Stevenage Forster Park, Local Centre, North Road, SG1 4UG

This retail investment ( 999 year longlease hold) comprises a new Local Centre situated within a modern neighbourhood scheme in North Stevenage, providing three units totalling 6,484 sq ft along with 22 dedicated shoppers parking spaces. The property is anchored by a Tesco Express convenience store. The two smaller units are to be let to franchisees of Starbucks and Subway, all on new 15-year leases, with the franchises having breaks at the end of the 10th year.
The scheme will generate a passing rent of £195,000 per annum, with over 70% of the income derived from Tesco, and benefits from CPI-linked 5 yearly rent reviews, guaranteeing rental uplifts. The investment offers strong long-term income security, reflected in a weighted average unexpired lease term of 14.6 years.

The asset occupies a highly prominent position close to North Road, approximately 0.75 miles from junction 8 of the A1(M), and sits at the entrance to the Forster Park residential development, and near to the Lister Hospital. This location ensures a consistent flow of customers drawn from both the hospital workforce/ visitors and a substantial surrounding residential population, which is set to expand further with approximately 1,700 new homes being delivered adjacent.