Merry Hill Service Station, Pedmore Road, Brierley Hill, DY5 1DT
Acting on behalf of intu plc, Franck-Steier Price have sold a petrol filling station just to the north of the Merry Hill Shopping Centre.
The petrol filling station is a prominent roadside site of 0.2 hectares (0.48 acres) on Pedmore Road, a key arterial route through the Black Country. There are 10 fuel dispensers with a 104,000 litre capacity. The convenience store extends to 1,332 sqft, the forecourt is fully canopied while there is a jet wash to the south end of the site.
The property was held long leasehold, with an expiry in May 2995, there was a peppercorn rent throughout the term.
The property is let to Snax 24 Ltd on a 30 year lease from 14the August 1998. The lease is on FRI terms and has 5 yearly open market rent reviews. The passing rent is £82,000 per annum.
The property was sold for £1,000,000 which reflects a net initial yield of 7.75%.