Morrisons Local, Upton Rocks District Centre, Queensbury Way, Upton Rocks, Widnes, WA8 9DT
Franck-Steier Price has recently completed the sale of a convenience store investment on behalf of Tencent Holdings.
The property is located in the Upton Rocks District Centre in an affluent suburb of Widnes. The property was constructed in 2012 and extends to 4,580 sq.ft with 35 car parking spaces.
The property is let in its entirety to ML Convenience Ltd, on assignment from WM Morrison Supermarkets Plc for a term of 15 years from September 2012. The lease is held on FRI terms subject to 5 yearly upward only reviews to RPI capped at 10% per review period. The current rent is £69,056 per annum.
The purchase price of £1,060,000 reflects a net initial yield of 6.16%, assuming purchaser’s costs of 5.76%.
The purchaser was Tomorrow Properties, represented by GBR Phoenix Beard.