Summary
The retail units are arranged over ground floor only, each benefitting from rear servicing via Gaumont Approach.
Please note that there are two levels of residential accommodation above. These have been constructed with the roof surface/airspace being sold off on a long leasehold.
Key Points
Investment sale within Watford, situated 20 miles north-west of Central LondonWAULT to expire in 5.2 yearsRental income of £80,000 per annumThe residential upper parts are subject to a long leasehold at a peppercorn rentFreeholdSituation
The subject property is located within the prime section of The Parade, just north of the Exchange Road flyover, a continuation of Watford’s High Street. Occupiers nearby include B&M, Santander, Subway, Nando’s, Alli Bhavan Supermarket, Paddy Power, Leeds Building Society, GDK and Merkur Slots.
The Watford Market is located by the flyover, and the multistorey Gade Car Park (640 spaces) is positioned behind Gade House opposite.
Proposal
We are instructed to seek offers more than £1,000,000 (One Million Pounds) subject to contract and exclusive of VAT.
A purchase at this level would reflect an attractive net initial yield of 7.5% assuming standard purchaser’s costs.
Location
Watford is a major retail destination in Hertfordshire, situated some 20 miles north-west of Central London, 8 miles south-west of St Albans and 6 miles north of Harrow.
It is a key commercial centre in the south-east region with major employers based in the town including PwC, KPMG, JD Wetherspoon, TK Maxx, Wickes, and Majestic Wine amongst others.
The town’s demographic profile includes a rising population of 108,000 (Source: World Population Review) albeit the shopping catchment is significantly larger at 336,000 (Source: CACI).