Co-Operative Foodstore Landguard Road, Shanklin, Isle Of Wight, PO37 7JR
Well Secured Foodstore Investment 2 Landguard Road | Isle Of Wight | PO37 7JR
Investment Summary
• Shanklin forms part of a wider urban area with Lake and Sandown on the south-east coast of the Isle of Wight with a 15 minute drivetime catchment of approximately 40,000.
• The subject property occupies a prominent island site within the town centre.
• The site totals 1.24 acres with a low site coverage of 30%.
• Purpose built foodstore totalling 16,273 sq ft with 92 car parking spaces, providing an excellent town centre ratio of 1:177 sq ft.
• Open A1 (now Use Class E) planning consent.
• Freehold.
• Secure income with 9.75 years unexpired to Co-operative Foodstores Ltd with a surety from Co-operative Group Ltd (over £2 billion net worth).
• Passing rent of £207,500 pa, reflecting a low rate of £12.50 per sq ft.
• Tenant has recently rebranded and extended their lease, demonstrating their commitment to the location.
Our client is seeking offers in excess of £2,785,000 (Two Million, Seven Hundred and Eighty Five Thousand Pounds) subject to contract and exclusive of VAT. A purchase at this level reflects an attractive7.00% Net Initial Yield, assuming purchase costs of 6.42%. 3 Landguard Road | Isle Of Wight | PO37 7JR 4 Landguard Road | Isle Of Wight | PO37 7JR
M3 A286 Location M27 Shanklin is a popular family holiday resort located on Southampton A3(M) Lyndhurst the south east coast of the Isle of Wight and is the A31 Hythe A3 southernmost of three towns which occupy Shanklin
Ringwood Fareham Havant Bay, with Lake and Sandown being located to the north. A337 A259 Chichester A32 A3023 A35 rockenhurst eaulieu A286 The town lies on the junction of the A3055 coastal Portsmouth road and A3020 route to Newport. The town is also served by Shanklin Railway station and Isle of Wight Cowes New Milton Lymington airport which are located 0.3 miles and 2.1 miles A337 Selsey ournemouth Ryde away, respectively.
Newport A3055 A3054
Freshwater em ridge Catchment & Demographics righstone A3020 Shanklin A3055 Together with Lake and Sandown, Shanklin forms a built up area of 21,374 inhabitants (2011 Census). Ventnor The catchment within a 5, 10 and 15 minute drive-time are shown below:
11,896 27,615 39,712 5 Minute 10 Minute 15 Minute Drive-time Drive-time Drive-time
Within a 10 minute drive-time of the property, the catchment comprises an above average representation of those aged 45+. The population of Shanklin has a high percentage of home owners (69%), which is an 11% over representation against the GB average.
Shanklin is also a popular family tourist destination, particularly in the summer months. Research by Tourism South East shows that tourist visits to the Isle of Wight rose 5% in 2018 with total visitor spend up 9% to £303m. 5 Landguard Road | Isle Of Wight | PO37 7JR