Frankie & Benny’s and Chiquitos, Birmingham Great Park, Rubery, Birmingham, B45 9FN
Franck Steier Price has recently completed the sale of two modern restaurant investments on Birmingham Great Park on behalf of the receivers.
The property comprises two modern purpose built out of town restaurant units located on Birmingham Great Park. Occupiers in close proximity include Morrisons, Hollywood Bowl and Gala Bingo
Commenting on the sale Andrew Franck-Steier said “We are delighted to have concluded the sale of these two well let restaurant units for such a keen price. Given the fact that the units were considered rack rented and had less than 10 years unexpired 6.25% is generally considered to be an aggressive yield in the current market”
The purchase price of £2,550,000 reflected a net initial yield of 6.25% after purchaser’s costs of 5.80%.
The purchaser was represented by Edward Hine.