The vendor has provided the following floor areas:
|Ground||606.30 sq m||6,526 sq ft|
|First Floor||662.10 sq m||7,127 sq ft|
|Second Floor||569.80 sq m||6,133 sq ft|
|Total||1,838.2 sq m||19,786 sq ft|
A set of floor plans is available to download from the downloads section below.
The property is held on a long leasehold for 150 years from 22nd July 2022 at a peppercorn rental. The Freeholder is ‘Trustees For Methodist Church Purposes’.
The property is let to Poundland Limited on a new full repairing and insuring lease (excluding the roof), subject to a Schedule of Condition, for a term of 5 years from 24th October 2022, expiring 23rd October 2027. There are no break clauses.
The lease allows for a half rent of £55,000 per annum for the first two years, rising to £110,000 per annum from 24th October 2024. The vendor will top up the rent by way of an adjustment to the completion sum so that a purchaser will effectively receive £110,000 per annum from completion.
Historically, Poundland traded from 87-89 Mostyn Street for many years. Following its success, they have now shut that store and over doubled their size by reopened a brand-new store at this property.
The rent of £110,000 per annum equates to an overall rate of just £5.56 per square foot / £59.84 per square metre.
The vendor undertook works to the property prior to Poundland taking occupation. See ‘Description’ section.
Poundland Limited (Co. No. 02495645) has reported the following figures:
|25th September 2022||26th September 2021|
Poundland is a British variety store founded in 1990 and operates from over 800 stores. The company is regarded as one of the most well-known and robust retailers and is Britain’s fastest-growing clothing retailer with full PEP&CO ranges in over 350 stores.
Poundland are rolling out frozen and chilled food to over 500 stores and have launched homewares goods in all stores.
The property has been registered for VAT and it is anticipated that the sale will be treated as a Transfer of a Going Concern (TOGC) so that VAT will not be payable on the purchase price.
We are instructed to seek offers in excess of £1,150,000 (One Million One Hundred and Fifty Thousand Pounds), subject to contract, reflecting a net initial yield of 9%, assuming standard purchaser’s costs of 5.89%.
Please note that a purchaser will be re-charged the costs of the searches (£751.22) which are provided in the data room and a Transaction Fee of 1% of the Purchase Price plus VAT.
An opportunity to acquire a property in North Wales largest seaside resort;
Well located property just 500 metres from Llandudno Railway Station;
Located in a 100% prime pitch location in the town;
Poundland have just signed a new lease and extensively invested into the refurbishment;
Poundland are a highly secure tenant with revenues in excess of £1.5 billion;
Low rent of £5.56 per square foot / £59.84 per square metre;
The purchase price reflects just £58 per square foot / £625 per square metre;
Attractive yield of 9%