Royal London wants £13.5m for Liverpool retail asset
The 47,000 sq ft Next unit on Church Street opposite Liverpool ONE has been put up for sale.
Royal London Asset Management has appointed agency Jackson Criss to market the property and is seeking offers of £13.5m.
The store generates £1.1m a year in rent – £695,000 from Next and £420,000 from Ocean Media, which leases the building’s digital advertising screens.
A sale at asking price reflects a net initial yield of 7.62%.
Next has been in occupation since September 2020 when it signed a 15-year lease on the unit. Rent reviews are scheduled later this year and in 2030. The lease has just shy of 10 years to run, with a break clause in 2028.
The unit was previously occupied by Forever 21, which used to pay £1.4m a year in rent, according to marketing materials.
Forever 21 signed a pre-let for the building in 2011 and had input on its design. The store and closed down in early 2020. There are currently no Forever 21 stores in the UK.
Crazy that the screen brings in nearly as much rent as the actual store!
By Abots