Unit 2, Station Square Retail Park, Molesworth Street, Cookstown, BT80 8PA
Description & Features
Let to Argos Ltd (Net assets £527 million), owned by FTSE 100 company J Sainsbury plc, for the term of 10 years and 5 days from 26th April 2019.
Argos Ltd has an estimated 29 million store customers and nearly 1 billion online customers per year.
Rent £87,500 per annum, exclusive. Rent review and tenant only break option at end of Year 5.
Price: Offers in the region of £900,000, exclusive. A purchase at this price will reflect an initial yield of 9.2% after allowing for purchasers costs at 5.6%.
Ground Floor approx. 953 m2 (10,260 ft2) plus mezzanine
The property is let to Argos Limited on a full repairing and insuring lease for a term of 10 years and 5 days from 26th April 2019, expiring on 30th April 2029. There is a rent review and tenant only break clause at the end of Year 5 (25th April 2024). If the tenant does not exercise the break clause, the Landlord will give three months rent free from 25th April 2024.
The current passing rent is £87,500 per annum, exclusive.
Argos Limited (Co. No. 01081551), has reported the following figures:-
9 March 2019 10 March 2018
Revenue £4,240,797,000 £4,162,557,000
Pre-Tax Profits (loss) (£57,868,000)* (£145,305,000)*
Net Assets £527,300,000 £571,055,000
*Execptional costs totalling £53.6 million for 2019 (2018: £148.9m) were in respect of costs associated with the integration of Argos into the J Sainsbury Group, following acquisition.
J Sainsbury’s plc (Co. No. 00185647), has reported the following figures:-
7 March 2020 10 March 2019
Revenue £28,993,000,000 £29,007,000,000
Pre-Tax Profits £255,000,000 £202,000,000
Net Assets £7,773,000,000 £7,782,000,000
We understand the property is held by way of a Lease of 999 years from 29th February 2000, at a rent of £0.05, if demanded.
Rate in £ for 2021/2022 is £0.5137, hence rates payable for current year should be approx. £50,600.
Note, however, due to the Covid 19 pandemic, no rates are payable until 31st March 2022 at which stage the situation will be reviewed.
We understand that the property is elected for VAT. However, it is anticipated that a sale could be treated as a Transfer of a Going Concern (TOGC).
We are seeking offers in the region of £900,000, exclusive. A purchase at this price would reflect an initial yield of 9.2% after allowing for purchasers costs of 5.6%.
For further details please see attached brochure or contact Barney Goan on 02890 500 100.
Type of Tenure
Location of Unit 2, Station Square Retail ParkView Map
Costs to Consider