Property overview

IMO Car Wash, London Road, Spellbrook, Bishops Stortford, CM23 4AU

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£716,000
Dec 2019

FSP has recently completed the purchase of a long let car wash unit in Spellbrook, Bishops Stortford, on behalf of Sandaire Real Estate.

The property is prominently located in Spellbrook, 1 mile to the south of Bishops Stortford on A1144 London Road.  The property comprises a modern detached car wash unit on a site of 0.35 acres.

The property is let by way of a sale and leaseback to Anduff Car Wash Ltd, guaranteed by Anduff Holdings Ltd for a term of 25 year from completion.  The lease is held on full repairing and insuring terms subject to annual reviews to RPI collared at 1 and capped at 4% per annum compounded.  The commencing rent is £41,500 per annum.

The property was acquired for £716,000 which reflected a net initial yield of 5.50%.  Tydus Real Estate represented the vendor.