Canterbury retail investment handed £7.3m price tag
A retail investment in Canterbury city centre has been brought to market with a price tag of £7,350,000, reflecting a net initial yield of 9%.
Based on a 0.7 acre site, Longmarket Quarter is a prominent island site comprising 34,546 sq ft sub-divided across 13 retail and leisure units.
The asset produces an estimated net income of £705,338 per annum, 79% of which is secured to multiple national tenants including Wagamama, Las Iguanas, Côte Brasserie, O2, DeMontford Fine Art, Pho, and Toni & Guy.
The units have a weighted average unexpired lease term of 7.5 years to lease expiry and 6.9 years to first tenant break option.
Canterbury’s main retail core is a pedestrianised stretch that extends along St Peter’s Street, The Parade, St George’s Street and the High Street, where the subject property is located.
The largest managed shopping centre in Canterbury, Whitefriars Centre, is also on the High Street, and comprises over thirty units. Tenants at the scheme include Fenwick, M&S, Primark, H&M, JD Sports, Next, River Island, and Zara.
Green & Partners has been appointed to find a suitable purchaser for Longmarket Quarter.