Hilperton, Trowbridge, BA14 7GW, , South West
Trowbridge is located approximately 25 miles south east of Bristol, 35 miles south west of Swindon, 8 miles south west of Bath and 14 miles south west of Chippenham. The town is within close proximity of the main A350 arterial route leading north to J17 of the M4 motorway, and has a main line railway service to London Paddington via Bath Spa taking approximately 2 hours. Trowbridge has been highlighted as a strategic centre with significant potential for urban renewal and as a result, is expected to benefit from an additional 5,000 new homes and 35 hectares of employment land.
Paxcroft Mead is situated approximately 2 miles east of Trowbridge town centre adjoining the A361, and comprises a residential housing development of approximately 1,500 homes. The subject property has been significantly developed as the neighbourhood centre for this area and has a village green and primary school to the east, open landscaped areas to the south/south east, and a spine road leading to residential dwellings running along the western boundary.
Freehold neighbourhood centre investment opportunity
- Located in Trowbridge, the county town of Wiltshire
- Significant residential development nearby, increasing centre catchment
- Anchored by Budgets Stores Ltd
- Current rent of £179,605 per annum (only £14.07 per sq ft overall)
- 56% of income let to national covenants
- AWULT of 8.46 years to xpiry and 8.14 years to break
- Angles to add value through outstanding reviews
Paxcroft Mead provides 12,763 sq ft GIA of retail accommodation in 8 units, with a central 36 space car park and landscaped surroundings. The centre is anchored by Budgets supermarket. The main retail units were constructed in 2001 with an extension of 3 retail units and 11 flats completed in 2007. The residential flats have been sold off to owner occupiers and benefit from their own separate parking area. The site in total extends to 0.518 hectares (1.28 acres).
Offers are sought in excess of £2,250,000 (Two Million, Two Hundred and Fifty Thousand Pounds), subject to contract for our client's freehold interest in the above property. A purchase at this level reflects a net initial yield of 7.51%, assuming purchaser's costs of 6.33%.
Please contact Simon Bennett.
The property has been elected for VAT, however it is anticipated that this transaction will be treated as a Transfer of a Going Concern (TOGC).
The relevant EPC readings for each unit are as follows:
Retail - Shopping Centre