Freehold Property to buy in Milton Keynes

Key points

• Well located and vibrant town centre leisure scheme on a 2.84-acre freehold site, extending to 112,420 sq ft NIA.
• Located in Milton Keynes, one of the fastest growing cities in the UK.
• Strong housing growth with capacity for 16,500 new homes to be developed in the city centre.
• Large, densely populated catchment of 334,900 people within 20 minutes and 863,600 people within 30 minutes.
• Located in the core retail and leisure area for the city centre.
• The adjoining Milton Keynes Theatre, with over 1,400 seats, is one of the most successful regional theatres in the UK driving additional footfall.
• Fully-let to a diverse tenant mix of 20 restaurants, bars and entertainment operators
• Strong tenant demand with flexible unit sizes from 2,000 to 15,000 sq ft NIA.
• Attractive length of income with a WAULT to expiry of 10 years.
• Total passing rent of £1,518,026 pa, reflecting a low and affordable £13.50 psf. Net operating income £1,472,823 pa.
• 39% of income subject to fixed or inflation-linked rental uplifts.
• Asset management potential to further drive performance.
• We are instructed to seek offers in excess of £14,530,000 (Fourteen Million, Five Hundred and Thirty Thousand Pounds), subject to contract and exclusive of VAT for our client’s freehold interest. Assuming standard purchase costs at 6.73%, a purchase at this level would reflect an attractive Net Initial Yield of 9.50% and a low capital value of £129 per sq ft.