Property overview

8-12 Soutgate Street, Gloucester

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£770,000
Nov 2010

Franck-Steier Price has recently completed the aquisition of a long let retail unit in Gloucester city centre on behalf of a private investor.

The property is let entirely to Ladbrokes Betting and Gaming Ltd on a new 15 year lease from Novemer 2010. The current rent is £60,000 per annum reflecting £38.50 Zone A. The lease is held on full repairing and insuring terms subject to five yearly upward only rent reviews.

The property sold for £770,000 which reflects a net initial yield of 6.75%, after usual purchaser’s costs of 5.75%. The vendor was Lloyds Banking Group.