207-213 Main Road, Darnall, Sheffield, South Yorkshire

Key Features

General Description

Multi let medical / healthcare investment opportunity with new long term, secure leases to good covenants.

INVESTMENT SUMMARY
- Total passing rent: £29,000 per annum exclusive
- H.I.Weldricks Limited occupy on a new 10 year lease at £19,000 pax
- Naaz Aesthetics on a new 6 year lease from May 2023 at £10,000 pax
- Guaranteed income for at least 5+ years
- Weldricks have an excellent covenant strength with a turnover in excess of £70m, with assets of £17.8m, and over 70 pharmacies/stores.
- Secure, long term income
- First floors above Weldricks recently converted to for use of the pharmacy staff - potential to capture the hidden value at rent review
- Long term potential to redevelop the upper floors above Naaz Aesthetics
- Popular retailing location
- WAULT: (5+ years to break)
- 3,225 sq ft of space in total (approx)


Inviting offers in excess of £325,000 reflecting a NIY of 8.62% after purchaser's costs of 3.57%.

LOCATION
The property is situated in a very prominent position near to the Greenland Road (A6102) dual carriageway which forms part of Sheffield's ring road. The road links Sheffield's Parkway (A630) and the Don Valley Link Road (A6178) with both roads providing dual carriageway access to the M1 motorway and Sheffield city centre.

DESCRIPTION
The property comprises a three storey building, comprising two retail units on the ground floor, with upper floor accommodation. Each retail unit benefits from security shutters, suspended ceiling with LED lighting and an aluminium framed, double glazed shop frontage.

207 Main Street
This is occupied by Naaz Aesthetics and comprises a ground & first floor floor retail unit. Providing retail on the ground floor with office/storage space above.

209-213 Main Street
Occupied by Weldricks Pharmacy, it comprises a large retail unit, with full shop fit out, incorporating a large retail area with rear stores and offices. The upper floors are accessed via the rear and are positioned over both shops.

The upper floors provide accommodation for Weldricks staff, providing 4 bedrooms, kitchen, living area and bathroom, with space for a futher room on the second floor. We consider the upper floors to provide rental growth and scope for residential development potential in the future. Plans are available upon request.

LEASE TERMS
Tenant: Naaz Aesthetics
Term: 6 years FRI from May 2023 (no breaks)
Rent: £10,000 per annum exclusive
Reviews: Upwards only open market review after 3 years

Tenant: H.I.Weldricks Ltd
Term: New 10 year FRI lease from September 2023
Rent: £19,000 per annum exclusive
Reviews: Upwards only open market review after 5 years
Break: Tenant break after 5 years on 6 months notice

Total Rent: £29,000 per annum exclusive. Copy leases available upon request.

The investment provides a secure term certain of over 5 years.

COVENANT INFORMATION
H.I. Weldrick Ltd
Weldricks are a 100% family owned pharmacist with over 70 stores around Yorkshire, Lincolnshire, Derbyshire & Nottinghamshire. Established in 1959.

Turnover: £69.3 million
Cash at bank: £4.8 million
Net Assets: £17.8 million


Naaz Aesthetics
Naaz Aesthetics offer non surgical treatments to the face and body. Specialising in fillers, Botox and beauty treatments.

INVESTMENT PROPOSAL
Inviting offers in excess of £325,000 reflecting a NIY of 8.62% after purchaser's costs of 3.57%.

TENURE
Freehold.

AML
Purchasers are required to comply with Anti Money Laundering Regulations.

EPC
C (209-213) & D (207)

VAT
Prices are quoted exclusive of but may be subject to VAT.

VIEWINGS
By appointment with the agent below:
Ben Flint
E: ben@flintrealestate.co.uk
T: 01302 639838 / 07494735001