Colliers International’s Retail Capital Markets team has acquired a 12,546 sq ft retail store on Broadwalk, Harlow’s prime pedestrianised retail pitch, on behalf of a private client for £1.3 million, reflecting a Net Initial Yield of 7.35%.
The store is currently let to WH Smith Retail Holdings Ltd on a Full Repairing and Insuring lease for a term of five years, expiring on 17 August 2022. The current passing rent is £100,750 per annum.
The unit is located strategically between McDonalds and Primark and next to two entrances to the Harvey Shopping Centre in the heart of Harlow’s principal retail pitch. Other retailers in the vicinity include Starbucks; Boots, Costa and The Body Shop, which also have representation on Broadwalk.
, Director, Retail Capital Markets at Colliers International commented, "Harlow, located in west Essex, benefits from excellent transport connections. It is the dominant retail centre within its core catchment, attracting an impressive 60.6 per cent market share and therefore benefits from excellent shopper retention. The tenant in the unit has a particularly good covenant strength and is one of the most recognised brands on the high-street so there is excellent potential for future rental growth.”