Property overview

32-46 Spring Gardens, Buxton, SK17 6BD

sold

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£2,435,000
Oct 2019

Franck Steier Price has recently completed the sale of a parade of prime High Street shops in the centre of Buxton.

The block comprises six ground floor retail units with ancillary upper floor space. In addition there is a 1st floor beautician and 2nd floor residential flat above one unit. The block is anchored by Argos, White Stuff & Mountain Warehouse.

There is 11,186 sqft retail sales & ancillary space on ground floor and 8,689 sqft of upper floor accommodation.

The property is let to six retail tenants and one 1st floor tenant while the flat is let on an AST. The WAULT is 7.4 years to expiries and 4.9 years to breaks. There is a current service charge shortfall which amounts to £10,927 per annum.

The total rental income is £245,212 per annum, before any deductions for the service charge shortfall.

The property was sold to a private property client of Metis Real Estate for £2,435,000 which reflected an initial yield of 9.47% off the gross rent and 9.05% off the current rent receivable, accounting for the service charge shortfall.