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Long Income Freehold Department Store, Debenhams, 14/20 South Street, Worthing, BN11 3AA
44,898 Sq Ft / Retail
Withdrawn - Last updated: 15 December 2020
- Freehold department store located in Worthing, the largest shopping destination of West Sussex.
- The property is let to Debenhams Retail Plc rated 5A1 by Dun and Bradstreet.
- Let for a term of 30 years from March 2004 (19 years unexpired).
- Annual fixed uplifts of 2.5% until 2019. Thereafter, the rent is reviewed 5 yearly to the higher of OMV, 2.5% per annum compound.
- Well-configured department store providing high quality sales accommodation over 6 levels (44,898 sq ft GIA).
- The current rent passing is £XXX per annum (March 2015) reflecting £XXX per sq ft.
- Offers are sought in excess of £XXX (Six Million, Five Hundred and Eighty Thousand Pounds), subject to contract and exclusive of VAT. This reflects a net initial yield of 5.40% a reversionary yield of 7.46% and an equivalent yield of 6.81%, assuming purchaser’s costs of 5.80%.
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