Express Portfolio, Bicester, Rhyl , Wisbech, Pevensey and ThirskMake an enquiry
FSP has recently completed the acquisition of a portfolio of roadside restaurants on behalf of LondonMetric Property plc.
The portfolio comprises eight assets each let to Euro Garages Ltd, guaranteed by EG Group Ltd, for a term of 24.5 years. The properties are held on FRI terms with annual fixed uplifts to 2.25%. The combined total income is £526,589 per annum.
The properties are located in Bicester, the A34 northbound at Bicester, Builth Wells, the A55 east and westbound services at Rhyl , Wisbech, Pevensey and Thirsk. The properties all comprise restaurant units operating under the brands of Starbucks, Burger King and Subway. Euro Garages has committed to the comprehensive redevelopment of Bicester, Pevensey and Thirsk with new drive thru restaurant units plus the introduction of Greggs drive thru units at both Rhyl properties and a drive thru lane on the A55 northbound.
The property was acquired for £12,050,000 which reflected a net initial yield of 4.10% however the properties at Builth Wells and Pevensey were sub-sold between exchange and completion.
Ben Blackwall, Director at FSP comments ‘The portfolio comprises eight highly prominent roadside restaurant units with 70% of the value held in the two assets in Bicester, opposite the entrance to Bicester Village, and A34 northbound at Bicester. The properties are all let to the excellent covenant of Euro Garages on long leases with fixed growth thus fitting with London Metric’s investment strategy. Euro Garages’ further investment in the properties will provide continued improvement of the properties future proofing the portfolio.’