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Iceland Foods Plc22 High Street, Redcar
- New
- Sole agency
- Freehold
Key features
- High Yielding Retail Investment
- Let to Iceland Foods Limited
- Lease Expires 23/06/2025
- Producing £32,500 per annum
- 2022 and 2024 Breaks Not Exercised
- 10,726 sq ft (996.45 sq m)
- Low Rent of £3.03 per sq ft
- Asset Management Potential
- Guide Price Reflects 16.25% Gross Yield
Let to Iceland Foods Limited on a Five Year Lease Expiring 23/06/2025 and Paying £32,500 per annum. Situated at the Heart of Redcar High Street
About this property
The property comprises a high yielding investment opportunity let to the undoubted covenant of Iceland Foods Limited. Arranged across ground and first floors, the property is fully let to Iceland Foods Limited on a five year lease expiring 23/06/2025 and paying £32,500 per annum. The tenant elected not to exercise break options in both 2022 and 2024, displaying commitment to the location. The property has evident asset management potential in renewal of the existing lease. The current passing rent reflects a low £3.03 per sq ft whilst the rateable value of the property is £39,750. The property is situated at the epicentre of the pedestrianised High Street, enjoying a high footfall pitch opposite the junction with Dundas Street, the main pedestrian route to the seafront esplanade.
Local information
- The property is located in Redcar, a popular coastal town to the east of Middlesbrough. The property is situated with a prominent frontage to the pedestrianised section of the High Street, which runs adjacent and parallel to the waterfront.