92 - 100 High Street, West Wickham, BKM

The property comprises a detached, three storey building of steel portal frame construction with rendered external walls, providing retail space on the ground floor with residential accommodation on the upper floors. The front of the building was developed in 2003 behind a Grade II listed former dairy, which is of traditional brick construction.
The property is located fronting the High Street in West Wickham town centre, which lies approximately 12 miles to the southeast of central London. West Wickham railway station lies approximately 0.38 miles away.

Sale Notes:
The investment opportunity comprises a modern, well located retail unit, let to Marks & Spencer Plc for a further 17 years on reversionary terms. Rent reviews are based on open market rental value, with the next one being due in September 2013.
Offers are sought for the freehold interest in excess of £8,000,000, which would reflect a yield of 4.25% assuming purchasers costs of 5.8%, and a reversionary yield of 5.22% after 2013.
The property is let to Marks and Spencer Plc on a full repairing and insuring lease for a term of 25 years from 18th September 2003 expiring on 17th September 2028. The current passing rent is £360,000 per annum exclusive reflecting £20.37 psf on the agreed floor areas. The lease provides for five yearly upward only rent reviews to open market rental value with the next one due on 18th September 2013.

The property is held in an SPV, which may also be available.