Salisbury retail parade handed £1.27m price tag
A retail parade in Salisbury has been placed on the investment market with an asking price of £1,270,000, reflecting a net initial yield of 11.0%.
Situated at 17-19 New Canal, the freehold parade features three retail units let to Blacks Outdoors, Clarks, and iCrack which comprise a total area of 12,526 sq ft.
The properties provide a total rent of £148,000 per annum and have a weighted average unexpired lease term of 4.8 years to expiry and 1.1 years to break.
The asset sits directly adjacent to Marks & Spencer and ODEON, which occupies a five-screen cinema in the former John Halle’s Hall, a 15th Century Grade I listed building. The parade is also in close proximity to the Old George Mall Shopping Centre.
New Canal is also home to number of retail occupiers including Pret a Manger, Mountain Warehouse, Biggie Best, and Sofas & Stuff. Directly opposite the parade sit Crew Clothing, L’Occitane, White Stuff, and Clarendon Fine Art.
Salisbury is the dominant retailing destination within Wiltshire. The most prominent retailing areas in the city include Market Place, which is home to a twice-weekly market. Fronting Market Place is the former Debenhams department store which has recently been acquired by Bradbeers, a family run department and furniture store with four stores across Wiltshire and Hampshire. To the east of Market Place is Cross Keys Shopping Centre, and to the west the more secondary Maltings Shopping Centre. To the south lies the historic centre of the city that caters for a more niche retail offer along Butcher Row and New Canal. Both streets extend onto the city’s high street.
Cited Property has been appointed to find a suitable purchaser for 17-19 New Canal.