Property overview

Prime Long Let Petrol Filling Station – Spar, Wolverhampton Road West, Willenhall, WV13 2RN

sold

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£3,575,000
Mar 2020

FSP has recently completed the sale of a new build petrol filling station investment on behalf of Euro Garages.

The property is located one mile from J10 of M6 and in close proximity to Willenhall town centre.  The property comprises a new built petrol filling station with convenience store extending to 4,063 sq.ft on a site of 1.73 acres.  The property has been fitted out to the tenants latest corporate specification with Greggs and Subway concessions situated within the convenience store.

The property is let to A.F. Blakemore & Son Ltd (trading as Spar) for a term of 25 years from 2 August 2019.  The lease is held on full repairing and insuring terms with five yearly upward only reviews to RPI collared at 2% and capped at 4% per annum compounded.  The commencing rent is £200,000 per annum.

The property sold for £3,600,000 which reflects a net initial yield of 5.24%.  The purchaser was LRIS, represented by Jones Valerio.