Property overview

Matalan, Cricketers Way, Basildon, SS13 1SA

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£8,720,000
Dec 2017

Franck-Steier Price has recently completed the acquisition of a retail warehouse investment in Basildon on behalf of Fidelity UK Real Estate Fund.

The property comprises a 1995 built Open A1 (non food) retail warehouse extending to 35,289 sq.ft sq.ft with 151 car parking spaces.  The property is located adjacent to a Sainsburys supermarket and overlooking the A127 dual carriageway 1.5 miles to the north of Basildon town centre.

The property is let to Matalan Retail Ltd on a 25 year full repairing and insuring lease expiring on 8 July 2026.  The current rent is £632,934 per annum (£17.94 per sq.ft).

The landlord benefits from a PUT option, contained within a deed of variation dated 21 March 2006, to extend the term by a further 5 years from expiry. There is an upward only rent review on the first day of the PUT option to open market value, as per the existing lease.

The property was acquired from Belgrave Land, represented by Savills, for £8,720,000 which reflects a net initial yield of 6.80%.