Midcounties Co-op, 15-17 Humber Road, Coventry, CV3 1AT
Franck Steier Price has recently completed the sale of a convenience store investment on behalf of a local property company.
The property comprised a newly refurbished retail unit with 8 on site car parking spaces. The overall unit extended to sqft.
The property was let to Kenmare Estates Ltd on a 20 year lease with a guarantee from Mid Counties Co-operative Ltd. The lease had 5 yearly open market reviews. The initial rent was £48,000 per annum (£13.36 per sqft).
The investment sold for £825,000 which reflected a net initial yield of 5.5%, after purchaser’s costs of 5.80%.
The property was purchased by a private investor client of Rowley Hughes Thompson.