Property overview

Costa & KFC Drive Thru Restaurants, Castlegate Business Park, Dudley, DY1 4TA

sold

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£2,380,000
Sep 2016

Stoford Developments, represented by FSP, has completed the forward funding of a £2.38m leisure development at Castigate Business Park, Dudley.

The development comprises two new build drive thru restaurants with 76 car parking spaces on a site of 1.41 acres.  The units are let for 15 years term certain to Costa Ltd and Queensway Hospitality Ltd (t/a KFC) with a total income of £151,200 per annum.  Both leases have 5 yearly upward only reviews to RPI.

The purchase price represents a net initial yield of 6.00%.

The purchaser, L&G was represented by JLL.