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Franck Steier Price has recently completed the off market acquisition portfolio of BP petrol filling stations on behalf of the Charities Property Fund.
The properties are located in Calne, Glenrothes, Harrogate and Stow on the Wold and comprise modern petrol filling stations with M&S convenience stores.
The properties are all let to BP Oil UK Ltd for over 19 years with a total income of £758,615 per annum. The leases are held on FRI terms with 5 yearly upward only reviews. The first two reviews are fixed increases to 2.5% per annum compounded with the third review to open market value.
The purchase price of £14,085,000 reflected a net initial yield of 5.09% after purchaser’s costs of 5.80%.