Spar, Marpool Lane, Kidderminster, DY11 5DAMake an enquiry
Franck-Steier Price has recently completed the sale of a convenience store investment on behalf of a developer client.
The property is situated on a prominant site on the edge of Kidderminster town centre in a predominantly residential area. The property comprises a two storey former public house that has been converted into two ground floor retail units with a separate first floor flat. There are 36 on site car parking spaces.
Unit 1 is let to Tates Ltd on a 20 year lease from September 2011 at a rent of £45,000 per annum. Unit 2 is let to Wyre Forest Veterinary Centre Ltd on a 10 year lease from November 2011 at a rent of £22,000 per annum with a tenant break option in the fifth year. The flat is let on an AST at a rent of £7,200 per annum.
The property sold for £1,060,000 which reflects a net initial yield of 6.60%. The purchaser, Sutton Coldfield Municipal Charities.