For sale

Dereham Shopping Centre, Chapel Walk, Norfolk NR19 1TZ

Viewing

Viewing
By Prior appointment only. To arrange a viewing please contact:

Ross Hewes
020 3146 5957
07887 853191
ross.hewes@glhearn.com

Dominic Moore
0207 851 4917
020 7851 4917
dominic.moore@glhearn.com

For sale

Region: East of England
Property Type: Retail
Floor Area: 97,590 sq ft
Sale Price: In the region of £9,500,000

High yielding dominant shopping centre investment opportunity

  • Virtual Freehold
  • Popular market town, 15 miles west of Norwich
  • 14 retail units – 100% let – no landlord shortfall
  • Anchor tenants – QD Stores and Wilko
  • 240 space car park
  • Additional land available for mixed use development
  • AWULT of 4 years
  • Current income of £959,848 per annum

Situation

Dereham Shopping Centre forms a significant part of the town centre and together with High Street and Market Place forms part of the central retail core. The shopping centre benefits from pedestrian access from High Street and Norwich Street and vehicular access from Commercial Road, which forms a one-way system around the scheme. The property is also located next to community uses of a library and doctor’s surgery and is a short distance from a popular Morrison’s supermarket located on the east side of Commercial Road.

Description

There are 14 retail units predominantly arranged over ground and first floor levels totalling 97,590 sq ft together with the town’s principal shopper’s car park with 240 free (up to 3 hours) spaces.

The scheme is split into two key retail elements divided by High Street. The east side of High Street consists of the property’s main retail parade comprising 9 units fronting Wrights Walk, a large space unit occupied by QD Stores fronting Chapel Walk, and 2 units fronting Norwich Street. On the west side of High Street and adjacent to Wrights Walk there are 3 units, including Wilko variety store

In addition to the retail elements, the scheme contains two 2-bed flats let by way of assured shorthold tenancies.

Phase 2 development opportunity 

There is also an additional freehold site, as outlined on the plan in the brochure, with planning permission for a 2-storey retail and residential development (3PL/2007/1446/F). This can be made available as part of the purchase of the centre.

Further information is available on request.

Proposal

We have been instructed to seek offers in the region of £9,500,000, subject to contract and exclusive of VAT. A purchase at this level will reflect a net initial yield of 9.47%, assuming purchasers costs of 6.69%.

Download the brochure for further information including the tenancy and accommodation schedule.

Location

Gallery

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The income profile is strong, with 79% of the current income secured to tenants rated by Dun & Bradstreet as ‘minimum risk of business failure’ or ‘below average risk of business failure’, and 55% of the current income secured to tenants with a minimum D&B rating of 5A2.