London, United Kingdom, May 29, 2011 --(PR.com
)-- Leading London commercial property agency MERJS has been instructed to sell the freehold of the purpose-built London Road Retail Park in Southend on Sea. The property comprises 6,963.40 sq m (74,954 sq ft) of open A1 non food retail floor space, with the site extending to approximately 5.25 acres (2.12 ha) giving a site cover of 31%. There are 222 car parking spaces, providing a ratio to gross internal area of 1:337 ft2 (1:31.37 m2). For further information visit www.merjs-agency.co.uk or call +44 20 7079 3976.
"The freehold sale of this retail park offers an excellent investment opportunity," said Colin Becker, Equity Director for MERJS. "The London Road Retail Park is a prominent and accessible edge of town centre retail park on the A13 London Road opposite a Sainsbury's food store. It's currently let to Homebase Ltd, Pets at Home and DSG Retail Ltd trading as Currys with an average unexpired term of 10.9 years. These tenancies produce a current rental income stream of £1,177,322 per annum, and with offers sought in the region of £16,500,000 subject to contract, it would provide a net initial yield of 6.74%."
"The retail park was built in two phases," Colin continued. "Unit 1 was built in the early 1980's and was comprehensively refurbished and reconfigured in 2002, whilst Units 2 and 3 were constructed in the second phase in the year 2000. With the open A1 non-food planning permission, this is a very attractive commercial property investment opportunity," Colin concluded.
MERJS is one of London's leading commercial property agencies, and is actively involved in selling and letting commercial property throughout Central London.
MERJS helps to identify and negotiate the most suitable office space to let for commercial tenants; including serviced office space requirements, refurbished offices in Central London, or a new commercial property development.
MERJS also advises a number of high profile organisations such as property companies, commercial developers, institutions and private commercial property landlords on acquiring and selling commercial investment property for sale. This involves access to a wide range of commercial investment opportunities and a detailed understanding of the Central London commercial property market.