Sainsbury’s Local, 279 Staines Road, Hounslow, TW4 5AL
The property is located in the London Borough of Hounslow in a very prominent corner position on the busy junction of Staines Road and Wellington Road. The property extends to 6,604 sq.ft and includes 13 car parking spaces to the rear. Let entirely to the undoubted covenant of Sainsbury’s Supermarkets Ltd for a further 12 years. 5 yearly upward only reviews to RPI collared and capped at 1%-3.5% per annum. Current rent £65,000 per annum. Offers sought in excess of £1,117,000 which reflects a net initial yield of 5.50% and a reversionary yield based off the forecasted rent at review in 2017 of 6.02% (assuming costs of purchase of 5.80%).
Franck-Steier Price has recently completed the sale of a convenience store investment on behalf of Tencent Holdings.
The property is located in the London Borough of Hounslow on the busy junction of Staines Road and Wellington Road. The property comprises a former public house that was converted in 2012 to a Sainsbury’s Local convenience store with 13 car parking spaces to the rear.
The property is let in its entirety to Sainsbury’s Supermarkets Ltd for a term of 15 years from February 2012. The lease is held on FRI terms subject to 5 yearly upward only reviews to RPI collared at 1% and capped at 3.5% per annum compounded.
The purchase price of £1,127,000 reflects a net initial yield of 5.45%, assuming purchaser’s costs of 5.80%.
The purchaser was Eastway Estates, represented by Peter Hale & Co.