Co-op Convenience Store, 7&7a High Street, Wombourne, WV5 9DN
Franck Steier Price has recently completed the sale of a convenience store investment on behalf of a private client.
The property comprised a ground floor retail unit with ancillary first floor 3 bed flat. The property was located in the centre of Wombourne Village. The overall retail unit extended to 2,164 sqft.
The property was let to Mid-Counties Co-operative Ltd on a 20 year lease from November 2010. The lease had 5 yearly open market reviews. The rent was £31,000 per annum (£11.28 per sqft on the ground floor retail).
The investment sold for £535,000 which reflected a net initial yield of 5.53%. The property was purchased by a private property company.