Commercial property for sale in Terminus Road, Eastbourne BN21
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Property features
- High Yielding, Prime, Restaurant Investment
- Let to Admiral Casino
- Producing £38,000 per annum
- Popular Tourist Location with Low Vacancy
- Opposite Newly Extended Shopping Centre
- Asset Management Potential
- Guide Price Reflects 14% Gross Yield
Property description
Strapline
Auction Sale - 21/11/2023
Of Interest to Investors
Prime Retail Investment on Popular Pedestrianised Street
Let to Admiral Casino on a Lease Producing £38,000 per annum
Description
The property comprises a prime retail unit situated on a popular pedestrianised street in Eastbourne. Adjacent to the rail station and opposite The Beacon Shopping Centre, the property offers 3,354 sq ft (311.59 sq m) of accommodation across ground, first and second floors.
The property is let in its entirety to Luxury Leisure Limited (t/a Admiral Casino), a well known national business of undoubted covenant strength. The lease was agreed for a term of 10 years from 30/06/2016 and therefore has approximately 2.5 years unexpired. The current passing rent is £38,000 per annum which is below what other units have achieved on the street, we therefore consider the property to offer asset management potential.
Terminus Road is an extremely popular retail location with low vacancy. The street was pedestrianised alongside the extension of the Beacon Shopping Centre in 2018 which comprises over 90 retail and leisure units. The street is the main arterial route between the rail station and Eastbourne seafront and pier.
Location
- Beacon Shopping Centre - Immediately Opposite
- Eastbourne Station - 0.1 miles
- Eastbourne Seafront - 0.3 miles
Tenancy
The property is let in its entirety to Luxury Leisure Limited (t/a Admiral Casino) and a lease expiring 29/06/2026 and paying a rent of £38,000 per annum.
The tenant is one of the principal nationwide high street casino operators with the latest available accounts showing turnover of £59.5m in 2021.
The lease is on full repairing and insuring terms and included a break clause in 2021 which was not exercised.
For more information about this property, please contact
Savills - National Auctions, W1G on +44 20 8022 4160 * (local rate)
Disclaimer
Property descriptions and related information displayed on this page, with the exclusion of Running Costs data, are marketing materials provided by Savills - National Auctions, and do not constitute property particulars. Please contact Savills - National Auctions for full details and further information. The Running Costs data displayed on this page are provided by PrimeLocation to give an indication of potential running costs based on various data sources. PrimeLocation does not warrant or accept any responsibility for the accuracy or completeness of the property descriptions, related information or Running Costs data provided here.
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