Leicester Retail Park handed £18.6m price tag
A community shopping centre in Leicester has been placed on the market with an £18.6m price tag.
Beaumont Shopping Centre sits on a 10 acre site in the Beaumont Leys suburb of the city, and comprises 118,035 sq ft of retail floorspace.
The property is arranged over a single level, open-air mall, and provides retail space across a
mixture of large and small units. The centre ownership also includes seven residential properties let on assured shorthold tenancies.
The shopping centre is 99% occupied with a weighted average unexpired lease term of 5.16 years to break and 6.11 years to expiry. It is anchored by Tesco Extra (which is outside of the site ownership), B&M, Poundland, and Superdrug. Other retailers at the centre include Santander, Boots, Iceland, H Samuel, and Specsavers, which are accompanied by a family dining offer that includes Subway, McDonalds, and Fish & Chips.
A new 1,835 sq ft pod unit has also been developed for Starbucks, which is due to open in October.
The scheme is supplemented by a covered mall opposite the supermarket, which is outside the ownership but contributes to the shopping centre’s overall appeal.
Beaumont Shopping Centre also houses three car parks with a total of 1,500 spaces. Car Park A – which is included in the ownership – recently welcomed 12 new electric vehicle charging points, which have been let to Tesla for a term of 15 years.
The asset generates a gross income of £1,922,550 per annum and a net income of £1,867,258 per annum.
Knight Frank – which has been appointed to market the asset alongside joint agent Lewis & Partners – said a purchase at the £18.6m asking price would represent a net initial yield of 9.4%, and an overall capital value of £158 per sq ft.