The freehold of a roadside Marks & Spencer foodhall in Darlington has been put up for sale for £3.25m+.
The 16,006 sq ft roadside property, which is located at Junction 58 of the A1(M), is let to the retailer on a 20-year lease with a break option after 15 years. The lease has more than 12 years remaining to expiry.
The current passing rent is £200,000 per annum and is subject to five-yearly rent reviews with the next review due in June 2028.
The purpose-built food store sits adjacent to West Park Garden Village, a new residential development spanning 200 acres with planning permission for 1,200 homes.
Nick Bramwell, investment surveyor at Savills Newcastle, which has been appointed to market the opportunity, said: “As a popular food store located near key transport routes and a new residential development, the asset provides an opportunity for investors is to buy an established unit with a strong tenant covenant and secure long-term income.”
