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Summary
- Affluent location within the London commuter belt
- Prime retailing pitch within the Garden Square Shopping Centre
- Highly secure income – let to F.Hinds Ltd (Shareholders’ Funds £69 million)
- New lease from December 2023
- Tenant has been in occupation since 1979
- £220,000, subject to contract
- 8.0% Net Initial Yield
Location
Letchworth is an affluent town in North Hertfordshire, situated within the London commuter belt. The town is approximately 62 km (39 miles) north of London, 11 km (7 miles) north of Stevenage, 21 km (13 miles) north-east of Luton and 47 km (29 miles) south-west of Cambridge.
The town benefits from excellent road communications, being situated adjacent to the A1(M) which provides a direct link to the M25 Motorway (South Mimms) approximately 40 km (25 miles) to the south. The A505 provides east-west communications to Cambridge and Luton. In addition, the town is connected to the national rail network with a fastest journey time to London King’s Cross and Cambridge of 36 minutes and 28 minutes respectively. London Luton Airport is approximately 21 km (13 miles) to the south-west.
Letchworth is the world’s first Garden City and popular with commuters given its proximity to London and Cambridge.
Situation
The property is centrally located within the Garden Square Shopping Centre, at the heart of the town centre (refer to the redevelopment below).
Other surrounding retailers in the centre include Boots (opposite), Specsavers, Shoezone (adjacent), Trespass, Halifax, Card Factory and Starbucks.
Letchworth train station is a couple of minutes’ walk to the north-west.
With two principal malls, Commerce Way and Central Approach linked by a central square, Garden Square Shopping Centre forms part of the main pedestrian thoroughfare for Letchworth. The Centre comprises 175,000 sq ft of retail and leisure accommodation, along with a 400-space car park. Retailers include Boots, Iceland, Home Bargains, New Look, Superdrug, WHSmith, EE and Poundland.
Garden Square Redevelopment
The first phase of a redevelopment of Garden Square Shopping Centre was completed in 2020.
Including a complete redevelopment of Commerce House, the demolition and rebuilding of 23-25 Leys Avenue and a new build on Leys Square, adjacent to WHSmith, the development now provides 46 high quality one and two bedroom apartments with two new retail units at ground floor benefitting from extensive return frontages onto the newly created public space at the entrance to Garden Square.
Consultation is underway on the next phase of the development which will provide a further c.200 residential property with retail at ground floor.
Description
The property comprises a ground floor retail unit which has been fitted out by the tenant in their usual corporate style, along with ancillary accommodation at first floor level.
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