|Property Reference Number||100031408795|
The property consists of a highly prominent purpose-built single storey foodstore, providing 21,948 sq ft of accommodation. Lidl have taken early access (triggering lease term commencement) and the property is currently undergoing tenant fit out with a target opening date of December 2020. Practical completion of the property is due following completion of the associated highway works which are scheduled to finish in November 2020.
- Newly constructed foodstore extending to 21,948 sq ft with 102 car parking spaces
- Lidl have taken early access triggering lease term commencement. Practical completion due November 2020, with store opening to customers in December 2020
- Located in Mansﬁeld, a signiﬁcant and established economic centre in Nottinghamshire
- Highly prominent trading position, being situated 1 mile north of Mansﬁeld town centre, fronting the busy A60 arterial route
- Let to the strong covenant of Lidl Great Britain Ltd, 5A1 and minimum risk rated by D&B
- Lidl is one of Europe’s leading food retailers, now operating over 800 stores in the UK
- New 25 year full repairing & insuring lease from 15 September 2020, with tenant break options at years 15 and 20
- 5 yearly upwards only rent reviews linked to RPI (all items) with cap & collar of 1% - 3% pa
- Rent of £274,350 per annum, reﬂecting £12.50 per sq ft
We are instructed to seek offers in excess of £5,150,000, subject to contract and exclusive of VAT.
A purchase at the level reflects an attractive Net Initial Yield of 5.00% assuming standard purchaser costs, with a minimum yield improvement to 5.25% in year 5 and 5.52% in year 10, assuming the base case RPI uplifts of 1% pa.
JLL are also marketing the Lidl in Retford for the same developer, and consideration will be given to a sale of both assets as a package.