From
£680,000
Property for saleLord Street, Southport PR8
Auction
About this property
High Yielding Retail/Leisure Investment
Let to Loungers plc (t/a Ocullo Lounge)
15 Year Lease Expiring 17/01/2038 (No Breaks)
Prominent Corner Pitch
VAT Free Investment
Investment Let at £75,000 p.a. (11% giy on Guide Price)
Strapline
Auction Sale - 19/11/2024
High Yielding Retail/Leisure Investment Opportunity Occupying a Prominent Corner Pitch
Let to the Well Regarded Covenant of Loungers plc on a 15 Year Lease with No Breaks Expiring 17/01/2038
Investment Let at £75,000 per annum
Description
The property comprises a high yielding retail/leisure investment let on a 15 year lease with no breaks to Loungers plc.
Arranged across ground and three upper floors, the ground and first floors are let to Loungers plc (t/a Ocullo lounge) on a 15 year lease with no breaks expiring 17/01/2038. The tenant commenced occupation in 2023 and we understand approx £1.3m was spent on fit-out.
The Grade II listed building occupies a prominent corner pitch in the historic centre of Southport. The street benefits from high footfall and is characterised by a mix of local and national retailers and restaurants. Nearby occupiers include Caffe Nero, Prezzo, and HSBC.
Tenancy
The ground and first floors are let to Loungers plc (t/a Ocullo lounge) on a 15 year lease with no breaks expiring 17/01/2038.
The lease is on effective fr&I terms and includes 5 yearly, upward only, open market rent reviews.
Loungers plc
Source: Icans
Founded in 2002; the Loungers Group operates from over 260 sites across the UK. The group continues to grow with ambitions to expand by 30 new stores per year.
Auction Sale - 19/11/2024
High Yielding Retail/Leisure Investment Opportunity Occupying a Prominent Corner Pitch
Let to the Well Regarded Covenant of Loungers plc on a 15 Year Lease with No Breaks Expiring 17/01/2038
Investment Let at £75,000 per annum
Description
The property comprises a high yielding retail/leisure investment let on a 15 year lease with no breaks to Loungers plc.
Arranged across ground and three upper floors, the ground and first floors are let to Loungers plc (t/a Ocullo lounge) on a 15 year lease with no breaks expiring 17/01/2038. The tenant commenced occupation in 2023 and we understand approx £1.3m was spent on fit-out.
The Grade II listed building occupies a prominent corner pitch in the historic centre of Southport. The street benefits from high footfall and is characterised by a mix of local and national retailers and restaurants. Nearby occupiers include Caffe Nero, Prezzo, and HSBC.
Tenancy
The ground and first floors are let to Loungers plc (t/a Ocullo lounge) on a 15 year lease with no breaks expiring 17/01/2038.
The lease is on effective fr&I terms and includes 5 yearly, upward only, open market rent reviews.
Loungers plc
- D&B Rating - 5A2
- Turnover (2024) - £353m
- Pre-Tax Profit (2024) - £11.4m
- Total Assets (2024) - £409m
Source: Icans
Founded in 2002; the Loungers Group operates from over 260 sites across the UK. The group continues to grow with ambitions to expand by 30 new stores per year.
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