6-8 Silver Street & 46-54 High Street, Bedford MK40 1SP

A prime retail investment with an unexpired lease term of approximately 30 years.

• Bedford is the main administrative centre for Bedfordshire with a primary catchment population of approximately 302,000 people.
• The property is prominently situated on the corner of High Street and Silver Street, the town's prime pedestrianised retailing thoroughfare.
• Freehold department store of 75,303 sq ft (6,995.9 sq m) arranged over basement, ground, first, second and third floors.
• Let to Debenhams Retail Plc for a term of 30 years from 7th September 2010.
• Current rent of £527,000 per annum, which equates to £7.00 per sq ft (£75,33 per sq m).
• The property benefits from annual fixed rental uplifts of 2.50% per annum until September 2016, where upon the annual fixed uplifts are at 3.00% until 2020.  At September 2025, September 2030 and September 2035 the rent is reviewed to the higher of Open Market Value or 2.50% per annum compound.
• The Vendor is seeking offers in excess of £8,660,000, subject to contract and exclusive of VAT, for the freehold interest, which will provide a purchaser with a net initial yield of 5.75%, an equivalent yield of 7.62% and a reversionary yield of 10.61%, after allowing for acquisition costs at 5.7625%