunelm to 100% Aesthetics & Beauty Academy Ltd.
Seeking offers in excess of £1,983,000 (one million nine hundred and eighty three thousand pounds), subject to contract and exclusive of VAT, for their freehold interest in the property. A purchase at this level will show a Net Initial Yield of 8.5%, after allowing for purchaser’s costs of 6.8%
Internally the property has been fitted out in the usual livery of Dunelm, with sales at ground floor and storage, staff and ancillary areas on the upper floors. There is also a single storey unit shop to the north of the site with frontage to Oxford Street. This shop has been sublet by Dunelm to 100% Aesthetics & Beauty Academy Ltd.
Seeking offers in excess of £1,983,000 (one million nine hundred and eighty three thousand pounds), subject to contract and exclusive of VAT, for their freehold interest in the property. A purchase at this level will show a Net Initial Yield of 8.5%, after allowing for purchaser’s costs of 6.8%
PROPERTY FACTS Under Contract
Sale Type
Investment
Property Type
Retail
Tenure
Freehold
Property Subtype
Freestanding
Building Size
40,585 SF
Building Class
B
Year Built
1994
Price
$2,654,086
Price Per SF
$65.40
Cap Rate
8.50%
NOI
$225,597
Tenancy
Single
Building Height
1 Story
Building FAR
0.44
Lot Size
2.10 AC
1 1
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40 Oxford St
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