Ramsgate Garden Centre, Montefiore Avenue, Ramsgate, Kent, CT11

SIZE AVAILABLE

40,117 sq ft

3,727 sq m

SECTOR

Commercial property for sale

Key features

• The Property extends 40,117 sq ft GIA and comprises of a large indoor retail area, a popular restaurant and seven concessionary stands.
• Let to BGC South Ltd - part of the renowned British Garden Centres - on a lease expiring Oct-2049, providing a 25.1 year unexpired term.
• Dominant garden centre benefitting from a captive customer base of over 190k people within a 10-mile radius and limited local competition.
• Rent to be reviewed to £521,920 p.a. (£12.99 psf pa) in October in line with the annual RPI rent reviews (1% - 4% collar and cap).
• Resilient trader consistently sustaining a 1.8 times rent cover. The passing rent is ~50% covered by the concessionary income.
• 4.41 acre Freehold site with 47% site cover ratio and over 160 car parking spaces in Ramsgate, providing an attractive alternate use investment underwrite of up to 55%.
• Seeking offers in excess of £7,240,000, reflecting a 6.75% NIY assuming 6.8% purchaser costs. An offer at this level would result in an attractive running yield rising annually to ~7.85% by Oct-30.

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