63 Upper St John Street, Lichfield
Franck-Steier Price has recently concluded the disposal of a retail investment on the edge of Lichfield city centre. The Bargain Booze is located on Upper St John Street, in close proximity to the city’s train station.
The property comprised a ground floor retail unit and upper floor three bedroom flat. The entire property was let to the franchisee of Bargain Booze on a 15 year lease from March 2005.
The current rent passing is £22,500 per annum with two fixed uplifts in 2011 and 2012.
The property was sold on behalf of a private client of FSP at £285,000 with reflected a net initial yield of 7.54%.