It is a supermarket located in the pedestrian area in Margate, Kent.
Description
The property consists of two two-storey buildings, a kiosk and parking total area of 6,494 m². The area of the main building is 3,749 m².
The complex was built in 1986 and now is in good condition.
The ground floor provides retail sales area as well as ancillary storage together with staff and office accommodation. The basement provides a goods delivery area from the secure service yard and some storage.
Parking on the street can accommodate 198 cars and two-level underground garage can accomodate another 308. Customer access from the car park is directly into the store from entrance level or via a lift directly from the car park at basement level.
All areas are leased to various tenants.
Absolute income is 629,700 £.
The current yield of 6,1%.
The anchor tenant is Morrisons supermarket.
The rental agreement is signed for 50 years until 2036 with the indexation of rental rates every 5 years.
Other tenants:
- Iceland Foods Limited, a contract for a period of 10 years until 2024;
- John Townsend Trust, a contract for 3 years until 2016;
- 99p Stores Ltd, a contract for a period of 10 years until 2024;
- Help Animals Ltd, a contract for a period of 5 years until 2018;
- Superdrug Stores Plc, a contract for a period of 10 years until 2024.
Property is located in a well-known location which is easily accessible by both car and public transport and pedestrians from the town centre and seafront.
There are many shops and supermarkets in the immediate vicinity of the area.
м² and м² 0 motorways provide access to London.
